NobleOak rolls out Wealth Coaches
Life insurer NobleOak intended to wheel out “licensed Wealth Coaches” as part of its launch of a new “Wealth Maximiser” service.
Announcing the launch of the service yesterday, NobleOak said it would support Australians to learn about, manage and create wealth.
“Wealth Maximiser combines the convenience of online tools with access to licensed Wealth Coaches – providing customers with personalised wealth strategies and a clear, actionable plan to support them on their journey towards financial success,” the insurer’s announcement said.
NobleOak head of Strategic Ventures, Lucy Winship said that in a landscape where financial guidance could at times feel out of reach, Wealth Maximiser would offer accessibility and financial empowerment by combining the power of digital solutions with knowledgeable, supportive Wealth Coaches.
Her announcement said the key features of Wealth Maximiser include help with goal setting, a wealth health diagnosis, wealth building strategies, a personalised wealth roadmap, and expert insights.
“We believe that financial security should be within reach for all Australians. We are excited by the opportunity to provide customers with the ability to gain invaluable financial insights and support without the traditional costs associated with being supported by a financial adviser,” Winship said.
The company said the service, supported by Wealth Coach assistance, “simplifies the path to financial prosperity through three key steps:
- Needs analysis: The customer will identify their most important financial goals and capture their current situation through the help of a specialised questionnaire.
- Wealth strategy assessment and expert coaching: Each customer will be provided with three personalised wealth strategy options to choose from. A Wealth Coach will meet with the customer to help decide which strategy is best for them and talk through their action plan for their chosen strategy.
- Building wealth: the customer will begin implementing their top-priority wealth actions and begin their journey toward financial success, with support along the way from the Wealth Maximiser team.
“With three distinct plans available, people can select the level of support that aligns with their financial objectives and budget,” the NobleOak annoncement said.
Welcome to the future. Every super fund, life insurance company and fund manager will be doing this once Labor and the Coalition roll it out to satisfy their backers
You stated they would be ‘Licensed Wealth Coaches’. Are they really licensed to provide financial planning planning advice given you are talking about wealth creation? Or are they simply providing ‘general’ advice under the ‘license’ of ‘general advice’ only so as to push more Noble Oak insurance products? If they are only licensed under a ‘general advice’ model then I have to question what is the point of setting up Wealth Coaches who actually cannot provide personal advice but can only discuss things in general terms? People might as well go talk to their next door neighbours because at least the next door neighbour won’t be pushing products.
Noble Oak needs to clarify their position so the public understands what these ‘Wealth Coaches’ can and cannot say to prospective clients and what information they can obtain off the client to provide personal advice. As an accountant and a financial advisor, I don’t want more unlicensed people out there, even if they are under a ‘general advice’ licence model talking to people about wealth creation when they are not adequately qualified or appropriately licensed to provide personal advice, especially if the end result is to simply push products e.g,. insurance, on to clients.
Noble Oak, are these Wealth Coaches licensed financial planners able to provide personal advice? If not, then don’t use the word ‘licensed’ on its own but rather state they are licensed under a general advice model and cannot provide personal advice and should seek advice from licensed financial planners.
“Licensed Wealth Coaches”
“Unqualified Qualified Advisers”
Great job Canberra looking to set up uneducated, unqualified back packer call centres and chat bots FLOGGING PRODUCT like old school Snake Oil sales.
AFCA is going to be extremely busy.
Great Job. I’ve been selling Solar Panels from the Philippines the last 6 months. The easy transition of my skills attracted me to the Advice Industry. I was planning to work with Hesta, but this opportunity arose. I’ve already enrolled in a 6 hour Night Course at Parammatta Tafe and next week I’ll undergo an intensive 1 day training program at NobleOak. I’ve just borrowed $2.5 million to buy a house, moved homes and my wife is pregnant. My boss told me I need to sell sell sell sell to keep my job and my $165,000 a year salary. He said after I watch Wolf of Wall Street I should be good to go and will be an official Wealth Coacher. I do look forward to being a Qualified Adviser, providing holistic and qualified Advice whilst also sitting next to you Unqualified lot with Masters Degrees at the next FAAA Conference. Ha ha just being cheeky, with the Unqualified statement.
Thank you FAAA and the Australian Government for the opportunity. I’m a Wealth Coach. Oh does anyone want to buy some TPE Cover? Please reach out as I need that target to be reached.