Clients unshaken by banking royal commission

Client retention and managing reputation are now clear priorities for advisers, writes Nigel Bowen. If there’s one insight that even the most casual observer of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has retained, it’s that finance-industry types are commission-obsessed con artists, right? Well yes and no. Research by … Read more

Farm insurance tips straight from the horse’s mouth

Insuring a farm can be a complicated business. We asked someone with a foot in the worlds of both agribusiness and insurance to provide some insights. In his early thirties, John Dunk stopped working on the farm that had been in his family for three generations and entered the insurance industry. He has now spent … Read more

Why your business needs cyber insurance

Many SME owners believe that they don’t have to worry too much about cyber crime. After all, why would Internet villains bother with small fry when they could go after heavy hitters such as Yahoo, eBay or Uber? Unfortunately, cyber criminals take an equal-opportunity approach. While they can and do target large organisations, they also realise … Read more

How to build a business empire in five years

While still on the right side of 35, Jamie Davison has built up a chain of accountancy-related businesses with his business partner Nathan Hood. Here he shares his hard-won wisdom with aspiring entrepreneurs Jamie Davison is the kind of overachiever that professional-services firms drool over. But the Perth-based 34-year-old doesn’t work for PwC or KPMG. … Read more

Why Michael’s family missed out on his super

Super – and the insurance attached to it – isn’t automatically included in your will. Make sure your money goes to the right people, writes Nigel Bowen In summary • Michael had a will, but a simple mistake severely cost his family • Wills don’t automatically include your super and its life insurance • Nominate … Read more

Full focus on fee-for-service

LIF is changing retail insurance commissions: Nigel Bowen explores some tips on how to adapt. Come January 1, 2018, the process will start that will see financial advisers’ upfront commissions on retail life insurance progressively reduced to 60 per cent by January 1, 2020. Trail commissions will be doubled from 10 per cent to 20 … Read more

Does my insurance cover me for redundancy?

We live in a volatile economic era in which industries are disrupted at an ever-accelerating rate. Fortunately, there are insurance options that provide you with financial breathing space if you’re made redundant. Some income protection policies include cover against your involuntary redundancy. You can’t be insured for voluntary redundancy, for example, where you choose to … Read more

Is income-protection insurance tax-deductible?

Working out the tax treatment on your income-protection premiums isn’t always simple. But here’s some points to help you work out what you can claim. Why should I get income protection? If you’re of working age you almost certainly have a range of outgoings – mortgage or rent payments, grocery and utility bills, school fees … Read more

When clients want to cancel insurance

Nigel Bowen speaks to an adviser to find out how he reminds clients of how important insurance is. Gordon Schauer, the founder of Financial Planners Inner West in Sydney, has provided financial advice for almost three decades. He knows that come end of financial year, he’ll be finding himself trying to talk clients out of … Read more

How risk products are priced

Ever wondered how the cost of an insurance policy is calculated? With the prices of many insurance products currently heading up (or down), it’s worth understanding exactly where a policyholder’s money goes, once they pay for their retail insurance policy. The standard breakdown (broad estimates based on the retail/adviser channel) Of these, the ‘expenses’ and … Read more

Cancer tops most claimed-for conditions

It is clear which diseases dominate medical trauma insurance claims, writes Nigel Bowen. Trauma policies aren’t cheap and they are on track to get even more expensive. So if you’re seeking to convince a potential customer to invest in a trauma policy, or an existing one to retain one, it’s helpful to be across the … Read more

The ‘wellness’ trend transforming life insurance

Insurers are using data to promote healthy behaviour and more powerfully focus on customers, writes Nigel Bowen. Life insurance has always followed a set formula. Broadly, the customer’s gender, age, health status and occupation were fed in one end of the machine and a set-and-forget price point and policy popped out the other. Those days … Read more