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Needs Analysis and Risk Review Process

Unsure of where to start? Your Two Mile Bay adviser will calculate an appropriate amount of Insurance cover in order to protect your family or you can access ASFA's calculator here: How Much Insurance Do I need?

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“We have access to the top 12 insurers in the market and compare your current costs and benefits to establish if a more competitive product can be obtained”

 

Your Two Mile Bay adviser will

 

  • Collect your personal information – Fact Find

  • Analyse your circumstances, needs and objectives

  • Research your current Insurance and Superannuation

  • Determine an appropriate strategy

  • Investigate any replacement products or policies

  • Recommend action to be taken – this includes a detailed Statement of Advice document

  • Justify any realignment of insurance and/or investment strategy

  • Assist you to complete and lodge your application

  • Liase with you over any medical and underwriting requirements

  • Document your completed cover and superannuation balance

  • Review your superannuation and insurance cover annually

  • Manage any potential claim

 

In order to calculate an appropritate amount of cover for our clients, we ask specific questions at the Fact Finding stage of our advice process. This data is then individually entererd into our Two Mile Bay needs analysis calcultor to identify and discuss an affordable level of insurance specific to your current and planned circumstances.

 

Our minimum fee for the preparation of a Statement of Advice containing an insurance recommendation only is $350, inclusive of GST. If you take action in accordance with the recommendation contained in the Statement of Advice, and purchase the relevant insurance products pertaining to your needs, no fee will be payable, as I will be paid commission by the relevant insurance company.

 

If, however, you decide not to proceed with the recommendation outlined in the Statement of Advice or if you cancel your policies within the first 12 months, depending on the complexity of the recommendation provided to you, an invoice for fees of $350 inclusive of GST, will be issued to you by our Australian Financial Services Licensee, Millennium3 Financial Services Pty Ltd and payment will be required within 28 days of the date of the invoice. This is necessary to cover the cost of the service we have provided. If you do not implement my advice the product provider does not pay me, also if you do not retain the recommended cover for a minimum period of 12 months the payments made to me for my services are reversed by the product provider.

 

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