Rice Warner chief supports commissions capBY ALEX BURKE | THURSDAY, 2 APR 2015 12:25PMRice Warner chief executive Michael Rice said the commission structure proposed in the Trowbridge Report is a "necessary improvement". Related News |
Editor's Choice
ASIC hits back at parliament: 'Simply not realistic'
The financial regulator has hit back at suggestions it isn't doing enough to deal with community complaints.
The risks and opportunities in advice: SIAA
This year's Stockbrokers and Investment Advisers Association (SIAA) Conference will take a deep dive into how major financial advice reforms will impact superannuation funds and how they are preparing to help Australians particularly retirees access advice.
AMP Advice partners with BlackRock and Lonsec
Through the partnership, AMP Advice will introduce a new category of tailored managed portfolio solutions.
Succession planning troubles family offices: J.P. Morgan
Global family offices remain deeply concerned about how to prepare the next generation to inherit a vast fortune as almost 30% do not have a structured approach to help them, a new study from J.P. Morgan reveals.
Products
Expert Feed
Why advisers should consider offering general insurance to HNW clients
I have read many articles over the years about servicing high-net-worth (HNW) clients in the financial services industry.
The role of AI in financial planning: Insights from the US
Ever since ChatGPT burst onto the scene late last year, generative AI has been front and centre of business discussions and financial planning, just like ...
Considerations when nominating a charity for your super upon death
There has been a lot of talk lately about the upcoming great wealth transfer, and you might be wondering where charities fit into all this.
The end of free money
With institutional investors prudently reassessing their risks in current market conditions and seeking safe havens in alternatives such as secured private ...
Featured Profile
Fiona Mann
HEAD OF LISTED EQUITIES AND ESG
BRIGHTER SUPER
BRIGHTER SUPER
Brighter Super head of listed equities and ESG Fiona Mann was shaped by a childhood steeped in military-like discipline and global nomadism. Andrew McKean writes.
Mr Rice's comments seem all very nice, knowledgeable and business-like. However, it's probably 200% correct to state that this same gentlemen has never sold life-risk insurance in his life and has absolutely no idea about the costs to put it in place for clients.
So while it might look good, it doesn't address down-home practicalities. How will newer advisers provide a living for themselves and their families until they have a substantial client base on the abysmal commission structure etc that the Trowbridge Report recommends? Will super fund members be provided with realistic advice about their insurance needs? Will group life insurance deliver sufficient, in terms of levels and quality of coverage, to prevent greater pressure on our welfare system than it currently has difficulty in managing now?
The Trowbridge Report, while recommending some worthwhile points, is fundamentally flawed because prospective clients don't line up to buy life-risk insurance - it was, still is, and seemingly will always need to be sold.