Advisers should pass level five with few problems: Hill

It’s in insurers’ interests to make sure that advisers are supported through to the new regime, Asteron Life’s executive manager of life distribution, Graham Hill, says.

Sunday, October 20th 2019, 8:25PM 1 Comment

The insurer has launched an online platform, Advisery, with resources for advisers preparing to move their businesses to the FSLAA regime.

It is also working with 160 advisers around the country to get them through the level five certificate in financial services that is the required level of competence in the new rules.

It has partnered with Strategi and its technical and training specialist Jeff Bailey will deliver courses and be available to answer questions.

Hill said one of the things that had been identified early in the process was that some advisers had not been involved in any study, or in a formal learning environment, for a long time.

Offering something in-house, and with the ability to call on Bailey for assistance when required, would make it as easy and painless as possible, he said.

A smooth transition for advisers would mean less disruption in the marketplace.

“I don’t think it will be hard for advisers,” he said.

“The biggest challenge – we put our BDMs through it and a lot of them haven’t been involved in tertiary education for a while and it takes a while to get your head back around it. I would be confident the vast majority of advisers will not have many issues getting through.”

He said because Asteron was a totally intermediated business it was in its interests, and those of the general public, to have advisers available to meet customer needs.

Hill said he was supportive of the new regime.

“Anything that increases the confidence of the general public has to be a good thing. Introducing a professional code of conduct is a step in the right direction.”
He said the whole industry, including insurers, advisers and the Financial Services Council, could do more to promote the value of independent financial advice.

Tags: Asteron Financial Services Legislation Amendment Bill FSLAA level five Strategi

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Comments from our readers

On 27 October 2019 at 8:10 am JPHale said:

Graham’s comments echo adviser experience, a case of being kind to oneself. It is painful, but doable.

Graham's comments reinforce my comments about adviser licensing, where those not self propelled need a home to go to, thus the push on dealer group licensing.

It is in the insurers interests to retain and hold on to as many producers as possible. ;)

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