{"id":9050,"date":"2011-01-26T17:48:17","date_gmt":"2011-01-26T06:48:17","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=9050"},"modified":"2021-01-13T06:34:14","modified_gmt":"2021-01-12T20:34:14","slug":"banning-risk-commissions-and-opt-in-of-greatest-concern-to-advisers","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2011\/01\/26\/banning-risk-commissions-and-opt-in-of-greatest-concern-to-advisers\/","title":{"rendered":"Banning Risk Commissions and Opt-in of Greatest Concern to Advisers"},"content":{"rendered":"

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

Our latest\u00a0poll suggests the prospect of banning risk commissions and of client opt-in for future advice services are the two main causes of concern for advisers as we launch into 2011.<\/p>\n

At time of writing, 59% of those responding to our poll said the prospect of banning risk commissions was their greatest concern to the question:<\/p>\n

Which single issue will have the greatest impact on your advice practice in 2011?<\/em><\/strong><\/p>\n

Almost one in four\u00a0advisers (23%) said client opt-in for future advice was their main worry, while all other issues, including the performance of the economy, have attracted\u00a0\u00a0only a\u00a0small proportion of votes.<\/p>\n

One\u00a0comment we\u00a0received seems to reflect a widely-held point of view amongst the financial adviser community.\u00a0 The adviser agrees the potential bannig of risk commissions is a big concern:<\/p>\n

“… but I just can’t see this government doing that as the effects will be disastrous both for advisers and the consumer.”<\/em><\/p>\n

The same adviser goes on to add a further comment that again seems to reflect a widely-held view amongst advisers:<\/p>\n

…\u00a0it is not the commission remuneration that is the issue but the quality and appropriateness of the advice<\/h6>\n

“… it is not the commission remuneration that is the issue but the quality and appropriateness of the advice.”<\/em><\/p>\n

The mood of the meeting in relation to client opt-in for future advice may well be encapsulated within this comment we received:<\/p>\n

“Client opt-in requirements will be an administrative nightmare.”<\/em><\/p>\n

While the future of risk commissions remains uncertain, despite the widespread lobbying to retain it, advisers can be confident that client opt-in, in one form or another, will definitely form part of the future financial services landscape within the Australian market.<\/p>\n

But the response to our poll so far has also served to highlight that advisers\u00a0have accepted the inevitability of a future without investment and superannuation commissions.\u00a0 Only 1% say this is the issue that will have the greatest impact on their practice and only another 1% say their greatest concern is\u00a0about transitioning to fee for service.<\/p>\n

Our poll will remain open for another week, so if you have yet to do so, let\u00a0 us know what you think…<\/p>\n

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

Our latest\u00a0poll suggests the prospect of banning risk commissions and of client opt-in for future advice services are the two main causes of concern for advisers as we launch into 2011.<\/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-9050","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\/9050","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=9050"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/9050\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=9050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=9050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=9050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}