A financial services veteran has issued some soothing words to brokers this week, saying the profession remains of critical importance despite rapid and sometimes worrying changes.
“This is a fantastic industry and the role of a broker is still needed today, more so than ever,” says Clifton Warren, principal of Corporate Eye Consulting.
“We have new technologies coming online, we have self-driving cars, we have ride-sharing, we have streaming and we have all of these other things that weren’t around 10 years ago that businesses today need advice on,” he continues.
“These new things are going to keep coming up and businesses will need professional advisors to help them deal with that – but brokers need to be able to package their expertise and take it to the client.”
Warren also suggested that the influx of wealthy immigrants into Australia is having a positive impact on the insurance broking industry.
“Many of these people are coming here and starting businesses so there are enormous opportunities for everyone in the marketplace,” he tells Insurance Business.
According to the Department of Home Affairs, the number of millionaires streaming into Australia surged to 7,260 in the 12 months leading up to July 2018.
Further, visa applications in the Business Innovation and Investment Programme, which includes investors with more than $1 million in business assets, jumped by 74% in 2016-17 – up from 5,781 to 9,051. Of those, 7,260 were approved, compared to 6,484 in 2014-15.