A live poll carried out by International Adviser also found that over 90% of the professionals felt that regulatory changes would have a greater impact on the industry over the next 12 months.
A mix of senior bancassurance selectors and wealth management professionals were sampled for the survey, which polled on a range of industry-specific issues, including business practices, industry outlook and regulations.
As per the new rules of the Hong Kong Federation of Insurers, financial advisers selling investment linked insurance products have to disclose commission to their clients, while in its Financial Advisory Industry Review, the Monetary Authority of Singapore has outlined guidelines for a commission cap or ban.
The survey also found that:
- More than half of the professionals saw little demand from their clients for greater fee disclosures over the last year.
- Nearly 90% were optimistic about the outlook of their own business.
- None believed there wold be any impact on the industry from new product innovations or technology changes in the next 12 months.
- Over 90% had different products for different client segments.
