Risk advisers urged to be vocal in election season
Life insurer ClearView has asked life/risk advisers about the future of their businesses in the face of the Life Insurance Framework (LIF) and the fall-out from the Royal Commission with the promise that it will take their story to Canberra.
In a message to life/risk insurers the company has asked advisers to tell it about their businesses with the message – “and we’ll tell Canberra”.
The message, signed off by ClearView’s general manager, distribution, Christopher Blaxland-Walker states that with an election looming and the winner tasked with implementing the Royal Commission’s recommendations, “it is important for your voice to be heard”.
Blaxland-Walker argues that because of how much they have to lose, the voice of advisers should be heard loudest.
“It’s not just that you stand to lose the most if some of the Royal Commission’s recommendations are poorly implemented, it’s because - as the adviser closest to the client - you best understand the potential customer-impact,” the ClearView message said..
“With an election looming and the winner tasked with implementing the Royal Commission’s recommendations, it’s important for your voice to be heard.”
The message to advisers said that, since our inception, “ClearView has actively engaged politicians and policy makers on your behalf to try and achieve sensible policy outcomes”.
“This year we’re ramping up our efforts,” it said. “In the past week, we have facilitated meetings in Sydney and Melbourne between key Liberal and Labor party advisers and financial advisers/dealer principals. These forums were a unique opportunity for advisers to talk about the good work they do and for both parties to discuss financial services policy.”
“But we need your help to keep the momentum going. Partner with us to get a bigger share of voice. Our aim is to get at least 400 independent financial advisers (IFAs) to complete our survey to ensure a credible sample.”
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
