{"id":11431,"date":"2011-07-20T10:01:23","date_gmt":"2011-07-20T00:01:23","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=11431"},"modified":"2021-04-15T10:17:37","modified_gmt":"2021-04-15T00:17:37","slug":"paying-for-the-value-of-advice","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/07\/20\/paying-for-the-value-of-advice\/","title":{"rendered":"Paying for the Value of Advice"},"content":{"rendered":"<p style=\"text-align: center\"><a href=\"https:\/\/riskinfo.com.au\/polls\/paying-for-the-value-of-advice\" target=\"_self\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1228               aligncenter\" style=\"border: 0px\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2009\/05\/vote-now.jpg\" alt=\"Vote Now!\" width=\"108\" height=\"47\" \/><\/a><\/p>\n<p style=\"text-align: left\">Renowned US business coach, <strong>Dan Sullivan<\/strong>, says all financial advisers must get used to a future without commissions.<\/p>\n<p style=\"text-align: left\">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\u00a0move away\u00a0from\u00a0commission-based remuneration.<\/p>\n<p><!--more-->Mr Sullivan says there is an inevitability that all commissions will eventually be banned, in what is a world-wide trend, and suggests advisers accept that an &#8216;old game&#8217; is ending and\u00a0a &#8216;new game&#8217; is beginning.<\/p>\n<p>Our latest poll question asks:<\/p>\n<p><strong><em>If all commissions were banned, would your practice be able to survive and prosper under a fee for advice structure?<\/em><\/strong><\/p>\n<p>In a brief, 7-minute\u00a0message to Australian advisers, courtesy of Leading Minds Academy (<a href=\"http:\/\/leadingmindsacademy.com\/2011\/07\/06\/dan-sullivan-on-leading-minds-academy\/\" target=\"_blank\" rel=\"noopener\">click here<\/a>), Mr Sullivan articulates the logic of his position and tells advisers that now is the time for them to consider their &#8216;Plan B&#8217;.<\/p>\n<p>While Mr Sullivan encourages advisers to maximise the remaining opportunities associated with a commission-based remuneration structure, he says their Plan B should involve setting up their advice proposition in which clients remunerate the adviser for the wisdom, thoughts and advice they deliver, rather than for the commoditised product that is usually associated with that advice.<\/p>\n<p>Within the life insurance sector, Mr Sullivan&#8217;s implied message is that insurance advice will be sufficiently valued by\u00a0clients, who\u00a0will be prepared to pay for that advice and adopt insurance products appropriate to their needs.<\/p>\n<p>Do you agree?\u00a0 Do you accept that banning all commissions, including risk commissions, is inevitable?\u00a0 Could your advice practice operate and be profitable if all commissions are banned?\u00a0 Let us know what you think&#8230;<\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/riskinfo.com.au\/polls\/paying-for-the-value-of-advice\" target=\"_self\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1228               aligncenter\" style=\"border: 0px\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2009\/05\/vote-now.jpg\" alt=\"Vote Now!\" width=\"108\" height=\"47\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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\u00a0move away\u00a0from\u00a0commission-based remuneration.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49,270],"tags":[],"class_list":["post-11431","post","type-post","status-publish","format-standard","category-compliance-regulation","category-polls","category-remuneration"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/11431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=11431"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/11431\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=11431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=11431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=11431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}