Peter O’Callaghan

The Association of Financial Advisers (AFA) and Asteron Life have announced Peter O’Callaghan of MSI Taylor Wealth Management as the winner of the 2014 AFA Excellence in Education Award (the Award).

The Award, now in its seventh year, recognises advisers who are continually investing in themselves, their staff, their business and their community, through professional development and higher education and making a positive impact upon Australian’s perceptions of professional financial advisers.

AFA General Manager, Member Services & Campus AFA, Nick Hakes, said Mr O’Callaghan exemplifies the essential characteristics & values of a professional financial adviser through his commitment to excellence in behaviour, attitude, knowledge and accountability.

“We know that increasing both the technical and practical education of advisers is vital to improving consumer confidence in our profession. Peter has demonstrated his ability to apply technical knowledge to real-life practice and has a passion to share his knowledge and expertise with other advisers. Peter is a great ambassador for the value of investing in high-education.

Asteron Life Executive General Manager Adviser Distribution, Jordan Hawke, said the value of education in the professional development of advisers has never been so important.

“We have and continue to view education as an important measure in the level of professionalism consumers expect and demand of their financial adviser.  This award recognises that IQ and EQ are intrinsically linked, and equally important in delivering an overall amazing client experience”.

The post Peter O’Callaghan wins 2014 AFA Excellence in Education Award appeared first on AdviserVoice.

Planners are focusing more on life insurance and expect this to continue over the short term

Recep Peker

The proportion of planners advising on risk has remained steady at 90% over the last 12 months, and those who do are sourcing a greater proportion of their practice revenue from providing risk advice (29%, up from 27% in 2013). Looking forward, planners expect this trend to continue with risk advice accounting for 31% of their practice revenue by 2017.

“Risk continues to be a key component of many planners’ businesses,” said Investment Trends Senior Analyst Recep Peker.  “Providers can help facilitate planners’ intention to grow their risk business by addressing some of planners’ key challenges, chiefly high premiums, administration issues and inefficient processes.”

Planners are expanding the range of insurers they use, but switching remains high

After four years of planners consolidating the number of insurers they use, planners have started to expand the number of insurers they use. The typical planner now uses 3.7 insurers each, up from 3.4 in 2013.

However, levels of insurer switching remains high with 40% of planners saying they stopped using at least one insurer in the last 12 months, up from 35% last year.

“Insurer relationships are in a state of flux,” said Peker. “Planners are aggressively expanding the number of insurers they use, while cutting those who aren’t exceptional. There are great opportunities and risks for insurers to either benefit or lose out from this switching.”

Despite insurer relationships changing rapidly over the last 12 months, it is still crucial to be a planner’s most-used insurance provider. Planners currently write 59% of premiums through their most-used insurance provider.

BT Life, OnePath and AIA Australia posted strong gains in terms of primary market share. The top five insurance providers by number of primary planner relationships are now:

1. OnePath
2. AMP
3. AIA Australia
4. BT Life
5. TAL

“Whilst planners are using a wider range of insurers, the market is also becoming more concentrated,” said Peker. “The top five insurance providers now account for 66% of primary planner relationships, up from 62% last year.”

Zurich and AIA Australia has the highest satisfaction amongst its users

“Satisfaction is crucial in the insurance space, as business is not very sticky and planners can easily stop writing new business with an insurance provider,” said Peker. “That’s why there is a very strong relationship between satisfaction and switching behaviour.”

Planners’ overall satisfaction with their most-used insurance provider remained steady at a high level. The top three insurance providers by overall planner satisfaction in 2014 are:

1. Zurich
2. AIA Australia
3. Asteron Life

Underwriting is a key area in which insurers can differentiate their offerings

Following the tightening of underwriting standards over the last year, we’re seeing the average number of days planners say it takes providers to process underwriting submissions increase from last year’s levels. This has resulted in planners’ satisfaction with underwriting falling slightly at an industry level over the last 12 months.

