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Featured Profile
Jacqueline Fernley
CHIEF EXECUTIVE OFFICER
ARC POINT OCIO PTY LTD
ARC POINT OCIO PTY LTD
Jacqueline Fernley is a self-confessed nerd, a market animal and as of this year, her own boss. Riddhima Talwani writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
Rantall "warns" - what a clown. Overtime the ban on commissions will result in an increased percentage of the population not receiving appropriate advice. Planners were rewarded for retaining clients, performing routine work for them and providing advice. In this new regime unless we get paid the client won't get anything. The majority will suffer as a result of the soical engineering conducted by the do gooders.
Rantall and others should look at the situation with credit cards. Treasury and the Consumers Institute pushed hard for merchants to be able to pass on the merchant service charge to customers. They said that competition would result in merchants reducing prices for cash!
Others said this wouldn't happen and only result in prices being increased. The outcome has been no reduction for cash just an increase to boost retailer margins.
The loss of commissions will have a similar result. Those who will suffer most are those min most need of advice.
The FPA have definately lost the plot with refusing to believe that giving the client choice in how they pay for services. The FPA we hate commissions mantra is straight out of the ISN playbook and the FPA are sounding more and more like a sub set of the Industry Funds.
Just because the FPA have taken this stance it does not mean that the other 80% of the industry agree with you as we do not. Just a bunch of elitist do gooders trying to socialise the financial services industry.
Just as the UK Financial Services Authority found out, Commissions rule. If your a member of the FPA and are still getting trail commissions and charging commissions it is time to resign and find another association right now.
The legitimate FA industry is not acting in its best interests if it thinks that the Liberal Governments softening of the FOFA reforms will be in its best interests, long term.
The educated, qualified, legitimate sections of the industry should be fighting for the highest standards so that they can drive out those that give the public such mistrust.