"Sorry, our PI insurer says you can't do that - we're not covered."

"Our PI says we need to have this 27-step process in place before you can recommend an industry super fund."

"That's what's so good about wholesale advice - PI doesn't care, it's not covered!"

Nathan and Jordan have long suspected the PI insurers have been used as a convenient boogeyman for lazy, or perhaps dodgy, licensees to threaten advisers with.

The kind of ogre that only the licensee can speak with, because advisers couldn't possibly understand the intricacies of professional indemnity insurance.

Which is why they asked Richard Silberman of Numerisk Insurance Brokers to come on to the show, and unpack some of the realities of the insurance we all have to have - but might not always be clear on. Richard's helps us understand:

• Why underwriting is such a critical skill within insurers
• The issues with insuring to the lowest common denominator
• The power of the human emotion to 'get' the big premiums onboard
• The depth great brokers go to when assessing the multiple, cascading clauses built into a policy (get ready for nightmares here, licensees)
• The single question you should ask your broker to work out if they understand this weird and wonderful profession we're in.

It's a fun, deep discussion - Nathan and Jordan enjoyed it and reckon you will too.

Richard's Details:

richard@numerisk.com.au

Website

Nathan:

advice@nathanfradley.com.au

www.nathanfradley.com.au

Jordan:

jordan@planningsolo.com.au

www.planningsolo.com.au

LinkedIn:

Challenge the Standard in Financial Advice (Podcast): Overview | LinkedIn

The information contained in this podcast is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Jordan and Nathan are both authorised representatives of PlanningSolo Licensing, AFS Licence 526143.