“The underwriting process is the strongest driver of overall satisfaction with insurers,” said Peker. “So, any falls in satisfaction with the underwriting process is noteworthy.”

“Underwriting is very important for both acquisition and retention, and will be a key battleground for insurance providers over the next year,” said Peker.

45% of planners said insurance providers should focus on improving underwriting speeds to help them with their advice on risk.

Users of XPLAN’s risk modules have the highest levels of overall satisfaction

89% of planners who advise on risk use risk software. XPLAN continues to dominate the risk software space with over half (53%) of planners using XPLAN’s risk modules as their most-used risk software. This is followed by Rubik/COIN (18%) and Midwinter (8%).

At an industry level, planners’ satisfaction with their most-used risk software remained steady at the eleven-year average.

Among risk software providers, XPLAN achieved the highest average overall satisfaction rating from its users and ranked highest across all nine of the other service elements measured.

The post Key findings of the Investment Trends 2014 Planner Risk Report appeared first on AdviserVoice.

Jordan Hawke

The state winners of the Association of Financial Advisers (AFA) 2014 Excellence in Education Award (the Award), supported by Asteron Life, were announced at the AFA July National Roadshow.

Head of Campus AFA, Nick Hakes, said the calibre of the state winners reflects the growing recognition that higher education is one of the keys to delivering great advice to more Australian’s and positively changing consumers perceptions of financial advisers. “The state winners for this year’s Award have worked extremely hard to not only commit to ongoing education, but also to excel at it,” he said.

The Award recognises advisers who are continually investing in themselves, their staff and their businesses, to raise professional standards through education.

Mr Hakes said all of this year’s nominations were outstanding. “We are very proud of the talent that the Award has recognised to date and we are delighted to continue to partner with Asteron Life to showcase the outstanding attitudes, behaviours, standards and commitment to lifelong learning demonstrated by advisers like these state winners.”

Asteron Life Executive General Manager, Adviser Distribution, Jordan Hawke, said education was a key foundation to the continued future success of the industry.

“Investing in professional education is good for the individual adviser, good for the industry and importantly, helps build consumer confidence in the advice industry.  I am continually blown away by the level of professionalism and talent in our industry,” Mr Hawke said.

Mr Hakes said, “The AFA believes other advisers will be inspired by these state winners, to invest in their own education, above and beyond that which is required in terms of compliance, in order to ensure that they are giving their clients the best possible experience, while also raising professional standards within the financial advice profession.”

The 2014 Finalists for the AFA Excellence in Education Award are:

• TAS – Charles Badenach, Main Street Financial Solutions
• SA – Shaun Hunt, Hunt Wealth
• WA – Geoff Ivanac, Everblue Consulting
  • Highly Commended – Chris Cornish, Avant Financial Services
• VIC – Vijay Ghelani, Hanmoore Financial
  • Highly Commended – Tricia Hill, Life Solutions Financial Advisers
• NSW – Jonathan Wu, SWU Financial Planning
• QLD – Peter O’Callaghan, MSI Taylor Wealth Management

State winners of the Award were chosen for their commitment to professional development through continuing education and making a difference within the marketplace and their local community through the practical application of their knowledge and expertise.

Candidates were judged on the quality of their written nomination. Judges then conducted phone interviews with shortlisted candidates. Candidates were also given a weighting across four award criteria, including:

• 50% on formal education
• 30% on practical application of education
• 10% on contribution to one’s industry
• 10% on contribution to one’s community

The post AFA Excellence in Education finalists announced appeared first on AdviserVoice.

Anne Graham, 2013 AFA Excellence in Education Award recipient.

The Association of Financial Advisers (AFA) is calling for nominations for the seventh AFA Excellence in Education Award (the Award), to be presented in October at the AFA National Conference in Cairns.

