New risk support for advisers

Laing Advisory has launched a subscriptions-based online life risk insurance resource service targeted at both investment planners and risk advisers.

The Risk Store will serve as a “hub for subscribers to access life risk training and advice tools and practice management support services”, according to risk insurance consultant and commentator Sue Laing.

www.theriskstore.com.au, which goes live on August 14, is intended as a gap-filler for life risk resources offered by industry, Laing said.

“We kept hearing that dealer groups [licensees] were finding it difficult to resource support in this area — as everyone does.”

A target of 3,000 subscribers in the first year is expected to be easily met, based on the “clear need for a ‘universal’ store of life risk knowledge and tools” among planners and advisers.

MLC has purchased 75 subscriptions (at a standard $300 per subscription) for advisers in its financial planning licensees, and several other “substantial dealer groups are on the point of signing up”.

Demand is coming equally from “traditional investment advisers, who can find the life risk area very challenging, and from experienced risk advisers, because of the time-savings they can achieve with the many templates and tools available on the site”.

Laing expects risk adviser subscribers to come “mostly from aligned groups which are always seeking more ways to value-add to their advisers”.

There has also been interest from the boutique end of the market, which “struggles to cost-effectively access good practical support for their life risk advising activities”.

In addition, she anticipates support from other industry players, such as underwriters, life office staff and adviser paraplanners.

The centre has been launched with a “few hundred resources in its catalogue”, which will be added to on a regular basis.

Included in the resources are a technical help-line and a member forum, where advisers and other industry participants can share issues, ideas, learning and information

There is also a weekly information-based life risk email service — the Risk Read, and the opportunity to access specialised ‘webinars’ by industry specialists.