Advisers adopting one stop shop
Nearly three quarters of financial planners are selling or recommending life and risk products, according to a survey commissioned by ING.
The survey, conducted by WA Taylor & Associates, shows that advisers are becoming more involved in cross-selling life insurance products or building relationships with other advisers for products outside their own core strengths.
The survey found that this attitude is not restricted to advisers who recommend risk and investment products. About 40 per cent of mortgage advisers are also considering entering into alliances to sell insurance products.
Conversely, one in four life and general insurance advisers have considered partnering with a mortgage adviser to sell mortgage products.
ING says the survey results reveal areas which advisers could target in an effort to expand their businesses.
ING adviser management group chief general manager Les Clayton says the survey provides a strong indication that advisers believe an integrated product approach was needed for building their businesses.
"Integrated financial services enables advisers to provide better, more comprehensive service to customers, it protects the relationship from competitors and increases adviser's income streams," Clayton says.
"This is an excellent means of adding value by meeting a broad range of needs. In effect, advisers can act as a one-stop shop for a full range of products such as home loans, managed funds, income protection, insurance and superannuation."
AUTHOR
Jason Spits
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