Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Challenger feels advisers’ pain

Challenger-Limited/challenger/financial-planning/

13 February 2019
| By Mike |
image
image image
expand image

Challenger Limited has acknowledged that the negative perceptions of financial planners generated by the Royal Commission and other events are having an impact on its annuities business.

In commentary attaching to the release of its half-year results, Challenger said its Life business relied on financial advisers, both independent and part of major hubs, to distribute its products.

“Following hearings on financial advice in the Royal Commission into Misconduct in the Banking and Financial Services Industry there has been reduced customer confidence in retail financial advice and significant disruption across the adviser market,” it said.

“This includes increased adviser churn and reduced acquisition of new clients by financial advisers.”

“While there is a relatively less direct impact form the Royal Commission final report on Challenger, and Life’s customers are not questioning the quality of its products or services, the disrupted industry environment is impacting Life’s sales,” the commentary said.

“Life has a strong reputation with adviser trust in the quality of its products and services and is broadening its distribution reach by making its annuities available on platforms targeting the individual financial advisers market,” it said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

7 hours ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

3 weeks 4 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

3 weeks 6 days ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

3 days ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

1 week 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND