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Independent brokers are likely to benefit from a compelling value proposition in the context of the implementation of the Financial Services Board’s Retail Distribution Review (RDR).
The urge to convert and scale up a small business to a medium to large enterprise is one of the most common goals among business owners. However, contrary to popular belief, scaling up a business is not just a goal for most entrepreneurs, but also a necessary step to running a business successfully.
Growth in the insurance industry has been one of the most talked about topics over the past five years. The challenge that is presented is designing products and distributing them in an effective way that will be profitable for insurers to truly work towards financial inclusion.
Independent insurance brokers, particularly in the short-term insurance space, find it hard to capitalise the value of their companies in order to fund retirement. This lack of proper succession planning disadvantages the broker as well as his or her clients, says Alex Cook, CEO of GCI Wealth.
The strongest deterrent against FSP compliance missteps is or should be: