Grandfathered commission debate an overreaction: AFABY JAMIE WILLIAMSON | THURSDAY, 26 JUL 2018 11:21AMThe ongoing debate around the removal of grandfathered commissions is an "overreaction", with trail commissions contributing little to the overall income of financial advice practices in reality. Related News |
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Robert De Dominicis
CHIEF EXECUTIVE OFFICER
GBST HOLDINGS LIMITED
GBST HOLDINGS LIMITED
It was during a family sojourn to the seaside town of Pescara, Italy, Rob DeDominicis first laid eyes on what would become the harbinger of his future. Andrew McKean writes.
Spot on!
The one thing they seem to be forgetting is that the majority of financial advisers have written and signed agreements with the life offices.
The agreements were and are based on the life office on paying trail and renewal commissions for our services in securing business for them. The adive given in writing to clients was and is based on the life office paying trail and renewal commissions.
This copuld lead to a class action by advisers in order to have life offices honour those agreements. I would suggest that all advisers locate these agreements, and be ready to use them if need be.
During my 38 years in this industry I have always used trail and renewal commissions to compensate our office for ongoing service to the clients. My clients know that if they need some assistance they can contact me and ill die for them if I have to.