More Problems with "Hard Fees"
Scope of Service and Defining the Insurance Review

Highlights of the IFA Risk Masterclass

In roughly the order in which they presented, reviewing my notes these were the highlights, for me, from the different speakers at the risk masterclass.

Chris Louisson – always his strong commitment to consultative selling
 
Jeremy Bendall – a wealth of good information. The standard definition of risk management and the ways to make that real to the companies you talk with, as well as insight into the developmental stages of the kinds of companies advisers will deal with most.
 
Cecilia Farrow – who always refers back to hard numbers or research, demonstrating the rigour applied to the process at Triplejump. Also, her commitment to understanding how the client (business) sees the issues and their requirements.
 
Barry Read - when he showed me his worksheet for product provider selection, and we realised that he and I almost telepathically arriving at a virtually identical approach. You can scroll down a couple of stories and download my worksheet there. 
 
Richard Dean, of the Reserve Bank – the regulator, RBNZ gave us chapter and verse on IPSA and the importance of the Financial Stability regime. Some people are still genuinely surprised to hear that the RB regulates life insurers.

Kate Gillmore, of RGA – for explaining why insurance is so much more expensive than it is in Australia: reasons such as the health of New Zealanders, issues such as diabetes and obesity. As well as talking about the coming 'revolution' in underwriting with the prediction that “the memory test questions have got to go".
 
Adviser Contributions
 
On the importance of research, when the FMA reviewed his business one adviser said: "The FMA couldn’t see the research being done for that specific client. and why I chose that information. They were very interested in why I chose the providers I have."

Several others who raised the importance of making sure you look at the contractual and trust arrangements specific to each insurer's product because of non-medical product variations.
 
Much of the group who are already across how it is really important to have well defined reviews – and what we commit to do at reviews.
 
Another who pointed out that "there is so much change in small businesses that annual reviews are vital"

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