{"id":78143,"date":"2025-07-22T16:30:08","date_gmt":"2025-07-22T06:30:08","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=78143"},"modified":"2025-07-28T11:36:17","modified_gmt":"2025-07-28T01:36:17","slug":"action-needed-now-on-advising-younger-aussies","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2025\/07\/22\/action-needed-now-on-advising-younger-aussies\/","title":{"rendered":"Action Needed Now on Advising Younger Aussies"},"content":{"rendered":"

The Council of Australian Life Insurers<\/a> has renewed its call for the returned Labor Government to act now to close the gap between demand and delivery of financial advice, where one of the most critical areas of concern applies to younger Australians.<\/p>\n

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CALI Chief, Christine Cupitt, addressing a packed room of advisers in Sydney at Riskinfocus 25 earlier this year …calling for action now to make it easier for younger Aussies to gain access to much-needed life insurance advice<\/figcaption><\/figure>\n

CALI’s call stems from its latest research, just released, which reveals the significant extent to which younger Australians are effectively being shut-out from accessing life insurance advice under current regulatory, economic and industry conditions (see: Young Aussies Shut Out of Risk Advice<\/a>).<\/p>\n

One of the key elements, according to CALI CEO, Christine Cupitt<\/strong>, which can contribute to finding a solution that will allow more young Aussies to receive life insurance advice is the expansion of limited advice offerings through what the Government refers to as the new class of adviser.<\/p>\n

According to Adviser Ratings data in 2024, just 532 advisers wrote 50% of new business, with only 15,600 registered advisers in total:<\/p>\n

A new class of adviser would complement the work of advisers who are already providing comprehensive advice…<\/p><\/blockquote>\n

\u201cWe need to make it easier for Australians to get financial advice from qualified professionals, as well as be able to provide the kind of service our customers rightly expect from insurers. A new class of adviser would complement the work of advisers who are already providing comprehensive advice and help close Australia\u2019s advice gap,\u201d said Cupitt.<\/p>\n

Former Assistant Treasurer, Stephen Jones<\/strong>, committed the Government to creating a new class of adviser in March this year prior to his departure from politics at the Federal Election.<\/p>\n

While he conceded its vital importance in allowing life insurers, AFSLs and others to expand the supply of quality and affordable advice to consumers, part one of the second tranche of the Government\u2019s Delivering Better Financial Outcomes (DBFO) reform package did not include draft legislation for its new class of adviser (see: SoAs Out, CARs Back to the Future<\/a>). Instead, it focussed on:<\/p>\n