{"id":65001,"date":"2023-03-21T22:18:13","date_gmt":"2023-03-21T11:18:13","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=65001"},"modified":"2025-03-14T12:02:24","modified_gmt":"2025-03-14T01:02:24","slug":"latest-poll-fees-and-risk-advice","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/03\/21\/latest-poll-fees-and-risk-advice\/","title":{"rendered":"Latest Poll \u2013 Fees and Risk Advice"},"content":{"rendered":"<div class=\"header row\">\n<div class=\"intro\">\n<h3>The results of our latest poll suggest the possibility of a shift in thinking from advisers when it comes to the prospect of charging fees for risk advice. This has also been reinforced at Riskinfocus 23 and is the Riskinfo Story of the Week&#8230;<\/h3>\n<\/div>\n<\/div>\n<div id=\"polls-298\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>I\u2019m open to the possibility of charging fees for at least some elements of the life insurance advice process.<\/strong><\/div><div id=\"polls-298-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Agree <small>(58%)<\/small><div class=\"pollbar\" style=\"width: 58%\" title=\"Agree (58% | 113 Votes)\"><\/div><\/li>\n\t\t<li>Disagree <small>(35%)<\/small><div class=\"pollbar\" style=\"width: 35%\" title=\"Disagree (35% | 68 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(7%)<\/small><div class=\"pollbar\" style=\"width: 7%\" title=\"Not sure (7% | 14 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_298_nonce\" name=\"wp-polls-nonce\" value=\"4e2359ecf8\" \/>\n<\/div>\n\n<p>The vexed debate around the prospect of clients paying fees for risk advice continues.<\/p>\n<p>Historically, the notion that a client would be prepared to pay a reasonable fee for risk advice, regardless of whether cover was actually placed, has been consigned by most to the \u2018too hard\u2019 basket.<\/p>\n<p>Over time, however, more advisers and advice businesses are breaking down the components of the life insurance advice proposition \u2013 either by choice or by necessity \u2013 to consider how they might structure their offer in today\u2019s world, where the cost of delivering life insurance and financial advice continues to increase, while maximum risk commission caps have been imposed.<\/p>\n<p>For many, if not most advice businesses \u2013 both generalist and risk specialist, the double whammy of increased costs and restricted remuneration, means a commercially viable risk advice proposition still doesn\u2019t \u2018compute\u2019. But as is being openly discussed and debated at the <a href=\"https:\/\/riskinfocus.com.au\/\" target=\"_blank\" rel=\"noopener\">Riskinfocus 23 Risk Advice CPD Tour<\/a> events, there are at least three stages in the risk advice process at which advice businesses have identified where fees may be applied &#8211; two of these stages occurring ahead of placing any business on the books:<\/p>\n<ul>\n<li>Initial assessment of eligibility for cover<\/li>\n<li>Statement of Advice process<\/li>\n<li>Claims services<\/li>\n<\/ul>\n<p>We won&#8217;t break down these three elements here &#8211; we&#8217;ll leave that to you &#8211; the point being that advisers and advice businesses are gradually finding different ways to combine commission revenue with fees in order to establish a more commercial footing on which to base life insurance advice services and solutions.<\/p>\n<p>There&#8217;s so much more to discuss, including how advice practices structure themselves in order to implement this combination of fees and commissions, and what fee levels they are finding their clients are happy to meet.<\/p>\n<p>We&#8217;ll continue this conversation next week, but in the meantime, it&#8217;s over to you to have your say&#8230;<\/p>\n<figure id=\"attachment_65042\" aria-describedby=\"caption-attachment-65042\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-65042\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1706\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-scaled.jpg 2560w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-300x200.jpg 300w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-1024x683.jpg 1024w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-768x512.jpg 768w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-1536x1024.jpg 1536w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-2048x1365.jpg 2048w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-696x464.jpg 696w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-1068x712.jpg 1068w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-1920x1280.jpg 1920w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Phil-T-1-630x420.jpg 630w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-65042\" class=\"wp-caption-text\">Skye Wealth&#8217;s Phil Thompson &#8230;shares with peers at Riskinfocus 23 the rationale underpinning his journey towards a highly successful specialist risk advice proposition &#8211; one which includes charging SoA fees&#8230;<\/figcaption><\/figure>\n<figure id=\"attachment_65054\" aria-describedby=\"caption-attachment-65054\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-scaled.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-65054\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1707\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-scaled.jpg 2560w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-300x200.jpg 300w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-1024x683.jpg 1024w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-768x512.jpg 768w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-1536x1024.jpg 1536w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-2048x1366.jpg 2048w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-696x464.jpg 696w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-1068x712.jpg 1068w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-1920x1280.jpg 1920w, https:\/\/riskinfo.com.au\/news\/files\/2023\/03\/230321-Fees-For-Claims-Services-1-630x420.jpg 630w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-65054\" class=\"wp-caption-text\">&#8230;And Australian Financial Risk Management&#8217;s Rob Vitnell takes advisers through the fee-based proposition offered by AFRM Claims Management&#8230;<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The results of our latest poll suggest the possibility of a shift in thinking from advisers when it comes to the prospect of charging fees for risk advice. This has also been reinforced at Riskinfocus 23 and is the Riskinfo Story of the Week&#8230; The vexed debate around the prospect of clients paying fees for [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":65052,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,49,270,8291],"tags":[],"class_list":["post-65001","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general","category-polls","category-remuneration","category-story-of-the-week"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65001","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=65001"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/65001\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/65052"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=65001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=65001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=65001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}