BT Financial Group (BTFG) today announced the addition of two insurers to its life insurance approved product list (APL) for BT Financial Advisers. AIA Australia and TAL, will be available alongside Westpac Life from 19 March 2018.
This follows the announcement in November 2017 that BTFG would expand its APL to a minimum of three insurers for BT Financial Advisers. As part of meeting clients’ best interest duty, advisers continue to be able to recommend insurance products both on and off the APL depending on what they believe best meets the needs of their clients.
BTFG General Manager Advice and Private Wealth, Jane Watts, said BT Financial Advice undertook a rigorous selection process with independent input from Deloitte and added two insurers which met a range of selection criteria such as service and claims experience, technology, quality of product offering and client benefits. The products will be available alongside BT Protection Plans, underwritten by Westpac Life.
"Ensuring clients receive high quality advice and the right protection cover that meets their needs is our priority," Ms Watts said.
"We are confident these products meet the quality standards we expect and our clients demand. We are committed to ensuring we support our advisers in providing advice that is in the best interests of our clients. All of our advisers will receive training on the new products so they can continue to meet their clients’ needs for high quality advice and protection," Ms Watts added.
"We will continue to regularly monitor our APL to ensure it meets the needs and best interests of our clients," Ms Watts said.
BTFG, in partnership with the two insurers, will develop and deliver a comprehensive training and education program for advisers including risk awareness to support client relationships. Training on the new products will be available to BT Financial Advisers from early March in addition to ongoing training offered through the existing insurer, Westpac Life.
Late last year, BTFG also implemented enhancements to its off-APL process such that adviser requests to select a product outside the APL are responded to within one working day.
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