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[GRTV] Ballantyne on conduct and culture; who owns the client; the future of dealer groups and more

Partners Life managing director Naomi Ballantyne discusses the critical issues facing insurance advisers today.

Friday, November 29th 2019, 1:56PM 7 Comments

In this must-watch video Ballantyne discusses with Good Returns TV how the company is responding to the regulators on conduct and culture issues.

She also outlines the firm's thinking on its relationship with advisers under the new financial adviser regime. This includes commissions, who owns the client and some thoughts on the future of dealer groups.



Available on Soundcloud

To download as an audio podcast, click here




Tags: client engagement client first conduct Naomi Ballantyne Partners Life Reserve Bank Underwriting

« Reserve Bank flags commission rates, solvencyBallantyne: Advisers don't own clients »

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Comments from our readers

On 29 November 2019 at 6:18 pm JPHale said:
Very interesting discussion on client ownership.

The discussion on ownership has been raised a few times in the last few months, Naomi’s comments outline much on what has been said and was a surprise to many in the discussions. This should form part of the discussion for everyone planning their future.

The advice quality approach commission discussed fits with the legislation intention. How this shakes out is going to be interesting...

Agree, if they do the right thing with comms we have less regulator intervention.

As has been raised elsewhere, and I have discussed in some detail, FAP structure and Dealer Group clarity is going to be an interesting thing to shake out in the next 6 months.
On 29 November 2019 at 9:54 pm Fair deal said:
Great discussion. Thank you
On 2 December 2019 at 11:57 am Unencumbered said:
Great interview. If people didn't see a lot of what Naomi was talking about coming they have not had their eye on the ball.
The changes Partners Life are making should drive the right behaviors and get Advisors to understand the world has changed. Advisors need to evolve or leave the market.
On 2 December 2019 at 2:40 pm valkyrie6 said:
yes great interview ,hopefully the new regulation does not force the majority of advisers to operate under Australian owned dealer groups FAP's licences as I think this defeats the whole purpose regarding the NZ consumer having choice in the market as large dealer groups will have complete control over its adviser members businesses,data based and clients, at that point you may as well be part of a giant Aussie owned franchise which is not what I think the FMA had in mind.
On 3 December 2019 at 2:26 pm 1988 -2019 said:
I’m not sure how many brokers listened to Naomis latest recording ?

It concerns me that again Naomi passes the same comments as she has before , in this case “ twice “
Her statement of !!
the insurance company ( we “ OWN the clients , not the advisers ?

If that is so , I wonder what values our client bases are going to be worth , moving forward ?

If in fact insurance companies do own the clients ?
Will this and is this being now being tested daily ?

By brokers for the genuine benefit of the client, moving clients , from one company to another !

Can an insurance company like Partners do that ?

Is this an indication moving forward as to how the advisers are perceived or and going to be treated by insurance companies ?

Naomi has done a great job in many areas of insurance , recently , but not limited to assistance with Licensing, Evince , and online applications .

Has she now gone too far ?
I wonder and would value fellow advisers thoughts ?
On 5 December 2019 at 8:39 am Doggy said:
I've heard people say the Earth is flat as well. At the end of the day customers will do what their Adviser tells them to do. After a while suppliers tend to 'overlook' that fact.
On 5 December 2019 at 12:34 pm Tash said:
No one owns the client! To argue ownership of clients is like two fleas arguing about who owns the dog.

Advisers have clients they provide services to and insurance companies have clients who they in turn provide services to. Each has their own separate obligations to their client.

When one starts blurring the lines between those two separate services (as the FMA do when suggesting Insurance Companies (which are not VIO's) have responsibility for the advice independent advisers give)confusion and poor thinking abound.

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