Asteron Life automates fees collection

The update to the Adviser Service Fee facility also allows advice fees charged to clients to be used at the initial advice stage as well as at the point of renewal.

It can be used alongside any of Asteron Life's five remuneration options: Upfront, Hybrid, Level, Customised or Wholesale.

"With remuneration changes in the life insurance market expected to come into effect soon, it's important to be looking at forward thinking ways to provide advisers with choice, flexibility and control when it comes to helping them manage their business and client relationships," Mark Vilo, Asteron Life head of intermediated advice said.

"We recognise that a move for some to fee for service may take some adjustment, however, we're continually developing our services in relation to our products so we can offer choice to clients and advisers."

Adviser fees are agreed between the adviser and the client and, under the Adviser Service Fee facility, with the client's authorisation their collection and payment can be administered by Asteron Life along with the collection of the insurance premium, the firm said in a statement.

The new Adviser Service Fee facility is now available.