In a statement, the company, which claims to meet the s923a definition of independence, said being able to offer clients “personal insurance that is aligned to their needs” without a commission was an “important, progressive step” for the business.
“The firm now offers personal risk insurance including life, total and permanent disablement, income protection and trauma insurance, and will be able to maintain its independence as clients will pay a fee for service – rather than the typical model of commission-based insurance,” the statement said.
“This ensures clients receive personal insurance that is truly best for their needs.”
Hewison managing director Andrew Hewison said that commissions associated with insurance policies will either be rebated to the client or removed entirely from the policy.
Mr Hewison added that insurance is “important to a financial strategy” and offering insurance brings Hewison Private Wealth closer to a holistic advice offering.
“We’re delighted to be able to offer personal insurance at Hewison Private Wealth, while ensuring our advice remains independent, and most importantly aligned to an individual’s needs and objectives,” Mr Hewison said.
“Those that take out policies under Hewison’s advice will pay an annual fee for service that includes implementation of advice, ongoing reviews with alterations when and if needs change, along with additional facilitation of claims.”