Australia's financial planners are becoming increasingly reliant on risk advice to drive business income.
These are the findings of CoreData's Annual Risk Report, which found that, on average, the proportion of business income derived from insurance advice has increased to 52.8% in 2012, up from 47.1% in 2011 and 40.4% in 2010.
This reflects a shift in focus in the advice industry from investment growth to asset protection, said CoreData.
“Advisers are looking for utility in the life company's offer, as seen in the focus on competitiveness of pricing options and cover definitions across income protection, term life, trauma and TPD," said CoreData head of advice, wealth and super Kristen Turnbull.
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