{"id":68642,"date":"2023-11-14T18:01:38","date_gmt":"2023-11-14T08:01:38","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=68642"},"modified":"2023-11-22T05:41:37","modified_gmt":"2023-11-21T19:41:37","slug":"future-of-individual-risk-advice-your-verdict","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/11\/14\/future-of-individual-risk-advice-your-verdict\/","title":{"rendered":"Future of Individual Risk Advice &#8211; Your Verdict"},"content":{"rendered":"<div id=\"polls-312\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>It will take more than a decade for retail advised life insurance sales to exceed the current high-water mark.<\/strong><\/div><div id=\"polls-312-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Agree <small>(78%)<\/small><div class=\"pollbar\" style=\"width: 78%\" title=\"Agree (78% | 138 Votes)\"><\/div><\/li>\n\t\t<li>Disagree <small>(12%)<\/small><div class=\"pollbar\" style=\"width: 12%\" title=\"Disagree (12% | 22 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(10%)<\/small><div class=\"pollbar\" style=\"width: 10%\" title=\"Not sure (10% | 18 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_312_nonce\" name=\"wp-polls-nonce\" value=\"b795d80646\" \/>\n<\/div>\n\n<p>The adviser community persists in maintaining a negative outlook on the critically-important future of advised life insurance solutions in Australia.<\/p>\n<p>As we go to press, just over seven in ten advisers (71%) agree it will take at least a decade to exceed the previous high-water mark for advised life insurance sales, which &#8211; according to extrapolated <a href=\"https:\/\/www.pflresearch.com\/\" target=\"_blank\" rel=\"noopener\">Plan For Life<\/a> data &#8211; peaked in the year to December 2013. (<em>Riskinfo can&#8217;t help but reflect on the fact that ASIC&#8217;s controversial <a href=\"https:\/\/riskinfo.com.au\/news\/2014\/10\/09\/asic-life-insurance-advice-review-unacceptable-level-of-failure\/\" target=\"_blank\" rel=\"noopener\">Report 413 Review of Life Insurance Advice<\/a> was released in early October 2014<\/em>.)<\/p>\n<p>Meanwhile, less than one in five (18%) disagree with the poll proposition, with 11% undecided.<\/p>\n<p>When we refer above to the &#8216;&#8230;critically-important future of advised life insurance in Australia&#8217;, we&#8217;re referring to consumers. So, while it was gratifying to learn this week that retention of risk commissions is to be formally mandated within the Government&#8217;s first stream of legislation based on the recommendations flowing from the Quality of Advice Review (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2023\/11\/14\/risk-commissions-enshrined\/\" target=\"_blank\" rel=\"noopener\">Risk Commissions Enshrined<\/a>), the elephant in the room for many in the sector screams that a 60\/20 commission limit combined with a two-year responsibility period &#8211; in what is supposed to be a free market economy &#8211; is a pyrrhic victory for the majority of the adviser community, at best.<\/p>\n<p>In thanking those who have contacted Riskinfo and\/or left their comments on this question, we remind you that our poll remains open for another week and we welcome your further thoughts on this conversation&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The adviser community persists in maintaining a negative outlook on the critically-important future of advised life insurance solutions in Australia. As we go to press, just over seven in ten advisers (71%) agree it will take at least a decade to exceed the previous high-water mark for advised life insurance sales, which &#8211; according to [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":68651,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49,270],"tags":[],"class_list":{"0":"post-68642","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\/68642","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=68642"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/68642\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/68651"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=68642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=68642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=68642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}