{"id":28859,"date":"2015-03-03T13:49:27","date_gmt":"2015-03-03T02:49:27","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=28859"},"modified":"2015-03-17T17:46:24","modified_gmt":"2015-03-17T06:46:24","slug":"advisers-support-call-for-new-commission-term","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/03\/03\/advisers-support-call-for-new-commission-term\/","title":{"rendered":"Advisers Support Call for New ‘Commission’ Term"},"content":{"rendered":"
\n\t\t
In order to improve the public perception of advisers, the word 'commission' should be replaced by a new term, such as 'adviser service fee'<\/strong><\/div>
    \n\t\t
  • Agree (63%)<\/small>
    <\/div><\/li>\n\t\t
  • Disagree (33%)<\/small>
    <\/div><\/li>\n\t\t
  • Not sure (5%)<\/small>
    <\/div><\/li>\n\t\t<\/ul>
    <\/div><\/div>\n\t\t\n<\/div>\n\n

    Advisers appear to generally support the idea of replacing the word ‘commission’ with a term that would be perceived more favourably by the consumer.<\/p>\n

    In a debate that is more about perception than reality, 60% of those taking part in our latest poll agree the word ‘commission’ should be replaced by a new term. 35% disagree, and 5% are undecided.<\/p>\n

    While ClearView CEO, Simon Swanson<\/strong>, has suggested the industry consider using the term ‘adviser service fee’, there has also been support from advisers to adopt the word ‘brokerage’ in future.<\/p>\n

    A further suggestion, made by NSW adviser, Guy Mankey<\/strong>, is that the industry should consider using the terms ‘placement brokerage’ and ‘renewal brokerage’ rather than referring to upfront and ongoing commissions.<\/p>\n

    Many risk-focussed advisers may consider this debate as a side issue in semantics, while the main game relates not so much to what their future remuneration will be called, but to what it will actually be. But, as one adviser commented,<\/p>\n

    “…if changing the word to brokerage will help in any small way let\u2019s do it”<\/em><\/p>\n

    Our poll remains open for another week. We hope you will take the opportunity to have your say, as the countdown to the release of the Life Insurance and Advice Working Group (Trowbridge) recommendations continues…<\/p>\n","protected":false},"excerpt":{"rendered":"

    Advisers appear to generally support the idea of replacing the word ‘commission’ with a term that would be perceived more favourably by the consumer.<\/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-28859","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\/28859","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=28859"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/28859\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=28859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=28859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=28859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}