Author: Sue Viskovic

Every few years, we do a research study to put together our Adviser Pricing Models Research Report. We’re currently in the middle of the data collection right now, and thought we might reveal a couple of the findings that we’ve discovered. Of course, when we re-cut the data after closing off submissions, the numbers will change somewhat, but so far, we’ve been fascinated to see that:

In sharing with you this #MomentswithSue video that was filmed on the IP Thought Leaders study tour to San Francisco in September; I am introducing you to one of my favourite guests, Rich Arnold. Rich shared his experiences with what Fintech companies are doing, and the impact...

We are at a point in history where the changing needs and desires of consumers, the evolution of technology and increasing intervention from government are converging on the advice profession to force significant change. While an adviser may have been able to ignore (or simply miss) the changing needs of potential clients, and remained naive to the impact of changes in technology, the new adviser education standards and changes in the Life Insurance Framework will significantly impact most business owners. They now have to act - if they don't they may no longer be licensed, or may simply go out of business when their cashflow takes a significant hit. "Oh great", I hear you say - "yet another article trying to scare me about robo-advice, insurance commissions, my relevance in a changing world etc". Well don't worry - I know you get enough of that elsewhere. No, I want to give you some thoughts on how to get through it.

I wrote an article recently for Risk Adviser magazine, that I have recreated here for our subscribers. There are some significant changes afoot to the last bastion of advice commissions, and we’re getting a little concerned that advisers are being lulled into a false sense of preparedness by well-meaning, albeit inexperienced supporters. I’ve been very vocal in sharing our view that this does not mean the end for insurance advice, and that we may see an even stronger demand for professional risk advice, but I’ve also not sugar-coated it. Any adviser who currently receives up-front or hybrid commissions, be they risk-focused or provide risk in a broader proposition will find it challenging to make the changes necessary in their business. It will, however, be well worth it - as our experience shows us that the type of thought process and change required will have a dramatic impact on a range of areas of their business, not the least of which, their bottom line. Here is what was published in Risk Adviser…..