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The Regulator s Perspective - Speech By ASIC Chair Joseph Longo At The AFA Hybrid Conference 2021, Hosted By The Association Of Financial Advisers, Tuesday 21 September 2021
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Swanson noted that as soon as a consumer was asked what insurance they wanted it was immediately personal advice.
“As soon as you go into advice you then have to do a full fact find – their needs, aspirations and so on – then you do a needs analysis, and then you do a statement of advice (SoA),” he said.
“Which I’m sorry to say an SoA is between 30 to 50 pages depending on the situation and if you include super it’s probably 80 pages and to be frank they are not a comprehensive document or a sense of ease for a customer to see.”
Simon Swanson works the room at Clearview s annual roadshow.
A confluence of events has reduced the life insurance industry to a mere ‘blip’ on the radar, according to Simon Swanson, the managing director of ASX-listed financial services provider Clearview Wealth.
Delivering a statement at the house of representatives standing committee on economics recently, Swanson – whose group has circa $280 million in annual in-force premiums and $3 billion in FUM – pointed out that only around half the country’s eligible workers have income protection and life insurance levels “continue to fall” despite relatively high levels of household debt.
“In a few short decades, Australia’s life industry has unfortunately gone from a pillar of society to a small blip in financial services, despite offering products that are highly relevant to society,” Swanson told the committee.
Over 2000 members registered for FPA’s national roadshows
Over 2000 members registered for FPA’s national roadshows
Over 2000 members have registered for the Financial Planning Association of Australia’s (FPA) national roadshow run which went ahead over the last two months.
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Held in locations around Australia throughout April and May, the events gave members the opportunity to hear about the latest legislation impacting their profession and to workshop solutions with peers.
“After a one-year pause on live events following COVID, the FPA is thrilled to be on the road again meeting up with our members face-to-face,” FPA CEO Dante De Gori CFP said.
One adviser said that, in many instances, it depended on the profile of the client and the products and platforms via which they were invested, but he calculated that he had already offloaded close to 200 clients.
“We are getting more referrals, but we now actively screen them for ones that don’t create a lot of unnecessary workload,” he said while providing the example of someone earning over $150,000 a year with between $1 million and $1.5 million in assets.
The adviser said that often the decision came down to the pragmatic assessment of which particular product a client was in, how much was being generated in fees and the degree to which this fee generation was being offset by regulatory administration.
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