And with recommendations from the Trowbridge Report and the Financial System Inquiry set to be implemented, the Western Australian winner of the Money Management/Lonsec BDM of the Year Award, believes managing cost will be critical to maintaining client numbers.
“It is important we work together to engender trust and confidence in the advice process and ensure more Australians receive the advice and insurance cover they need,” he said.
“In recent times, a majority of insurers and reinsurers have had to significantly increase premiums. While the Review of Retail Life Insurance Advice report, handed down by John Trowbridge, recommends extensive reform to the life insurance and financial advice sectors in Australia, the good news is that clients still need – and want – quality advice.
“As an industry, we need to work together to ensure the costs of the product solutions are affordable for those that need them. We need to ensure advisers and licensees are profitable, motivated and remunerated fairly for the quality advice they provide.”
With 17 years’ experience in the financial services sector, and more than a decade as a BDM, Selth said working with advisers who run small businesses was rewarding.
“I enjoy working with them to help them grow and make the most of the opportunity for the reward of running a small business,” he said.
“I enjoy understanding what they are working towards, be it large financial rewards, or more quality time with their family or for their own pursuits. Once I understand this, I get personal satisfaction in helping them achieve their goals by assisting in implementing new strategies within their business.
“These solutions could be technology tools to help them become more efficient, helping them find and grow new referral sources or helping them with business management or human resources matters that take their time away from doing what they do best and generally enjoy the most.”
