Income protection advice practice with an office
Run a small local risk insurance practice with an office, an assistant and advisers serving a steady client base.
- A$20k-80k
- Full-time
- Own premises
- Licence or permit needed
Estimates for a small start in Australia, not guarantees.
What it is
A shopfront or small office practice that advises on income protection and other personal insurance, often alongside an administrator and one or more advisers. You may run under your own licence or as a practice under a larger licensee. The office suits walk-in referrals from accountants, brokers and local businesses.
Your first three steps
- Write a business plan covering your target clients, referral partners, and the costs of rent, staff, software and insurance
- Talk to ASIC resources and a compliance consultant or licensee about whether to hold your own AFSL or operate as an authorised practice
- Shortlist office locations near accountants, brokers or business hubs and compare lease terms
Who pays
Local workers, families and business owners seeking income protection, with insurers paying commission. Some practices also charge fees for advice or reviews.
How it makes money
Upfront and ongoing insurer commission across the practice's clients, plus any advice fees. Revenue grows with the number of advisers and the size of the ongoing client book, but costs such as rent and wages come first.
Skills that help
- Advising clients and building referral partnerships
- Managing staff and compliance processes
- Budgeting and cash flow planning
- Clear written communication
Watch out for
- Holding your own Australian Financial Services Licence brings ongoing compliance, capital and reporting duties, get professional advice first
- Each adviser needs the required qualifications and registration, check ASIC's current standards
- Professional indemnity insurance, workers compensation once you hire, and public liability for the premises
- Commission rules, clawbacks and any changes to remuneration, check current insurance reforms
- Fixed costs like rent and wages while your client book is still small
- Council and lease requirements for the premises
Deep research report · Australia
Everything you need to start: income protection advice practice with an office
Researched with live web search for Australia: real startup prices, the licences and rules, what others charge, a break-even example, how to find your first customers and a 30-day launch plan. With sources.
- Startup costs with real prices
- Licences, registration and rules
- Pricing: what others charge
- Break-even example
- Finding your first customers
- 30-day launch plan
- Risks and how to reduce them
Questions people ask
How much does it cost to start an income protection practice?
Startup costs are typically estimated at around $20,000 to $80,000, depending on your office, lease, staff and licensing arrangements. Fixed costs like rent and wages continue while your client book is still small.
How much revenue can an advice practice make?
Monthly revenue is typically estimated at around $6,000 to $30,000, depending on your client base, number of advisers and commission or fee arrangements. These are revenue estimates, before rent, wages and other costs.
What licences and rules should I check for an advice practice?
Things to check: the compliance, capital and reporting duties of holding your own Australian Financial Services Licence, each adviser's qualifications and registration with ASIC, professional indemnity insurance, commission rules and clawbacks, and council and lease requirements.
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