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Australia's superannuation system is forecast to triple in size over the next two decades reaching $12.4 trillion by 2045, as sustainable retirement outcomes become the sector's defining challenge.
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Featured Profile
Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
There is nothing wrong with the payment of COMMISSIONS to advisors for their advice and responsibilities associated with Funds Management providing it is disclosed in a SoA in the NORMAL WAY! This is particularly suitable for smaller accounts, surely, as an inexpensive method of being remunerated for an adviser's continuing responsibilities, which, in turn, cost him PI Insurance!
The Hon Chris Bowen during ABC Lateline on the 11th Feb 2014 said that: "And you can have disclosure.... 'By the way I get a commission'.. and how many people read that is open to very, very much conjecture" and thereby revealed that he does not know what detailed disclosures go into a SoA, and that he treats the public as though they were stupid.
In which case why did he advocate any of the disclosures called for in his FOFA legislation when he does not believe that they will be read????
Wouldn't you just know that the ISA and FPA are aligned regarding opposition to Commissions. If only the costs and fees of Industry Funds were completely transparent.