Wealthpoint adds general insurance to help advisers grow their businesses

Wealthpoint chief executive Simon Manning said that Wealthpoint General Insurance has been formed primarily to support member businesses expand their general insurance offering to clients.

While members have historically had access to a small number of providers, led by a successful and long-term relationship with AMP General and Vero Insurance, Wealthpoint was keen to expand the
range of suppliers members could deal with, particularly for commercial, property and liability business lines.

Manning said while several new supplier arrangements were introduced for Wealthpoint members in the past year, including with specialist insurers such as Delta and Star Insurance, Wealthpoint was conscious that access to some of the larger insurers, including those operating under IAG brands, was only possible if structured through a standalone brokerage.

In addition, while some Wealthpoint member businesses had explored the option of setting up their own brokerages, there were significant barriers to their ability to do so, including high setup costs, lack of scale at member level, and potential regulatory risks.