{"id":58560,"date":"2021-11-16T12:43:03","date_gmt":"2021-11-16T01:43:03","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=58560"},"modified":"2025-03-14T12:02:28","modified_gmt":"2025-03-14T01:02:28","slug":"risk-advisers-still-dont-know-options-beyond-2021","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/11\/16\/risk-advisers-still-dont-know-options-beyond-2021\/","title":{"rendered":"Risk Advisers Still Don’t Know Options Beyond 2021"},"content":{"rendered":"
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The Riskinfo Story of the Week raises the prospect of an alternative future for risk specialists, with feedback provided to one advice network suggesting many advisers are not aware of all the options that may exist for them, depending on their circumstances…<\/h3>\n<\/div>\n<\/div>\n

Many risk advisers contemplating their future beyond the end of this year remain unaware of the options available to them – especially in the area of general advice, says Life Plan FP’s<\/a> Mark Dorling<\/strong>.<\/p>\n

According to Dorling, whose licensee firm joined the Australian Advisory<\/a>\u00a0group of AFSL businesses earlier this year, at least 70% of the 237 advisers the group has surveyed had no idea that they can transition most of their risk clients to a general advice model.<\/p>\n

If they are \u2018risk-only\u2019 clients and don\u2019t have complex advice needs, many may be able to be served on a general advice basis, says Dorling, while those with more complex needs would still require personal financial advice.<\/p>\n

…their time and workload has been reduced by up to 60% for those clients that have been transitioned to a general advice service model<\/p><\/blockquote>\n

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Life Plan FP’s Mark Dorling …70% of risk advisers unaware of the general advice transition model option<\/figcaption><\/figure>\n

Dorling adds that feedback the group has received from advisers who operate under both models is that their time and workload has been reduced by up to 60% for those clients that have been transitioned to a general advice service model.<\/p>\n

For this reason, one of the key messages from Dorling – at least for risk specialist advisers \u2013 is that a general advice service offer may be their best option beyond 2021, irrespective of whether the adviser has passed or will pass the FASEA exam.<\/p>\n

He says those predominantly risk advisers who pass the FASEA exam can transition suitable clients to a general advice model, while retaining personal advice for the rest of their base.<\/p>\n

For those who have not or will not pass the FASEA exam, for whatever reason, one of their key options that will delay their departure from their business and from the sector remains the general advice path, says Dorling.<\/p>\n

Dorling’s Life Plan FP dealer group continues to press its agenda, as previously reported, that risk focussed and risk specialist advisers don’t necessarily have to sell their business and leave the industry if they ultimately don’t pass the FASEA exam or achieve minimum education qualifications by 1 January 2026.<\/p>\n

See also:<\/p>\n

Alternative General Advice Proposition for Risk Specialists<\/a><\/p>\n

Life Plan Expands Offer for Risk Advisers \u2013 What\u2019s Behind Door 2?<\/a><\/p>\n

Advisers Open to Changing Business Model<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Riskinfo Story of the Week raises the prospect of an alternative future for risk specialists, with feedback provided to one advice network suggesting many advisers are not aware of all the options that may exist for them, depending on their circumstances… Many risk advisers contemplating their future beyond the end of this year remain […]<\/p>\n","protected":false},"author":3,"featured_media":58571,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,6,3,8291],"tags":[],"class_list":["post-58560","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-dealer-groups","category-general","category-story-of-the-week"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/58560","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=58560"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/58560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/58571"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=58560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=58560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=58560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}