Advisers make difference in life cover
There is a distinct difference in adequate levels of insurance between people who have received financial advice and those who have not, according to a new piece of research released by life insurer Asteron.
Asteron surveyed more than 2,000 working Australians of whom 35 per cent have received financial advice in their lifetime. The research found those who had used a financial adviser were twice as likely to be adequately covered and were confident about the level of their cover.
However, only 19 per cent of those without an adviser had life insurance (either directly through their employer or online), while almost a quarter had never considered the need for it.
Asteron’s executive general manager, Jordan Hawke, pointed out that the consequence of being subject to a severe illness or an accident could be “likened to the financial impact that being unemployed for a period of time can have on an individual and their family”.
The research had also found only 10 per cent of those who had sought financial advice in their lifetime were not covered.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.