{"id":6404,"date":"2010-05-21T09:32:41","date_gmt":"2010-05-20T22:32:41","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=6404"},"modified":"2020-05-15T13:06:50","modified_gmt":"2020-05-15T02:06:50","slug":"boutique-firms-turning-to-risk-insurance","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/05\/21\/boutique-firms-turning-to-risk-insurance\/","title":{"rendered":"Boutique Firms Turning to Risk Insurance"},"content":{"rendered":"<p>Boutique dealership practices have diversified into\u00a0wealth protection advice over the last 18 months in order to increase their profitability, according to a study released by Macquarie Practice Consulting (Macquarie).<\/p>\n<p><!--more-->The key findings in Macquarie&#8217;s 2010 Boutique Practice Benchmarking study\u00a0summarise the postion of many small advice firms following the Global Financial Crisis:<\/p>\n<ul>\n<li>Boutique firms are looking to diversify their sources of revenue<\/li>\n<li>They are focussing on organic growth opportunities<\/li>\n<li>They are taking this path in order to address significantly falling revenues<\/li>\n<\/ul>\n<h6>Risk insurance has been a &#8216;beneficiary&#8217; of the GFC<\/h6>\n<p>Risk insurance has been a &#8216;beneficiary&#8217; of the GFC, with strong evidence, supported\u00a0by Macquarie&#8217;s study findings, of many smaller\u00a0practices diversifying into risk insurance advice in order to supplement their income and maintain their profitability.<\/p>\n<p>The study reports\u00a0the proportion of revenue received from insurance advice increased in 39% of\u00a0boutique practices last year, and 43% said they generated more than 10% of their revenue from risk advice over that period.\u00a0 This compares with a 26% downturn in average funds under advice in boutique practices\u00a0over the last two years.<\/p>\n<p>The report\u00a0also\u00a0outlined that more than a third of the practices involved in the study said they wanted more support and training in the insurance area, indicating opportunities for life companies and industry service providers to reach a growing market of &#8216;first time&#8217; entrants into the risk insuance sector of the industry.<\/p>\n<p>Commenting on the study findings, Head of Macquarie Practice Consulting, <strong>Liz McCarthy<\/strong>, said boutique practices have faced a number of challenges over the past 18 months, where revenues have dropped significantly and\u00a0small firms have struggled to attract new clients:<\/p>\n<p>&#8220;As a result, many of these firms have been looking at ways to diversify their income and increase their focus on other services,&#8221; said Ms McCarthy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boutique dealership practices have diversified into\u00a0wealth protection advice over the last 18 months in order to increase their profitability, according to a study released by Macquarie Practice Consulting (Macquarie).<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,3],"tags":[],"class_list":["post-6404","post","type-post","status-publish","format-standard","category-dealer-groups","category-general","headers-new"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/6404","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=6404"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/6404\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=6404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=6404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=6404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}