TAL, Australia’s leading life insurance specialist, has launched a Risk Academy course to help advisers prepare for the impact of the incoming life insurance framework (LIF) on their businesses and professional standards.
Presented by TAL’s General Manager of Legal, Chad Downie, and TAL Sales Development Manager, Mitchell Ramsbotham, the course provides advisers with a clear overview of the LIF legislation and suggests education pathways to consider going forward.
Niall McConville, TAL General Manager Retail Distribution, said, “The life insurance industry is undergoing significant change and we are focused on supporting advisers to navigate the legislation so they can continue to drive the best outcomes for their clients.
“Attendance and feedback from our Risk Academy course indicate that some advisers are still uncertain about the LIF timeline and are seeking guidance on how to adjust their business processes and academic credentials to make the LIF transition easier. Over 200 advisers have attended the course so far, with the majority citing that the clarification of the LIF Reform package timeframes was the highlight.
“During the course we explain the legislative timeline of what is expected to happen and when we expect it to be a requirement for advisers. We also explain higher education pathways that advisers may not be aware of, such as study units that do not require classroom learning.
“The course also provides case studies to demonstrate the impact of the LIF remuneration structures on advisers’ business models and options for managing business efficiency and client engagement,” said Mr McConville.
The course used several real-time polls, enabling advisers to hear what others were doing to plan for the changes.
“We recognise the time demands advisers face day-to-day, and through TAL’s Risk Academy we hope to provide a trusted and easily accessible source of information for advisers to best support their clients in this changing environment.
“By helping advisers to remain well-informed, we are contributing to ensuring that Australians’ conversations around life insurance are positive and credible,” said Mr McConville.
The course is free-of-charge and may be accessed through TAL’s Risk Academy on-demand webinar. The webinar is one hour and carries one CPD point accredited through the Association of Financial Advisers (AFA) and the Financial Planning Association of Australia (FPA).