{"id":4324,"date":"2009-12-09T10:36:30","date_gmt":"2009-12-09T00:36:30","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=4324"},"modified":"2010-01-09T11:29:38","modified_gmt":"2010-01-09T01:29:38","slug":"advisers-strongly-in-favour-of-retaining-commissions","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2009\/12\/09\/advisers-strongly-in-favour-of-retaining-commissions\/","title":{"rendered":"Advisers Strongly in Favour of Retaining Commissions"},"content":{"rendered":"

\"Vote<\/a><\/p>\n

After extensive\u00a0debate, the vast majority of advisers are still saying they want to retain commission remuneration.<\/p>\n

The latest riskinfo poll reveals 77% of advisers (at time of publishing) do not support Ripoll Inquiry Recommendation 4, regarding ceasing payments from product manufacturers to financial advisers (21% support the Recommendation, 2% not sure).<\/p>\n

Some comments from advisers refer to the issue of transparency, rather than payment structure:<\/p>\n

“Payments should still be allowed to be made via the product manufacturer, but directly from the clients funds with transparency on the clients statements. I agree that all hidden trails, overides etc should be abolished.”<\/em><\/p>\n

“As long as the client fully understands what his total fees are it doesn’t matter how we are remunerated.”<\/em><\/p>\n

Other comments relate to the profitability of a practice and the underinsurance issue:<\/p>\n

“Small trails and service fees support the ongoing viability of our businesses so that whenever a client needs help- we are there and viable to provide it. Client’s that decline fees will still come and demand help as quickly as a client paying regular service fees\/ and complain (litigate) when they have not received advice (that they wont pay for).”<\/em><\/p>\n

“If commission payments are ceased from risk products there will be a massive under insurance issue in Australia and people would never be insured due to not being able to afford the fee to get it implemented.”<\/em><\/p>\n

Another adviser has raised the issue of how clients turning off service fees in future may impact the adviser’s Professional Indemnity cover:<\/p>\n

“…would all our PI requirements and liability to the client cease when they turn the fee off?? I doubt it, so once again we’ll have all the responsibility, but no remuneration.”<\/em><\/p>\n

Whatever your point of view, it’s not too late to have your say.\u00a0 Do you reject all remuneration by commission?\u00a0 Do you support commissions to continue?\u00a0 Do you think commissions should be restricted to risk products only?\u00a0 Make your voice heard, because the debate is not over:<\/p>\n

\"Vote<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After extensive\u00a0debate, the vast majority of advisers are still saying they want to retain commission 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-4324","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\/4324","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=4324"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/4324\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=4324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=4324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=4324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}