{"id":56410,"date":"2021-06-28T07:11:54","date_gmt":"2021-06-27T21:11:54","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=56410"},"modified":"2021-06-29T14:03:53","modified_gmt":"2021-06-29T04:03:53","slug":"industrys-future-hinges-on-thriving-advice-profession","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/06\/28\/industrys-future-hinges-on-thriving-advice-profession\/","title":{"rendered":"Industry\u2019s Future Hinges on Thriving Advice Profession"},"content":{"rendered":"<p>ClearView Wealth MD, <strong>Simon Swanson<\/strong>, has told the House of Representatives Standing Committee on Economics that the life insurance industry\u2019s long-term future hinges on a thriving advice profession.<\/p>\n<p>Swanson told the committee in his opening statement that when advisers do well and the advice industry is strong, customers have improved access to quality advice and society benefits.<\/p>\n<figure id=\"attachment_56413\" aria-describedby=\"caption-attachment-56413\" style=\"width: 132px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/06\/simon-swanson-1.jpeg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-56413\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/06\/simon-swanson-1.jpeg\" alt=\"\" width=\"132\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-56413\" class=\"wp-caption-text\">Simon Swanson.<\/figcaption><\/figure>\n<p>He also told the committee that reducing the compliance burden will go some way to improve the situation and that:<\/p>\n<ul>\n<li>Clearview maintains that people should be able to choose how they pay for advice \u2013 fees, commissions or a combination of both<\/li>\n<li>\u00a0In addition, advice fees should be tax deductible<\/li>\n<li>ClearView urges the government to consider making life insurance premiums tax deductible &#8220;&#8230;like they were in the 1970s, when more Australians held adequate cover&#8221;<\/li>\n<\/ul>\n<p>Clearview also welcomed the government\u2019s decision to combine the life insurance and quality of advice reviews and \u201c&#8230;we expect Treasury to find that the quality of life insurance advice has increased significantly in the past few years, reflecting the fact that advisers are more educated and qualified than ever before\u201d.<\/p>\n<blockquote><p>&#8230;the industry must accept responsibility for its part in exacerbating the underinsurance problem&#8230;<\/p><\/blockquote>\n<p>He had earlier outlined to the committee how Australia\u2019s underinsurance gap has widened over recent decades, noting that the industry must accept responsibility for its part in exacerbating the underinsurance problem. \u201cComplacency has led to under-investment, mismanagement and lack of innovation.\u201d<\/p>\n<p>However, he noted that in recent times, over-regulation has also played a role. \u201cSimplifying the way people buy life insurance would pave the way for digital solutions through both an adviser and directly which would provide greater access to the benefits of cover.\u201d<\/p>\n<p>Swanson said that currently, the compliance burden on advice businesses and major changes to adviser remuneration under the Life Insurance Framework is driving up the cost to serve and, in turn, the price of advice. \u201cThis has created serious unintended consequences for families, society and the government.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ClearView Wealth MD, Simon Swanson, has told the House of Representatives Standing Committee on Economics that the life insurance industry\u2019s long-term future hinges on a thriving advice profession. Swanson told the committee in his opening statement that when advisers do well and the advice industry is strong, customers have improved access to quality advice and [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":56415,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8],"tags":[],"class_list":["post-56410","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/56410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=56410"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/56410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/56415"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=56410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=56410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=56410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}