{"id":12097,"date":"2011-08-30T17:01:12","date_gmt":"2011-08-30T07:01:12","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=12097"},"modified":"2021-04-15T10:18:17","modified_gmt":"2021-04-15T00:18:17","slug":"cost-of-opt-in-your-say","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/08\/30\/cost-of-opt-in-your-say\/","title":{"rendered":"Cost of Opt-in &#8211; Your Say"},"content":{"rendered":"<p style=\"text-align: center\"><a href=\"https:\/\/riskinfo.com.au\/polls\/cost-of-opt-in\" 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>One of the more contentious statements stemming from the release this week of the first tranche of the Future of Financial Advice draft legislation was the apparent acceptance by\u00a0Financial Services Minister, <strong>Bill Shorten<\/strong>, that the cost of opt-in will\u00a0equate to approximately $11 per client.<\/p>\n<p>This observation from Mr Shorten has prompted us to ask how much you believe opt-in will cost the bottom line of your business.<\/p>\n<p>Our question is:<\/p>\n<p><!--more--><\/p>\n<p><strong><em>What do you estimate will be the\u00a0cost per client to include all opt-in processes into your business?<\/em><\/strong><\/p>\n<p>In his statement earlier this week, Mr Shorten noted a report from Rice Warner Actuaries, which it says estimates the cost of opt-in will be approximately $11 per client: &#8220;Opt-in won&#8217;t create a significant new impost for advisers who are in regular contact with their clients,&#8221; Mr Shorten said.<\/p>\n<p>We note the $11 figure\u00a0is qualified and\u00a0includes assumptions by Rice Warner about existing regular contact between adviser and client.\u00a0 But Mr Shorten chose to quote this number in the release of the draft legislation.\u00a0 Earlier Treasury estimates put the average opt-in cost at around $100 per client, while others have said it may cost up to $250 per client.<\/p>\n<p>Additional details surrounding the opt-in process have been released (<a href=\"http:\/\/mfsscl.treasurer.gov.au\/DisplayDocs.aspx?doc=pressreleases\/2011\/127.htm&amp;pageID=003&amp;min=brs&amp;Year=&amp;DocType=\" target=\"_blank\" rel=\"noopener\">click here <\/a>for details), in which\u00a0electronic opt-in renewal processes are available in a range of options the Government says offer significant flexibility.<\/p>\n<p>In an earlier poll we ran on this question, there was overwhelming feedback that opt-in will impose a significant extra cost to the bottom line of the advice practice.\u00a0 Given that additional details have now been released, has your opinion changed?\u00a0 We are asking for your best estimate about the cost of opt-in for your practice&#8230;<\/p>\n<p style=\"text-align: center\"><a href=\"https:\/\/riskinfo.com.au\/polls\/cost-of-opt-in\" 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>One of the more contentious statements stemming from the release this week of the first tranche of the Future of Financial Advice draft legislation was the apparent acceptance by\u00a0Financial Services Minister, Bill Shorten, that the cost of opt-in will\u00a0equate to approximately $11 per client. This observation from Mr Shorten has prompted us to ask how [&hellip;]<\/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":{"0":"post-12097","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-compliance-regulation","7":"category-polls","8":"category-remuneration"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/12097","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=12097"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/12097\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=12097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=12097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=12097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}