Asteron takes risk in new platform
The financial services arm of Promina, Asteron is aiming to tackle Australia’s under-insurance problem by combining wealth creation and risk insurance into a single platform to be launched next week.
The Wealthstar suite of offerings will include personal and corporate super, pension products, and personal cover such as term life, total and permanent disability (TPD) and income protection.
Investment options include 30 single and multi-manager funds from asset consultant InTech.
To be launched on Monday, Wealthstar will be rolled out around Australia in a 40-seminar roadshow over the next two months.
Asteron chief executive Dennis Fox says the product suite represents a joint assault on the problem of under-insurance and lack of retirement savings.
“Clearly clients need easy-to-understand products that are transferable through each life-stage, and advisers need improved levels of service and support,” he says.
Fox says advisers are looking for innovative ways to help clients break through the mindset barrier that has been inhibiting sales of wealth creation and wealth protection products, a mindset that also applies to risk insurance.
Wealthstar offers life insurance built into a wealth creation product, and Fox says this is a breakaway from other products in the market which offer insurance as a tacked on extra.
Asteron general manager sales and distribution Peter Jowett says advisers using Wealthstar will benefit from a single application form for both personal super and life insurance.
“The combined offering is highly flexible and able to accommodate the changing requirements of clients,” Jowett says.
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