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[OPINION] Turbulent year ahead

Insurance industry veteran David Pine says 2020 is going to be a turbulent year in the insurance arena; both life and health, and fire and general. But it's not all bad.

Monday, January 20th 2020, 11:46AM

by David Pine

I believe 2020 marks the beginning of a highly positive period for advisers in New Zealand.

It’s very easy for us to get bogged down with the new requirements, particularly the qualifications that are part and parcel of the new regime. But on the positive side, there is no doubt in my mind that once this is behind us, we will be much better equipped to advise our clients through being more knowledgeable and more aware of the bigger financial advice picture. 

Another major plus is that we will be perceived in a more favourable light by our clients and the general public. They will know we are properly qualified to give them advice of the highest quality.

We will likely earn less for life and health sales. But it wasn’t too many years ago that a large bunch of us qualified for MDRT, and re-qualified many times, when commission rates were less than 100%. So no major drama on that score then.

We could easily become fixated by change but in my humble opinion we will, in future, be better regarded in the marketplace and better able to give top quality advice.

I urge you to grab hold of what you need to do, get stuck in, and get on with it. Once you’ve completed all the requirements you’ll be able to present yourself in a fresh new way with the goal of being the very best adviser that you can be.

Your clients need you to be nothing less.


 

David Pine was an adviser in Wellington from 1973 to 2010. A life member of MDRT, he remains a passionate advocate for the adviser profession. David and his wife Marg are currently coaches, mentors and trainers to the adviser industry through their company Pine Financial (2010) Ltd. Their website is www.pinefinancial.co.nz

Tags: David Pine health insurance insurance Life insurance new regime Opinion

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