General insurance brokers are already doing about 80% of the work they’d need to be doing to offer additional services like financial planning, says leading commentator Tom Collins.

Speaking at the National Insurance Brokers Association Convention on the Gold Coast last week, Mr Collins – who writes in financial services publications and consults to companies in the sector – said insurance brokers are already well equipped to incorporate superannuation, life and financial planning facets in their business and they should seize the opportunity.

“Who’s going to be planning in the future?  I’d argue you as general insurance brokers will be able to do the job,” he said. “There’s not many brokers who aren’t doing it. I think they’re probably doing financial planning but they just don’t call it that.”

Mr Collins says success within the financial planning industry has introduced complacency, and planners don’t always take clients’ needs into account. “Life’s so good, they don’t have any reason to change anything,” he said.

Mr Collins estimates about $234 billion is invested in the Australian market by some 17,000 financial planners. Of that figure, $155 billion, or 66%, is invested in platforms.

Mr Collins said brokers should consider outsourcing other financial services business rather than trying to do the work themselves, but they should only refer work to those they trust.