INSURANCE SPECIALIST ADVICE & ADMINISTRATION SERVICE

FINANCIAL PLANNERS ARE
FAILING TO PROVIDE ADEQUATE
ADVICE ON INSURANCE ISSUES,
ACCORDING TO CORPORATE
REGULATOR, ASIC.

“ASIC’s recent Shadow Shopping Survey found advisers were weak on providing insurance advice, with only 21% of advice touching on insurance issues. Advisers might be found to be negligent if the client has unmet insurance needs and the adviser fails to deal with them” says ASIC Executive Director of consumer production, Greg Tanzer.

Imagine a wife coming to see an adviser after her husband is injured or has died and saying “My husband came to see you for financial advice. You didn’t recommend insurance and now he is …………”

¤	Dead
¤	Critically injured
¤	Suffered a heart attack
¤	Diagnosed with cancer
¤	Etc, Etc, Etc!!!

Is it possible that a Financial Planner may find themselves
defending a negligence claim in a situation such as this???

DID YOU KNOW?

¤	One in 3 men and one in four women in Australia will be directly affected by Cancer before the age of 75.
¤	The risk of coronary heart disease increases after the age of 40, with one in 2 men and one in 3 women developing the disease.
¤	24,576 people died as a result of heart disease in 2004.
¤	37,989 people died due to Cancer in 2004.
¤	22 accidental deaths were recorded every day in 2004.
¤	3.9 Million Australians were recorded as having a disability in 2003.