Trapnell rejects 'no way out' stance by licenceesBY MARK STORY | FRIDAY, 25 JAN 2013 12:05PMYou can check-in any time you like, but you can never leave: Synchron director Don Trapnell has used the immortal lines from the classic 1970s Hotel California hit to reaffirm his rejection of licensee heavy-handedness dealing with advisers who want out. |
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Anyone who compares the provision of financial advice to Australians to a holiday in a hotel doesn't understand why advisers exist in the first place.
It would be nice to know the names of the licensees which operate in this way.
Yes indeed, I second that! Name and shame, I say! Seriously though, it really would be quite valuable to have some sort of register(?) or some way of knowing which are the unreasonable (dangerous!) dealers to avoid. It is too late to find out AFTER you've joined one of these bloodsuckers. Please consider naming them if you know who they are! there is no excuse whatsoever for that low level of behaviour from a 'dealer'.
Or dealer groups that don't do bulk transfers of trailing commissions on exit. This amounts to a considerable 'exit fee' as the departing advisor must obtain a 'change of advisor' form for all clients they wish to retain.