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.”

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Another member of the dodgy FSC who corruptly brought in the LIF asking us to be vocal! What we need is the same FSC admitting to Canberra that they were corrupt over the LIF by not passing on the correct lapse data for advised risk sales in the first place. When they did ASIC admitted that churn was in fact not an issue.
The same Clearview as with the other FSC members having to reign in their dodgy direct sales practices and realising that they now desperately need advisers.
A 60% commission with a 2 year clawback is means we are financially unable to provide risk advice and customers do not want to pay fees. So unless Clearview and the other FSC members want a future where they are relying on small amounts of new business from the financial planners left they better start confessing and fixing the problem they themselves created.

The other dodgy protagonist in this whole mess was O'Dwyer. Thankfully she is leaving parliament at this election so perhaps there is hope the Liberals will undo her mistake if they win another term, and pin the political blame on her where it rightly belongs.

I despise labor, i have been let down and betrayed by Liberal. I will vote for Clive in a protest vote knowing it will at worst it will go to Liberal.

Looking to complete the survey and cant find it. Huh?
many of us had to make up our minds rather then fight as the fight from the industry has been poor and non appreciative of the industry. So about 12 of us in different businesses of over 30 years each have all made exit decisions and cant afford to remain. Writing simple risk recommendations is now scary and if there is a loading coming back, then writing a new SOA is not feesable and clients wont pay the fees for this. many of us feel that the changes are ethically wrong for consumers and those Mr and Mrs averages and starters and savers will not afford the costs of advise and I dont blame them as the cost for complyance is too high and time consuming. We dont get any points for the great wins and discoveries for claims etc and my morals and ethics now see the new way forward as not in the clients best interests. Ive not had a complaint in 30 years and have always had excellent audits. Our punishment is misguided and too great to remain in this profession and the industry bodies have done to little too late. Bye.

Well said

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