The care factorBY TONY STEPHENS | THURSDAY, 25 JUL 2019 4:04PMA good friend of mine lost his son to cancer not long ago, something no parent should ever have to experience. Even though this would have been one of the hardest things he will ... Upgrade your subscription to access this article
Join the growing community of financial advisers
with unlimited access to our latest news, research and analysis of the industry.
Become a premium subscriber today. |
Latest News
Esencia merges with HNW advice practice
A Sydney-based practice advising high-net-worth individuals is merging with Esencia Wealth, adding some 250 clients and two senior advisers to the firm.
SIAA calls for fresh talent amid advice demand
Stockbroking and investment advice firms need to broaden their approach to attracting and retaining talent as the profession prepares for a major shift in clients and wealth, according to a new report from the Stockbrokers and Investment Advisers Association (SIAA).
FEATURE | Digital advice | Interlocking the pieces
Digital advice has become a core offering for wealth managers, yet it confuses many and implementation and use remain fragmented. Before it can achieve aspirations of scale, experts are urging for a better, unified understanding of the offering.
Aperio joins Akumin
Melbourne-based advisory firm Aperio Financial Services has switched licensees and joined Akumin as demand grows among advice practices for support to scale operations and improve efficiency.
Further Reading
Cover Story

Advice with soul
SACHA BURCHGART
FOUNDER & MANAGING DIRECTOR
BURCHEART PTY LTD
FOUNDER & MANAGING DIRECTOR
BURCHEART PTY LTD
Though she initially tried, Sacha Burchgart couldn't escape the call of a career in financial advice; it just took staring down her own mortality to see what's possible when you do things differently. Jamie Williamson writes.









I am a 30 year risk specialist. With respect, this article is repeating the old shibboleth that because a risk policy is " old" it is , ipso facto, not "adequate " It ain't necessarily so. Take IP - in 1988 it was indeed bad - non-coterminous benefit periods, injury definitions designed never to pay for a crook "tradie's back", exclusions for injury involving a "material breach of law" and "plague limitations" on No 4 Statutory Funds. It started to improve in the 90's, and by the mid 2000s, was much improved under the influence of small innovative insurers, all since subsumed into larger insurers. Then insurers discovered they had not priced for claims under the improvements, so little delightful "improvements" such as Capability Clauses and Criminality Clauses were introduced.
Watch out, we are heading backwards, and once all the risk specialists depart under the glare of FASEA & LIF, the insurers will have a picnic with part -time risk advisers.
Trauma & Own Occupation TPD have improved, but if you want some fun, compare stroke definitions today. Severity still abounds in some stroke definition cases
Finally the best value an adviser can provide is at claim. Yet I am still alarmed at the number of holistic advisers who refer the potential claimant direct to the insurer and do not get involved. That is bad business practice, BUT it might also now be a breach of FASEA rules
I do agree a competent adviser review should pick issues with low ( or high ) sum insureds, incorrect beneficiaries etc but please read, and understand, the risk policy terms and conditions
Caring for my clients is and has always been my number one priority (as my business ethos prior to joining this industry and while I'm still a part of it is "look after your clients and the rest takes care of itself"). Sadly, my ability to now do that like I used to has been systematically eroded the last 3-4 years by ASIC's hidden agendas, LIF's constraints and diminishing adviser remuneration, over the top Best Interest Duty compliance obligations and the deceitful, conflicted ambitions of FASEA.
So with all due respect Tony, I'd love to care more for my clients but the regime advisers are currently dealing with makes it near impossible to do that now. And it just infuriates me.