Australian Unity Financial Services has mandated a hybrid and level risk commission structure for its advisers offering clients insurance policies from July 1 this year.
Chief executive Steve Davis said the licensee canvassed this proposal at its recent professional development days and it was carried unanimously by Australian Unity's advisers.
Mr Davis said it was also carried unanimously by the members of their adviser forum.
“Those results were no surprise because we have been actively encouraging our advisers to adopt hybrid commissions for the last four years and the majority of risk insurance business placed by our advisers has been on a hybrid or level commission structure for quite a while now,” Mr Davis said.
“While we probably could have brought this policy in a little earlier, we felt this was an important decision and we wanted to take the necessary time to fully inform and consult with our advisers and our adviser forum, before making any changes that might affect their businesses.
More to come.