[GRTV] Ballantyne on how new regs are changing advice and the fall in replacement business
In this edition of GRTV Good Returns' Philip Macalister speaks to the Partners Life managing director Naomi Ballantyne on how the new regulations are impacting advisers, replacement business and PI.
Monday, 3 May 2021
by Matthew Martin
They cover Ballantyne's thoughts about the new regime for financial advisers - are advisers looking to sell off their books and who is leaving or coming into the industry?
"It's hard for us, we have lost an awful lot of experience and relationships," Ballantyne says at one point.
But she says there is an upside to the new rules and she's on the hunt for some new faces to join the industry.
Macalister asks if advisers are now thinking more about replacement business than they did before the new regulations and if volumes of business are better now than before Covid-19 came along and how will increasing inflation affect premiums?
Ballantyne has some interesting answers to those questions that could give you some insights into how she runs her business.
The pair also cover the burning questions about the importance of professional indemnity cover and whether advisers need to talk more to insurers about the nature of their business and what risks need to be mitigated.
"There's a massive amount of change going on...without knowing that when you get through it are you safe?
"Because there is uncertainty still as to what 'safe' looks like.
"I think the best that we can all do is listen to that little angel on our shoulders saying 'someone else could look at this and go it's not really right and don't do it'."
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