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Auckland adviser establishes insurance group

Pending rule changes and other moves which will put a much greater compliance burden on insurance advisers is on of the driving factors behind new franchise financial advice operation, Triplejump.

Thursday, April 5th 2007, 5:38AM

by Rob Hosking

Auckland-based risk adviser and succession planning specialist Cecilia Farrow, is heading the operation, which has been running workshops around the country over recent weeks for risk advisers.

Farrow says the idea began from looking at the problems the insurance advice industry faced and where solutions to those problems might be heading.

These include a disconnect between client expectations about outcomes and what they end up with: too great an emphasis on volume of business rather than profit; and strong signals from the government that regulatory change was on the way.

“What we’ve tried to do is build a model which addresses a lot of those issues, including things like compliance and succession planning.”

There has been considerable support form insurance companies, she says.

The company went through what Farrow calls “a major capital raising effort” last year and includes on the board former Lloyds of London deputy chairman John Stace, who chairs the board, Richard Palmer, who heads the NZ Venture Investment Fund, and who is a former Tower and AMP executive, and Kerry Forde, who was until recently Tower’s national manager investment sales.

At present Triplejump has three franchises operating. A further two are imminent.

“We’re not trying to put out 40 in a year or anything like that. We want planned growth. We’re aiming for 15 by March next year.”

Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.

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