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No Hedware, that is not obvious at all. Some advisers may fall into that camp, and it will be best for everyone once that small group retire. But the majority of advisers are well educated and do act in clients best interests. Many older advisers have done thousands of hours of CPD and have learnt much more than the content of a Masters degree as a result. But they get absolutely no credit for it from FASEA.

Many advisers provide services to their clients of a value that far exceeds the meagre commissions they receive in return. Retired clients with small super balances are great beneficiaries of this system, particularly in relation to maximising their Centrelink benefits. Once commissions are turned off it will cost those clients far more to pay fee for service for the advice they receive.

This attitude of regulators and the media to demonise and punish all advisers, rather than the poorly behaving minority, is ultimately doing consumers more harm than good.