Advisers are set to benefit from the growing group insurance market, according to a Rice Warner report.
Financial planners are set to garner an increasing share of their business from superannuation fund members, according to a report from actuarial firm Rice Warner.
The group insurance market is expected to grow by 11.3 per cent over the next 14 years and is now worth $2.4 billion in annual revenue, according to Rice Warner's group insurance report for 2009.
The firm found that advisers can access this growth as it predicts a convergence of advice models between retail and group insurance markets.
Around half of all industry and public sector fund members and virtually all employer master trust members have access to financial advisers, the report said.
"Some funds have forged alliances with independent dealer groups to provide access to financial advice to their members. Financial advisers themselves are seeking new opportunities to gain clients," the report said.
"We anticipate these two forces combining so that financial advisers in the broader market derive an increasing share of their business from superannuation fund members across the market, rather than focusing heavily on the retail and employer trust markets."
The report also found that many insurance advisers are also active in the group insurance market, particularly in corporate superannuation.
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