And what happens to planners in all good faith that have borrowed to by a practice since FOFA especially ones in the year or two leading up to the Royal Commission. As we are contacting and changing clients to a fee (going on since 2016 in an orderly manner) we have found some fund mangers only allow cancellation of trail but you cannot have a fee debited or allow a fee on a percentage basis only. We are finding a number of clients prefer this to a bank debit.
Just this week I spoke to 3 clients who have agreed to change to a fee but find the whole thing a bit crazy as they are fully aware of what they pay me via trail and all said if they were unhappy they would sack me.
The bottom line is with nearly all planner associations singing off different song sheets the Government whoever it is will pass legislation that it wishes. The horse has bolted it all to late but to adapt to the new requirements whatever they be.
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