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 |
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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.
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.