Michael Pillemer

Specialist risk insurer PPS Mutual has launched the inaugural 2026 PPS Mutual Risk Practice of the Year Award. This landmark award celebrates excellence in risk advice nationwide.

The award will spotlight advice practices that generate greater than 50% of their annual new business revenue from life insurance-related advice. Entrants will be assessed across five core pillars: customer excellence, commercial strategy, continuous improvement, cultural strength, and industry contribution.

Michael Pillemer, CEO of PPS Mutual, said the award comes at a pivotal moment for the profession: “The life insurance industry has endured an unprecedented wave of regulatory change, rising compliance obligations, and increasing operational pressures. Delivering quality risk advice is now more complex and challenging than ever. Yet advisers remain central to protecting Australians’ financial futures.

“Risk advice is the bedrock of financial security for millions of people – but it is also one of the most underappreciated parts of our industry. Through this award, we want to recognise those advice practices that are excelling under pressure, setting new standards, and helping to build a stronger, more sustainable future for life insurance in Australia. Importantly, this award isn’t just about recognition – it’s about empowerment. By elevating the winner’s profile and growth potential, we’re investing back into the advice community we serve exclusively.”

The winner will be announced ahead of the Riskinfocus 26 Risk Advice CPD Tour, Australia’s premier life insurance professional development event. As part of their prize, the winning practice will take part in Q&A sessions at each of the six Riskinfocus 26 events nationwide, sharing their philosophy and insights with peers across the country. Their travel and accommodation will be included, along with a complimentary table of eight at their hometown Riskinfocus 26 event.

To further support business growth, the winner will also receive a strategic marketing tailored prize package including:

• A technical SEO review and growth report from Jaywing, a data-driven digital agency specialising in SEO, analytics, and performance marketing, to improve online visibility and business performance.
• Eight custom social media posts and a complimentary graphic design package to promote their service offering.
• A media release developed and distributed by Madden & Assoc., a Sydney-based specialist communications firm focused exclusively on financial services.

The judging panel features some of the most respected leaders in the life insurance and advice sector, including:

• Angus Woods, Managing Director of Adviser Ratings
• Sue Laing, Technical Director at The Risk Store Consulting
• Peter Sobels, Publisher of Riskinfo
• Marc Fabris, Digital Consultant and Founder of Risk Hub
• Sue Viskovic, Head of Consulting at Vital Business Partners

Applications are now open and close on 27 October 2025.

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Angus Woods

Specialist risk insurance company PPS Mutual has retained its position as Australia’s highest-rated insurer for the third consecutive year, achieving an industry-leading Net Promoter Score (NPS) of 54.8 in the Adviser Ratings Australian Financial Advice Landscape 2025 report.

These results place PPS Mutual in a commanding lead, with an NPS nearly six times higher than the average of 9.5 among insurers in the report, reflecting the strength of its ‘values-based’ mutual model and the trust it has built with a specialist network of accredited advisers and professional Members.

In addition to topping the NPS rankings, PPS Mutual ranked first in six major adviser satisfaction categories – including product comprehensiveness, BDM support, quality, reputation, trust and understanding client needs – and placed second in competitiveness, adviser support, reporting quality and claims handling.

PPS Mutual’s results are driven by a deliberate, long-term approach to growth – serving a defined community of professionals in high-value, high-complexity occupations such as medical specialists, engineers, lawyers, and other experts in specialised industries, through a select network of accredited risk advisers. This market focus, coupled with a deep understanding of adviser and client needs, has created a model built for long-term sustainability – one that delivers superior outcomes through a distinctive proposition, aligned underwriting, and a strong adviser network.

Outperforming a recovering market

The retail life insurance sector has faced significant headwinds over the past decade. New business volumes fell 44% between 2018 and 2024 following the introduction of the Life Insurance Framework (LIF), the Hayne Royal Commission, spiralling premiums, and higher professional education and exam requirements for advisers. This led to a sharp reduction in adviser numbers, fewer advisers writing life insurance, and increased lapse rates.

