{"id":68312,"date":"2023-10-24T22:18:27","date_gmt":"2023-10-24T12:18:27","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=68312"},"modified":"2023-11-06T10:30:19","modified_gmt":"2023-11-06T00:30:19","slug":"future-of-life-insurance-advice-poll","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/10\/24\/future-of-life-insurance-advice-poll\/","title":{"rendered":"Future of Life Insurance Advice &#8211; Poll"},"content":{"rendered":"<div id=\"polls-311\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>I\u2019m more optimistic today about the future of the life insurance advice sector than I was 12 months ago.<\/strong><\/div><div id=\"polls-311-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Disagree <small>(54%)<\/small><div class=\"pollbar\" style=\"width: 54%\" title=\"Disagree (54% | 101 Votes)\"><\/div><\/li>\n\t\t<li>Agree <small>(34%)<\/small><div class=\"pollbar\" style=\"width: 34%\" title=\"Agree (34% | 64 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(12%)<\/small><div class=\"pollbar\" style=\"width: 12%\" title=\"Not sure (12% | 23 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_311_nonce\" name=\"wp-polls-nonce\" value=\"76a1682f5c\" \/>\n<\/div>\n\n<p>If you think you recognise this poll question, you&#8217;re correct.<\/p>\n<p>We asked you this same question following the announcement &#8211; almost exactly one year ago &#8211; that <strong>Michelle Levy<\/strong> would be recommending the retention of life insurance commissions as part of her Quality of Advice Review findings (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2022\/11\/01\/retain-risk-commissions-qoa-review\/\" target=\"_blank\" rel=\"noopener\">Retain Risk Commissions&#8230;<\/a>).<\/p>\n<p>This recommendation eventually formed part of Levy&#8217;s final report, handed to the Government in December last year, which in turn was ratified by <strong>Minister Stephen Jones<\/strong> in June this year (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2023\/06\/13\/qoa-review-decisions-soas-replaced-risk-commissions-retained\/\" target=\"_blank\" rel=\"noopener\">QoA Review Decisions&#8230;<\/a>).<\/p>\n<p>With the announcement a year ago that the QoA Review leader would be recommending life insurance commissions be retained &#8211; albeit at their current levels &#8211; this is how you voted:<\/p>\n<p><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/10\/231024-Latest-Poll.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-68313\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/10\/231024-Latest-Poll.png\" alt=\"\" width=\"690\" height=\"193\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/10\/231024-Latest-Poll.png 690w, https:\/\/riskinfo.com.au\/news\/files\/2023\/10\/231024-Latest-Poll-300x84.png 300w\" sizes=\"auto, (max-width: 690px) 100vw, 690px\" \/><\/a>12 months on, has anything changed in your mind? What&#8217;s changed from a year ago is the Government&#8217;s ratification of the recommendation to retain risk commissions, together with its initial acceptance of 14 of the 22 QoA Review recommendations. What hasn&#8217;t changed, however, is the debate as to whether commissions capped at 60\/20 with a two-year responsibility period is sufficient to deliver a commercial viability for risk advice practices with many &#8211; most, in fact &#8211; saying it isn&#8217;t.<\/p>\n<p>Overall, though, has there been enough change or water flowing under the bridge for you to have developed a slightly more positive (or perhaps more negative) outlook around the future of life insurance advice in Australia?<\/p>\n<p>We&#8217;ll be very interested to compare whether your collective view has changed from a year ago as we continue to monitor and report the relative &#8216;health&#8217; of life insurance advice and its place within the future narrative of financial advice in Australia.<\/p>\n<p>Tell us what you think and we&#8217;ll report back next week&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you think you recognise this poll question, you&#8217;re correct. We asked you this same question following the announcement &#8211; almost exactly one year ago &#8211; that Michelle Levy would be recommending the retention of life insurance commissions as part of her Quality of Advice Review findings (see: Retain Risk Commissions&#8230;). This recommendation eventually formed [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":68316,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49,270],"tags":[],"class_list":{"0":"post-68312","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-polls","9":"category-remuneration"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/68312","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=68312"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/68312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/68316"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=68312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=68312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=68312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}