Financial planners are becoming increasingly reliant on risk advice, according to CoreData's Annual Risk Report.
The report found that on average, the proportion of business income derived from insurance advice increased to 52.8 per cent in 2012 from 47.1 per cent in 2011 and 40.4 per cent in 2010, reflecting the shift in adviser focus from investment growth to asset protection.
The report also found that the main driver of adviser satisfaction in 2012 was a strong focus on both the adviser and client.
Competitiveness of cover definitions for income protection and ease of doing business with the provider were the second and third strongest drivers of overall satisfaction for the year.
CoreData head of advice, wealth and super Kristen Turnbull said the satisfaction drivers in 2012 reflect advisers' demand for systems and processes to streamline their businesses as well as their strong focus on quality financial advice.
"The customer is at the centre of what's driving satisfaction among advisers with their life company in 2012, and rightly so," Ms Turnbull said.
"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.
"In an environment where risk specialists and financial planners generally are facing a myriad regulatory changes and continued market volatility, advisers are looking to their life companies to bring greater efficiency to their practices," she said.
