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Are life insurance advisers at risk of extinction?

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5 June 2023 by Jasmine Siljic, Money Management

Article link: https://www.moneymanagement.com.au/news/financial-planning/are-life-insurance-advisers-risk-extinction

Commission changes, premium increases, and profitability fears have driven risk advisers out of the profession or into new advice careers, says Adviser Ratings.

During 2020–22, risk advisers were between 2.4 and 2.5 times more likely to leave the industry than their holistic adviser colleagues.

Research compiled for the 2023 ARdata Life Insurance Study recorded 150 ‘pure risk’ advisers in Australia. The group represented less than 1 per cent of the 15,819 retail advisers across the country.

Adviser Ratings also found that 3,400 advisers wrote at least some form of risk volume, which included 1,200 advisers who carried large risk books.


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