{"id":61019,"date":"2022-05-24T16:48:05","date_gmt":"2022-05-24T06:48:05","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=61019"},"modified":"2024-10-30T08:43:44","modified_gmt":"2024-10-29T22:43:44","slug":"poll-results-cold-hard-light-of-commercial-reality","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2022\/05\/24\/poll-results-cold-hard-light-of-commercial-reality\/","title":{"rendered":"Poll Results – Cold, Hard Light of Commercial Reality"},"content":{"rendered":"
\n\t\t
Which initiative will have the most significant impact on your ability to continue to provide life insurance advice in the years ahead:<\/strong><\/div>
    \n\t\t
  • Moving commission caps from 60\/20 to 80\/20 (65%)<\/small>
    <\/div><\/li>\n\t\t
  • Implementing an Experience Pathway for advisers of good standing (16%)<\/small>
    <\/div><\/li>\n\t\t
  • Other initiatives (9%)<\/small>
    <\/div><\/li>\n\t\t
  • Reducing the commission clawback period from 2 years to 1 year (6%)<\/small>
    <\/div><\/li>\n\t\t
  • Not sure yet (3%)<\/small>
    <\/div><\/li>\n\t\t<\/ul>
    <\/div><\/div>\n\t\t\n<\/div>\n\n

    The cold, hard light of commercial reality appears to be the primary concern for advisers in our latest poll, in which we seek your view on what it will take for you to continue writing life insurance solutions in future.<\/p>\n

    As we go to print, 63% of those voting think it’s all about being able to receive appropriate remuneration (ie 80\/20 versus 60\/20) when it gets down to their ability to continue to provide life insurance advice in the coming years.<\/p>\n

    In what may come as a surprise to some, the implementation of the new Labor Government’s proposed Experience Pathway for advisers of good standing was only selected by 17% as the most important factor. In part, this lower-than-anticipated number (for some) may relate to the meaningful proportion of advisers who have already achieved the minimum education standards required of them. Nonetheless – and for whatever reason – the ALP’s proposed Experience Pathway initiative sits in the shade when compared with the reality check of the commercial imperative associated with increasing commission caps from 60\/20 to 80\/20.<\/p>\n

    Even then, however, it becomes a question of individual perspectives and different business models. One adviser, for example, commented:<\/p>\n

    “Forget 80% upfront commissions. That takes us back to only “marginally viable”. Sustainability with growth of the industry is what’s needed.”<\/p>\n

    The same adviser said 100% upfront commission with 20% renewals will ensure:<\/p>\n

      \n
    • New risk advisers entering the industry will be able to see a future<\/li>\n
    • Existing experienced advisers will be retained and will grow their business<\/li>\n<\/ul>\n

      Taking a broader perspective, another adviser commented that what he says is the obvious first step is to guarantee commissions as a income source and then to make commissions sufficient to allow advice practices to write and retain insurance premiums.<\/p>\n

      He added that the solution is simple: “What we need is for the people who make decisions to start LISTENING and ACT.”<\/p>\n

      What’s your solution to the question? What will it take? Our poll remains open for another week and we welcome your thoughts…<\/p>\n","protected":false},"excerpt":{"rendered":"

      The cold, hard light of commercial reality appears to be the primary concern for advisers in our latest poll, in which we seek your view on what it will take for you to continue writing life insurance solutions in future. As we go to print, 63% of those voting think it’s all about being able […]<\/p>\n","protected":false},"author":3,"featured_media":61023,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,6994,49,270],"tags":[],"class_list":["post-61019","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-education","category-polls","category-remuneration"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/61019","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=61019"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/61019\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/61023"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=61019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=61019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=61019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}