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I am beginning to query whether a return to a model of individual insurers having their own in house advisers that only have access to that company's products would be more workable.
That way, the insurers could pick and choose the best of the best advisers to work with and the advisers would be given an exemption for the BID in relation to the recommendation or assessment of alternative products , but not in relation to still acting in the client's best interest regarding the assessment of their current cover, their objectives, needs, affordability etc.
The insurers would be responsible for regular, high level product training,technical strategy etc.
The advisers could be employees on a salary with a bonus structure based not on volume but on KPI's around client satisfaction and retention criteria as per similar bonuses paid to Retail and Industry Super fund advisers.
Single or multiple advice issues relating purely to risk insurance needs could be covered within an SOA following a full assessment of the client's risk insurance needs.
If the cost of that particular insurers products are not competitive with alternative insurers then the client can obviously then proceed to approach alternative options to assess and make a decision.
Advisers would then only be a representative of that one organisation and responsibility for the quality of advice would be the insurers responsibility.
Could this happen ???