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Showing 1 - 10 of 111 results for "grandfathered commissions"

AMP challenges BOLR court ruling

KARREN VERGARA  |  WEDNESDAY, 27 SEP 2023
... AMP advisers for their businesses from 4x recurring revenue to 2.5x, and an even lower multiple for grandfathered commissions, the TAA said. "Justice Moshinsky also found that AMP's treatment of the sample group member was, 'in all the circumstances ...

Super, advice class actions dampen CBA results

KARREN VERGARA  |  WEDNESDAY, 15 FEB 2023
... breached its duties and acted unconscionably because it failed to take steps to avoid the payment of grandfathered commissions to financial advisers. CBA will face mediation around the second quarter of 2023 and a trial is set to commence on 7 August ...

Count Financial adds advice firm

KARREN VERGARA  |  TUESDAY, 30 NOV 2021
... Financial's parent company CountPlus saw a 59% drop in net profit to $7.1 million in the last financial year. Grandfathered commissions, COVID-19, and regulatory reforms were some of the biggest detractors to its performance.

IOOF restructures technology division

ANNABELLE DICKSON  |  FRIDAY, 8 OCT 2021
... acquisitions. Gross margin slid 3bps to 37bps as IOOF continued to turn off legacy structures including grandfathered commissions.

CFS drops admin fees on FirstChoice Employer Super

KANIKA SOOD  |  TUESDAY, 31 AUG 2021
... spokesperson said. CFS has made multiple fee cuts in recent years, including for the legislated removal of grandfathered commissions. It says the MySuper products have now made $24 million worth of fee cuts since November 2020. "The decision to reduce ...

CountPlus profit plummets

ANNABELLE DICKSON  |  FRIDAY, 27 AUG 2021
The ASX-listed advice and accounting group recorded a 59% drop in net profit to $7.1 million as grandfathered commissions came to a halt and COVID-19 impacted the business. Regulatory reform, namely the FASEA exam, also impacted the business however ...

IOOF posts $143.5m loss for FY21

KANIKA SOOD  |  THURSDAY, 26 AUG 2021
... acquisitions. Gross margin slid 3bps to 37 bps as IOOF continued to turn off legacy structures like grandfathered commissions. During the year IOOF's controlled its expenses, which were down 37% to $526.5 million. Its advice unit ended FY21 with 1975 ...

AMP trims platform fees

KANIKA SOOD  |  THURSDAY, 6 MAY 2021
... margin drop of 5bps came from clients moving towards the lower-margin North platform (4bps impact) and grandfathered commissions coming off (1bps). Today's announcement did not ascribe a margin or revenue impact from the fee changes. "The changes ...

Hume expands portfolio

ANNABELLE DICKSON  |  TUESDAY, 30 MAR 2021
... Bank and AustralianSuper. During this time, Hume has been a key player in introducing plans to remove grandfathered commissions to financial advisers, the Protecting Your Super Package and extending the time for advisers to complete the Financial Adviser ...

Hume promoted to cabinet

ANNABELLE DICKSON  |  MONDAY, 21 DEC 2020
... the profession," he said. During this time, Hume has been a key playing in introducing plans to remove grandfathered commissions to financial advisers, the Protecting Your Super Package and extending the time for advisers to complete the Financial Adviser ...
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