Suncorp to no longer manage risk, financial planning licensees

Suncorp Life has confirmed today it will begin a six-month transition out of its self-employed, aligned adviser networks, Guardian Advice and Suncorp Financial Planning, in order to “simplify its distribution model”.

This means that from mid-next year, Suncorp Life will no longer manage these self-employed networks.

Acting Suncorp Life chief executive Jeremy Robson said the decision came after much consideration but that ultimately, it supported the business’ direction.

“We have made the decision to simplify our distribution model in line with our strategic priorities and in the interests of advisers and customers. We’re focused on working with our independent adviser and direct distribution businesses to support the evolving needs of customers,” he said.

“Over the next six months we will be working closely with both the Guardian Advice and Suncorp Financial Planning advisers to explore options such as transitioning them to other licensees in the market if they choose.”

Mr Robson added that the immediate priority was the smooth transition of self-employed, aligned advisers.

“Our immediate goal is to work closely with advisers to identify their options and make the transition as easy as possible,” he said.

More to come.