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Partners Life introduce nominated representatives

The client engagement team at Partners Life have become the company's first nominated representatives.

Monday, May 10th 2021, 6:32AM

by Matthew Martin

Naomi Ballantyne.

Partners Life managing director Naomi Ballantyne insists it's business as usual for staff and advisers as making staff nominated representatives was due to liability issues brought about by recent changes to legislation.

According to a statement sent to Partners Life advisers, the client engagement team was set up a few years ago to help advisers with customer retention and arrears issues.

"Throughout this time, however, the team have had very little scope to have truly constructive conversations with clients due to the limitations of the type of financial advice they could give."

Advisers have the option to "opt-out" of the service but Ballantyne says she does not expect many advisers to do so.

"They [staff] don't sell anything. They are effectively getting caught up in the definition of advice...so it's an extra level of protection and we take liability for that."

She says she does not expect any industry push back as nominated representatives will only be able to give advice about Partners Life policies and advisers would always be the first port of call for sales and financial advice.

"These were all ordinary jobs in the past and the work is the same as it's always been...it's more about administration...nothing has changed except for the level of protection."

According to the statement, nominated representatives at Partners Life can "...begin to have robust conversations with our clients regarding affordability issues, while also being able to discuss all possible options available for the clients to keep their cover in place".

"This can range from providing quotes for alterations or discussing other retention options within our Partners Life products, such as premium holidays or policy suspensions."

Partners Life says the new service will "...greatly enhance the client’s experience when dealing with us. And for you [advisers], having this service means you know your clients are in the best possible hands – aside from your own, of course".

"Keeping policies on the books that would otherwise be cancelled also means avoiding a commission claw-back, maximises renewal income and helps maintain a healthy persistency rate."

The nominated representative service will replace the existing arrears management service their client engagement team currently offers and will begin on Monday, May 17.

Tags: Naomi Ballantyne nominated representatives Partners Life

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