Through this Award, the AFA along with partner Asteron Life, recognise advisers who are continually investing in themselves, their staff and their business, to raise professional standards through education and make a positive impact upon Australian’s perceptions of professional financial advisers.

Head of Campus AFA, Nick Hakes, said investment in education is the key to encouraging more Australians to seek quality financial advice.

“As a profession we need to embrace professional development as a way to demonstrate our credibility and expertise to a wider audience,” he said. “We are seeking great success stories of how advisers practically apply their technical skills and knowledge to making a positive contribution to people’s lives.”

Mr Hakes said as professionals, advisers should be continually investing over and above what is required of a standard compliance regime. “We need to move toward professional development solutions that demonstrate our credibility and enhance the client experience. This Award recognises those who are on the front foot with implementing this vision within their own practices,” he said.

The Award plays an important role in encapsulating the essence of professionalism: education + attitude + behaviours + standards and a commitment to lifelong learning, Mr Hakes said. “This is such a unique Award and we are delighted with the ongoing partnership with Asteron Life, which has made it possible for us to continue to showcase such great talent.”

Investment in professional development, Mr Hakes said, is directly linked with a growing, profitable and sustainable advice profession. “We need professional development to be not only academically robust, but also relevant and practical for advisers. Even more, education should be, interesting, challenging, enjoyable and even exciting. The Award showcases the different education pathways taken by advisers to enhance credibility whilst also driving business performance,” he said.

“Asteron Life is proud to sponsor the AFA’s Excellence in Education Award for the seventh year running. We’re passionate about excellence in education, because we believe in the need to drive continued improvement in consumer perception of the professionalism of the advice industry”, Asteron Life Executive General Manager, Distribution, Jordan Hawke said.

“Through the Award we aim to advocate the incredible job advisers do to improve our social fabric and help Australians make better decisions for their financial future through quality advice.

“Our industry needs to build a sustainable future – and this Award embodies that philosophy by celebrating advisers who invest in their business to lead their people, develop quality advice for consumers, and build an asset that carries on in value”.

The winner will be announced at the AFA Conference in Cairns from 11-14 October 2014. Nominations for the Award close on 30 May 2014. Click here to nominate.

Key Dates in AFA’s 2014 Excellence in Education Award Program:

• Nominations open: 28 April 2014
• Nominations close: 30 May 2014
• First round interviews: June 2014
• State winners announced at the AFA Roadshow: 22-31 July 2014
• A panel interview with state winners: September 2014 (TBC)
• The AFA Excellence in Education Award winner announced at the AFA Conference: 11-14 October 2014

The post Nominations Open for 2014 AFA Excellence in Education Award appeared first on AdviserVoice.

Megan Beer

Winners of the Financial Services Council’s prestigious Life Insurance Awards for 2014 − proudly sponsored by the BT Financial Group − were announced at a black tie function at the Sofitel hotel in Sydney last night.  

Now in their second year, the FSC Life Insurance Awards are presented to individuals and organisations in recognition of outstanding achievement in the life insurance industry.

There were six awards – three for individuals and three for organisations. They were judged by a panel of three independent experts, all who have extensive industry experience.

BT Financial Group’s Head of Life Insurance, Phil Hay, presented the awards to the 2014 winners who were:

• Industry Pioneer Award winner:  Megan Beer −  Director, Insurance, AMP;
• Leadership Award winner:  Tracey Crowe– National Manager, Underwriting, New Business and Claims, BT Financial Group;
• Young Achiever Award winner:  Rajasree Variyar – Direct Life Insurance Product Manager, ANZ Wealth;
• ‘Big Thinking’ Award winner:  Zurich Life & Investments Research Program;
• BlueChip Communication Social Media Innovation Award winner:  BT Insights −  BT Financial Group; and
• William Roberts Lawyers Consumer Innovation Award winner:  Smarter Years campaign − Asteron Life.

The post 2014 FSC Annual Life Insurance Awards: and the winners are… appeared first on AdviserVoice.