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
Treasury responds to Debelle's review into the AOFM
Treasury has responded to the Guy Debelle-led review into the Australian Office of Financial Management (AOFM), agreeing to all six recommendations.
Bravura ups guidance, reports earnings increase
Bravura Solutions informed investors cost discipline will protect its full year earnings result after a client migrated to a Business Process Outsourcing (BPO) early in the year.
MaxCap hires from Vanguard, AustralianSuper
MaxCap has welcomed two senior directors, including a portfolio manager from Australia's largest super fund, reporting to the recently named chief executive Kylie Robb.
Zenith snags mandate from Granite Bay
Granite Bay Private Wealth has selected Zenith Investment Partners to support their investment governance and due diligence.
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
Blake Briggs
CHIEF EXECUTIVE OFFICER
FINANCIAL SERVICES COUNCIL
FINANCIAL SERVICES COUNCIL
Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.
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.