National Australia Bank financial planning subsidiary Godfrey Pembroke has announced a new fee-for-service policy that includes advice given to new clients about risk insurance.

Under the new policy, Godfrey Pembroke will remove commission-based remuneration arrangements for all its investments and superannuation clients.

The policy will also apply to new clients seeking insurance and mortgage advice from the firm, which has a network of 183 self-employed financial advisers.

The policy builds on a decision undertaken in 2006 to introduce a fee-for-service model for all new investment and superannuation clients.

“We are seeing a significant demand in the private advisory market for a 100% fee-for-advice proposition,” Godfrey Pembroke GM Tom Reddacliff said.

A spokesman told insuranceNEWS.com.au the planner will work “with all of our insurance product providers on specific implementation processes as part of the transition to a 100% fee-for-advice model”.

Godfrey Pembroke intends to complete an overview by early July, after which more details about fee-for-service insurance products will be available.