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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Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
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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.