The majority of financial planners will be licensed to provide advice on life and risk insurance and wealth protection products.

However, a smaller number of financial planners (likely to be between 3,000 and 10,000 individuals) specialise in insurance, or provide insurance-only advice, referring clients to “comprehensive” financial planners for investment advice.

These individuals both sell life and/or risk insurance products – remunerated via commissions on products sold to clients – as well as provide strategic advice on insurance and protection needs and basic financial advice on issues such as saving and budgeting and retirement planning.

Within the industry, these insurance specialists are referred to as ‘risk advisers’, ‘risk professionals’ or, more colloquially, ‘riskies’ or ‘lifies’. A smaller number of insurance advisers are remunerated via a fee-for-service model.

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