Game over for grandfathered commissionsBY JAMIE WILLIAMSON | THURSDAY, 10 JAN 2019 12:33PMAs far as the Productivity Commission is concerned, grandfathered commissions are dead in the water. Related News |
Editor's Choice
Early access undermines super's purpose: Mulino
Assistant treasurer Daniel Mulino took an aim at plans by the opposition to let Australians dip into their super early, stating weakening preservation would undermine intergenerational protections and hurt the most vulnerable.
ASIC ups thresholds for NTA requirements
ASIC has introduced new rules that will require managed investment schemes (MISs) to increase minimum financial thresholds in their net tangible assets (NTAs).
The risks keeping APRA's new deputy chair up at night
The Australian Prudential Regulation Authority's (APRA) new deputy chair David Bradbury said the risks that keep him awake at night are those with the potential to threaten the financial stability of the super system or cause catastrophic losses for members.
Merricks Capital operating chief joins PC firm
Former Merricks Capital chief operating officer has joined a specialised private credit firm after overseeing Merricks Capital's financial and operational businesses for the past six years.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
It appears so many making these changes dont understand the business. Putting all on fee for service will mean many Austrlians will not be able to afford advice and thus it wil be the more affluent that seek advise. grandfathered position requires less compliance such as opt in etc and are cheaper to serve, FFS for most clients, is a higher cost than commissions and this is especially so for the members with lower balances. the trail may only pay a token amount an depending on the balance, but in many case it would be far less than a fee for service. I really trust regulators get this before they run the industry out of business.
Most people in business are in business to profit, that is the sole reason for having your own business.
ASIC and APRA and the Royal Commission are doing their best to destroy our businesses.
Good luck with the future, you will know in a couple of years that you have a made a big mistake.