Wealthsure Financial Services has completed a review of its risk insurance arrangements, cutting the 19 insurance providers the dealer group uses down to five preferred partners.
The five insurance providers selected were AIA, Axa, Asteron, Aviva and Tower, Wealthsure chief executive Darren Pawski said.
"Those companies are our new preferred partners and we've selected them based on their product range. That is, we believe between the five of them they offer a very competitive product range, good support and underwriting for the advisers," Pawski said.
"Obviously if those five companies can't perform a certain function, say for example a client needs a particular policy that isn't with those companies, the adviser will still be able to use a company outside that.
"So we're not completely limited to those five companies, but we believe they will be able to meet the needs of the group."
Pawski said the feedback from advisers about the review and the shortlist of risk providers had been positive.
"What it does for the advisers is they can concentrate on getting a better product understanding and better knowledge of the products they are using because they don't have such a wide sweeping product list. So they see it as an advantage," he said.
"The research was based on speaking to senior advisers, particularly ones who are very strong in risk, so getting their thoughts and of course researching the companies in regards to their offerings.
"They all tendered for that position and there was a range of different strengths and so when you put them together it gave you a stronger position, that is, some providers are stronger in some areas than others."
Wealthsure planned to review the current risk arrangements on a quarterly basis to ensure it was still delivering a good insurance solution to advisers, Pawski said.
