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IOOF is making no apologies for adviser exits as it pursues an advice strategy based on the removal of product subsidies and higher numbers of self-employed and self-licensed advisers.
CountPlus boss, Matthew Rowe, has forewarned shareholders to be ready to feel the revenue effects of the removal of grandfathering and product rebates but has claimed the pain will ultimately be worth the gain.
Some financial advisers want the Australian Securities and Investments Commission to make the more than 480 submissions received as part of its affordable advice review public before it produces its final report and recommendations.
The Federal Government has acted to initiate the scheduled review of the Australian Financial Complaints Authority but its terms of reference will not specifically touch on the sore points of a compensation scheme of last resort or the cost of professional indemnity insurance.
The Australian Securities and Investments Commission has declared its support for the provision of good quality limited advice while rebutting Government back-bench suggestions it might be dangerous.
