Quotemonster and Advicemonster updates - live now

We have updated the quotemonster site, on Thursday, and made the following items live, for more detail see below:

  1. New SOA report content setting options allow you to create more customisations for your SOAs if you are an Advicemonster subscriber. To access these click settings, then SOA Setting, then Report Content Setting
  1. New SOA template for Need analysis recommendation note pad - bring through all your calculations from the recommendation notepad in Advicemonster to quote and to the SOA.
  1. New nib rates applied to the site
  1. FSP input validation for user setting and register form - so it is important that your FSP number matches your name and the entry on the FSPR. A reminder that sharing your login is a breach of our terms and conditions and unusual account activity (like switching user names) will be picked up and we will be contacting account-holders that actively share their logins. 
  1. Improved the health product breakdown table in the research report.
  1. Applied Fidelity level standalone trauma maximum level term rule
  1. Changed Partners Life IP and MP max-age to 57 - as we do not quote reduced commission versions of income protection
  1. Update Web version number to v 3.8.7

Congratulations to Albert, Doreen, and the whole team on a big package of updates. Our special thanks to the advisers sending us issues and suggestions for improvement of the Advicemonster process and the SOAs. 


QPR: Updates for Implementation of new FSLAA Regime

To help you prepare for the implementation of the Financial Services Legislation Amendment Act implementation on 15 March Quality Product Research Limited has made the following changes to the Quotemonster site:

  1. Prepared an outsourced provider statement. This provides you with information to meet the license conditions for a Financial Advice Provider to use a third party (us) as part of your advice process (for example: preparing comparison quotes and research reports). Subscribers to the research and advicemonster services will see an announcement when they next log in. A link to the outsource provider statement is included in the site in the About Us section. 

  2. Updated Advicemonster – an external review has been conducted, the draft statement of advice (SOA) has been updated, and the system for preparing the SOA has been improved. If you are an Advicemonster subscriber we suggest you run a new trial needs analysis to check out the new report – it is a more comprehensive and robust document that speeds up the process of creating new life and health statements of advice. If you don’t subscribe, or you would just like a quick refresher on how to use the system, click here to request a demonstration.

  3. Updated our terms and conditions – refer this link for details. Also, a link to the terms is included in the site in the About Us section, and on every page in the site. 

Coming up: there will be further changes to the adviser profile page to reflect changes to the FSPR due to the new license regime. We will update you on those next week. If you have any questions or concerns, please contact us or call (09) 480 6071. Thank you for being a customer of Quality Product Research Limited.


Quality Product Research appoints new General Manager

We are pleased to announce that Treena Jordan has been appointed General Manager of the team at Quality Product Research Limited. Treena has an extensive background in product development and is extremely adviser focused. Over the last 20+ years Treena has worked for AIA, Sovereign, and Cigna as well as life insurers in both Australia and New Zealand.

Due to the increasing scrutiny with the new regime ahead we believe it is essential to grow our resources. Having Treena on board now means that we will have two full time product experts in the team. Treena has substantial experience working with advisers and is a very industry-focused person. Her involvement working with advisers around business insurance will be extremely valuable. Those of you that have worked with Treena in the design of business insurance products will be aware of her passion for good insurance cover.

As part of the change in team you can expect to hear more from Doreen and Treena  as they are keen to hear from you about your experiences with our product providers and how you use Quotemonster, Research Reports, and Advicemonster.

Treena


Changes to QPR and Advicemonster Subscription Pricing

Effective 1 April 2021 pricing will change for QPR and Advicemonster subscriptions.

  • Quoting remains free! Quote on advisers!
  • There will be no increase for Admin/Compliance Logins which remains at $20 + GST per month
  • The retail rate for Research will increase from $113 + GST to $125 + GST per month
  • Annual Research subscriptions will increase from $1,130 + GST to $1,250 + GST (you get 2 months free compared to monthly!)
  • Advicemonster will increase from $50 + GST to $55 + GST per month.
  • Group pricing will be as follows:
    • For groups with 5+ advisers there will be a 10% discount applied to monthly pricing for QPR
    • For groups with 15+ advisers there will be a 20% discount applied to monthly pricing for QPR
    • For groups with 100+ advisers there will be a 30% discount applied to monthly pricing for QPR

With the implementation of FSLAA we have had a big focus on developing our services so that they are a robust support to your advice process. That means we have been working hard to ensure we meet and exceed requirements for an outsourced provider for our services Quotemonster, Research Reports, and Advicemonster. As part of the standard license conditions the Financial Markets Authority requires you to ensure that any provider you use in your advice process provides you with assurance that it meets standards suitable to support the services you provide to your clients. Subscribers to the research and advicemonster services will get a notification on the third of March and a link to our outsource provider statement. 

In order to meet the standards required by the increasing scrutiny of the legal and regulatory regime we are providing additional services, investing in better quality assurance in our core research service, and have been updating Advicemonster. All this requires investment in the quality of the services we provide.