ClearView has launched another initiative aimed at helping advisers deal with the Life Insurance Framework (LIF) - a secure Advice Implementation Fee (AIF) facility, enabling insurance advisers to charge clients an agreed fee for providing advice.
The AIF facility allows advisers to exchange renewal commission and premium discounts for an upfront fee as well as charge an advice fee irrespective of whether the client proceeds with the life insurance application.
ClearView general manager of Distribution, Christopher Blaxland-Walker said the AIF facility aimed to help insurance advisers that stood to see their cashflow steadily decrease under the LIF maintain and build their fee income.
“Advisers need to rethink their commission and fee structures, and start asking to be paid a reasonable fee for the vital work they do and the value they add. This is a new and uncomfortable concept for many but it has the potential to transform their business,” he said.
Blaxland-Walker said while some licensees already utilised a similar facility for payment of advice fees, AIF was the only facility available to all advisers, under a single adviser login.
“Our AIF facility is intended to give advisers more choices and the opportunity to evolve their pricing and proposition at their own pace.”
The AIF facility follows the upgrade of ClearView’s life insurance eQuote and eApplication system, which streamline the Life Solution application process and implements Tele-Interviewing and Tele-Underwriting.