{"id":5658,"date":"2010-04-14T01:57:58","date_gmt":"2010-04-13T14:57:58","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=5658"},"modified":"2020-04-14T14:46:38","modified_gmt":"2020-04-14T03:46:38","slug":"are-you-moving-to-fee-for-service","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/04\/14\/are-you-moving-to-fee-for-service\/","title":{"rendered":"Are You Moving to Fee for Service?"},"content":{"rendered":"<div id=\"polls-33\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Will your advice practice commence transition to a fee for service remuneration model in the next twelve months?<\/strong><\/div><div id=\"polls-33-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>No <small>(64%)<\/small><div class=\"pollbar\" style=\"width: 64%\" title=\"No (64% | 83 Votes)\"><\/div><\/li>\n\t\t<li>Yes <small>(27%)<\/small><div class=\"pollbar\" style=\"width: 27%\" title=\"Yes (27% | 35 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(9%)<\/small><div class=\"pollbar\" style=\"width: 9%\" title=\"Not sure (9% | 11 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_33_nonce\" name=\"wp-polls-nonce\" value=\"13024a060f\" \/>\n<\/div>\n\n<p>Will your advice practice be moving to fee for service?<\/p>\n<p>Our latest poll is taking the pulse of\u00a0advisers\u00a0on whether they are considering a\u00a0move to fee for service.<\/p>\n<p>Our question is:<\/p>\n<p><!--more--><\/p>\n<p><strong><em>Will\u00a0your\u00a0advice practice commence\u00a0transition to a\u00a0fee for service remuneration model in the next twelve months?<\/em><\/strong><\/p>\n<p>The debate over commissions versus fee for service will not go away, and has seen\u00a0new layers\u00a0added over recent weeks:<\/p>\n<ul>\n<li>The FPA has backed the retention\u00a0of\u00a0commissions as a remuneration option for risk products<\/li>\n<li>Godfrey Pembroke and Hewison &amp; Associates has each declared\u00a0it will move to an exclusively fee for service advice model, including life insurance<\/li>\n<li>New business tools are emerging to assist advisers looking to move to fee for service models (see <a href=\"https:\/\/riskinfo.com.au\/news\/2010\/03\/30\/fee-for-service-business-tool-for-advisers\/\" target=\"_self\" rel=\"noopener noreferrer\">Fee for Service Business Tool<\/a>)<\/li>\n<\/ul>\n<p>While\u00a0the AFA and many financial advisers continue to maintain their stance on the need\u00a0for the industry to allow advisers and their clients the choice of remuneration models (accompanied by appropriate disclosure), there\u00a0is growing impetus for a future\u00a0financial\u00a0advice industry that totally separates advice fees from products, especially across superannuation and investments.<\/p>\n<p>We want to know whether your practice is looking at fee for service, at least for\u00a0super and investment\u00a0advice, and will be commencing this transition in the coming year.<\/p>\n<p>While we await any developments that may emerge as the industry consults with regulators over adviser remuneration (as recommended by the Ripoll Inquiry), we want to know\u00a0your intentions now.<\/p>\n<p>Are you waiting for more developments or resolutions or legislation or are you commencing a move to fee-based advice before you may be forced to do so in future?\u00a0 Or are you fed up with the debate and believe a commission-based practice, with full disclosure, will continue to ethically and efficiently serve your clients?<\/p>\n<p>Tell us what you think.\u00a0 Cast your vote and make your considered comments below.<\/p>\n<p style=\"text-align: center;\">\n","protected":false},"excerpt":{"rendered":"<p>Will your advice practice be moving to fee for service? Our latest poll is taking the pulse of\u00a0advisers\u00a0on whether they are considering a\u00a0move to fee for service. Our question is:<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49,270],"tags":[],"class_list":["post-5658","post","type-post","status-publish","format-standard","category-polls","category-remuneration","headers-new"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/5658","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=5658"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/5658\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=5658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=5658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=5658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}