The long-awaited Future of Financial Advice (FoFA) draft legislation is expected to be released within the next two weeks, according to a spokesperson for Financial Services and Superannuation Minister, Bill Shorten.
Category: Remuneration
Call to Allow Risk Commissions on all Advised Services
August 17, 2011 – 11:17 am
The recent call for the Government to reconsider its position on banning risk commissions on group and default insurance policies is re-shaping the broader debate on banning risk commissions.
The argument is that the Government should not be making a distinction between individual and group risk, but should instead be distinguishing between advised and unadvised insurance.
Our latest poll question asks:
‘User Pays’ Advice System Won’t Work for Corporate Clients - CSSA
August 17, 2011 – 10:22 am
The Corporate Super Specialist Alliance (CSSA) has voiced its opposition to suggestions a ‘user-pays’ advice system should be introduced for members of corporate superannuation and other group schemes who are seeking financial advice.
Risk Commissions in Super May Stay - Shorten
August 3, 2011 – 4:45 pm
Financial Services Minister Bill Shorten has today said the Government is reconsidering its position on banning risk commissions on individual superannuation advice.
Adviser Opinion Divided on Future of Commissions
July 27, 2011 – 11:23 am
The majority of advisers say their business would not be sustainable if all commissions were banned, but there are indications a growing number of advisers may be preparing for this eventuality.
Paying for the Value of Advice
July 20, 2011 – 10:01 am
Renowned US business coach, Dan Sullivan, says all financial advisers must get used to a future without commissions.
Mr Sullivan advocates the need for all advisers, irrespective of the nature of their services, to charge a fee for the wisdom and advice they deliver to clients and that they should move away from commission-based remuneration.
Scalability of Best Interest Key to FoFA Success
July 4, 2011 – 4:10 pm
If the Government’s Future of Financial Advice (FoFA) reforms are to achieve their objective of affordable advice for more Australians, the best interest duty must be scalable, according to an industry executive.
Door Ajar for Risk Commissions in Super
June 29, 2011 – 2:07 am
Financial Services Minister Bill Shorten has left open the possibility of adjustments to the Government’s position on banning risk commissions in superannuation from 1 July 2013.
Commissions Make No Difference to Quality of Advice - Research
June 24, 2011 – 5:11 pm
Commissions make no difference to clients’ perceptions of the quality of advice but planners still need to work on their image, says a leading consumer research firm.
Opt-in Will Drive up Cost of Advice to Client
June 8, 2011 – 11:37 am
Advisers have overwhelmingly rejected the notion that the introduction of opt-in measures will reduce the cost of financial advice to consumers. They believe the opposite will be the case.
