Research company Rice Warner has issued a statement clarifying its estimate of the cost of opt-in.<\/p>\n
As part of the release of the first tranche of the Future of Financial Advice (FoFA) legislation, Financial Services Minister, Bill Shorten,<\/strong> cited Rice Warner research that estimated the cost of opt-in would be $11 per client.\u00a0 The\u00a0press release\u00a0that accompanied\u00a0the draft legislation stated the\u00a0$11 cost… ‘includes the set-up costs and the cost of chasing up clients who are charged on-going fees but who advisers may not be in regular contact with.’<\/p>\n However, Rice Warner has explained that the $11 per client per annum cost estimate is an ongoing cost, and excludes implementation expenses.\u00a0<\/p>\n The group also reiterated that it had made an important underlying assumption that advisers are already in regular contact with their clients, meeting at least once a year.<\/p>\n According to Rice Warner, ‘the cost of ‘opt-in’ should not be confused with the cost of contacting clients who are not serviced regularly and the implementation and ongoing costs of other FOFA reforms.’<\/p>\n","protected":false},"excerpt":{"rendered":" Research company Rice Warner has issued a statement clarifying its estimate of the cost of opt-in.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-12517","post","type-post","status-publish","format-standard","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/12517","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=12517"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/12517\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=12517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=12517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=12517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The $11 per client per annum cost estimate is an ongoing cost, and excludes implementation expenses<\/h6>\n