Adviser Ratings data now points to a turning point, with new business up 11.4% between 2023 and 2025 and adviser authorisation for life insurance rising from 74% in 2019 to 84% in 2025. Meanwhile, PPS Mutual has grown its share of new business to 5.4% in 2025 – up from 2.6% in 2021 – representing almost $17 million in new business written in the past year. In the June quarter of 2025 alone, PPS Mutual’s share rose to 6.9% of all new business written, reflecting strong and sustained demand for its specialist mutual model.

This growth is reinforced by:

• In-force premiums reaching $106 million in FY25 (up $22 million on 2024).
• Membership surpassing 15,000 in August 2025.
• A 3-year compound annual growth rate of 28%.
• A young member base (with 60% of members age 40 or younger) underpinning long-term earnings growth.
• Exceptionally low lapse rates of 5% overall (which includes Members reducing their cover), compared with an industry average of 14.2%[1].
• A phenomenally low Member lapse rate of 1.6% which includes Members retiring, dying and policies expiring.

Angus Woods, Founder and Managing Director of Adviser Ratings, said the 2025 results marked a decisive break from the prolonged contraction that followed major industry reforms: “Following some difficult years for the sector, it’s encouraging to see that life insurance new business is now up more than 11% since 2023, along with an increase in advisers including risk advice in their service offering – suggesting that confidence is returning.

“Importantly, this is not a temporary spike – it’s supported by structural improvements in adviser capability, more efficient product platforms, and a clearer value proposition for clients. Life insurance is one area where this renewed momentum is most visible, but we are seeing similar positive sentiment across other parts of the advice landscape,” Woods noted.

Industry momentum toward specialist models

The report highlights growing adviser and client demand for specialist life insurance models that deliver tailored solutions, high service standards and reduced friction in the advice process – all hallmarks of PPS Mutual’s approach.

Michael Pillemer, Chief Executive Officer of PPS Mutual, said the results were a strong endorsement of the mutual’s business model and industry direction: “In a market still recovering from years of disruption and consolidation, our growth and retention rates show that a disciplined, values-driven approach can deliver superior outcomes for Members and advisers alike. We focus on quality over volume, and we align every part of our process – from product design to underwriting – with the needs of a clearly defined professional market.

“As a mutual, we exist solely for our Members, and our profit-share model means that when PPS Mutual succeeds, our Members directly share in that success. This creates a powerful alignment of interests that is rare in the insurance sector,” Pillemer continued.

“The life insurance sector has an opportunity to rebuild trust and relevance. Models that put the interests of customers first, assist advisers to build the long-term value of their businesses, and deliver consistently on promises, will be the ones that thrive. We believe the future is in the hands of those who lead with purpose, rebuild trust, and support financial advice – and we are proud to be setting that standard. In doing so, PPS Mutual is well-placed to scale its impact, expand its market share, and help define the future of advice-led life insurance in Australia,” Pillemer concluded.

PPS Mutual is supported by PPS South Africa, the largest multi-disciplinary group of professionals in the world and the largest mutual company in South Africa since the 1940s – sharing over $3 billion in profits with Members over the last 10 years. PPS Mutual is owned by its Australian Members who share in the profits of the products that they buy.

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Angus Woods

Australia’s most comprehensive snapshot of the wealth management industry, the Adviser Ratings Landscape Report, shows the advice profession is finally experiencing renewal after years of setbacks.

For the first time in five years, the profession’s numbers are stabilising, with just over 15,800 advisers now working in Australia. For advisers and practices who have stayed the course, many have reported increases in revenue and profitability in the past 12 months.

The in-depth research also illustrates the perception of advice – and its importance in the current climate – is changing, with almost one-in-five Australians willing to pay up to $5000 to see an adviser.

Key findings:

• Almost one-in-five Australians would pay between $2500 and $5000 for financial advice, compared to four per cent last year.
• Supply challenges mean fewer than 10 per cent of Australians are now receiving retail financial advice.
• The median cost of advice has risen a further 5 per cent to $3,710.
• Sadly, 80 per cent of Australians who want advice couldn’t afford to pay what the average adviser charges.
• Adviser Ratings platform leads have hit an all-time high, indicating the growing demand for advice.

Adviser Ratings CEO, Angus Woods, said it’s clear the industry has turned a corner.

“Advisers who have invested in their business and profession are starting to reap the rewards, with high client demand, profitability and a greater menu of tools to help them succeed,” Mr Woods said.

