Listed financial services company ClearView Wealth has launched a suite of life advice products, LifeSolutions, and a wealth platform, WealthSolutions, which has already garnered a positive response from advisers.
The new products are expected to help the company penetrate the independent financial adviser (IFA) market and broaden exposure to the self-managed superannuation and life insurance markets.
“[On LifeSolutions] we’ve got decent wellness benefits, so people get a discount if they continue to take advice from their doctors, then they’ll get a discount from their premiums and that is the first time that has been broadly offered across the Australian market, so we’re delighted about that,” ClearView managing director Simon Swanson told InvestorDaily.
Swanson said the platform also gave discounts for joining in groups of two or more, which was an advantage over ClearView’s competitors, which did not usually offer family discounts.
“[It also] has the ability to link cover in and out of superannuation, even with a self-managed superannuation fund,” he said.
“On WealthSolutions, what we’ve got is access from our platform to about 250 managed funds, including ClearView funds. We’ve also designed some ClearView model portfolios and we believe they’ll be a very big hit with customers and advisers alike because it gives customers transparency about how their portfolio is constructed.
“We’re going to focus in the next three or four months on just bedding all this down and increasing volumes. We’ve already had a very positive response from advisers that we’ve spoken to. We’ve spoken to them for a few weeks now and they’ve been very excited about it, so we’re pleased.”
LifeSolutions will be sold by IFAs and ClearView financial planners, and includes life, total and permanent disability, trauma, income protection and business expenses cover.
WealthSolutions’ investment menu will also offer seven ClearView managed investment funds – Australian Shares, International Shares, Emerging Markets, International Listed Infrastructure, Fixed Interest, Property and Cash – and four ClearView-run model portfolios – Moderate, Balanced, Growth and Aggressive.
“The life insurance and wealth management industry in Australia has not seen anything innovative and fresh for a very long time,” Swanson said in a statement.
“We were able to launch a full suite of life advice products and services and a comprehensive line of high-end wealth products and services in record time due to our experienced team and lack of legacy products and systems. These new products and services are extremely competitive in terms of pricing and features and meet the needs of sophisticated investors and advisers.”