“Australians also recognise advisers play a critical role in planning for the future and managing shorter term financial pressures, particularly at a time of interest rate rises, market gyrations and inflation.

“As Australians face extreme cost of living pressure, the demand for professional advice is set to grow even further,” Mr Woods said. “Advisers are responding by adding to their client load and making material changes to their businesses to improve efficiency.”

The research also examines advisers’ investment and technology sentiment.

“There are clear winners and losers when it comes to platforms and technology, with advisers too time-poor to deal with inferior service.”

The Landscape Report also provides valuable insights into advisers’ intentions for the next 12 months, with succession planning and process efficiencies among the top areas of concern for the coming year.

Also included in the 2023 Landscape Report, and soon-to-be-released Life Insurance Study 2023, are the winners of the 2023 Adviser Ratings Awards, recognising excellence in their respective categories. Those award winners are:

Platforms

• Best Advice Platform – HUB24
• Best Client Experience – HUB24
• Best Adviser Experience – HUB24
• Best for New Advisers – HUB24
• Best Functionality –HUB24
• Best Adviser Support – HUB24
• Overall Investment Options – HUB24

Software

• Best Advice CRM – Worksorted
• Best Advice Software – Product Rex

Life Insurer

• Best Retail Life Insurer – PPS Mutual
• Ease of Underwriting – NEOS Protection
• Best Platform Functionality – NEOS Protection
• Competitiveness of Product – PPS Mutual
• Comprehensiveness of Modules – PPS Mutual
• Best Adviser Support – NEOS Protection
• Best Claims Handling – NEOS Protection
• Most Consistent Retail Life Insurer – Zurich Insurance Group
• Most Improved Retail Life Insurer – TAL

Research House

• Best Research House – Lonsec
• Competence of Personnel – Lonsec
• Quality of Research – Lonsec
• Breadth of Research – Lonsec
• Timeliness of Research – Lonsec
• Best Adviser Support – Lonsec

Read the report.

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Angus Woods

The Adviser Ratings Landscape Report – the most comprehensive research on Australia’s wealth industry – illustrates how the changing nature of wealth management has impacted financial advice, funds management, and consumers.

Based on six research projects undertaken across five months and involving more than 40,000 surveys of financial advisers and consumers, the Landscape Report clearly shows how the financial advice and wealth management industries continue to evolve through ongoing regulatory and market disruptions.

Key findings include:

• 100,000 either ceased receiving advice or were orphaned by their adviser, as advice affordability became more of a concern
• only 1,200 risk specialist advisers remain in the industry
• there are 5.6m unadvised Australians looking for professional advice, with five per cent of consumers indicating they get all their advice from social media
• the average median cost of advice has increased a further eight per cent to $3,256
• 234 licences were discontinued in 2021 – the largest number since tracking began in 2015
• there has been a 50 per cent increase in the past four years of advisers partnering with super funds, as super funds become the next frontier for consumers looking for affordable advice.

With Adviser Ratings predicting the departure of a further 2387 advisers from the industry in 2022, the cost of advice and the number of orphaned clients look set to grow.

“The advice industry has been in a state of flux for a number of years, and we continue to see that change today,” Adviser Ratings CEO, Angus Woods, said. “Through our research we go deep inside the evolution of advice and funds management. We look at how it is responding to consumer needs and analyse the penetration and sentiment towards the technology that underpins the industry.”

There are 100,000 fewer customers of financial advice today and 3,323 fewer advisers compared to 12 months ago, with the median cost for advice increasing another eight per cent, to $3,256. This has coincided with a general improvement on the standard advice, with the Adviser Ratings Adviser Quality Score (AQS) increasing from 678 at the end of 2018 to 707 at the end of March 2022, based on a score out of 1,200.

To service clients more effectively and efficiently, research indicates that financial advisers intend on using investment platforms more in 2022, with pure platform plays and listed companies Hub24, netwealth and Praemium expected to be the winners.

Advisers also intend on meeting evolving client needs through their services, with more than 50 per cent aiming to increase ESG exposure through the year, for example.

“The advice and wealth management industries continue to evolve, and the impacts across the board, from product providers through to consumers, is significant,” Woods said. “Our research asks many questions on how Australians will receive advice in the future, and who will advise them. There is more change to come.”

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