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I agree with much of what you say, but still, FOFA came in back in 2013, bringing with it the Best Interest Duty. There are many businesses out there with thousands of clients sitting in legacy super products that could easily have been shifted to a more modern product. Take many AMP businesses for example, 1 or 2 advisers in the business, 4,000 clients all paying .44% commission on FLS accounts. Those advisers took the easy of option of resting on those commissions because any shift to a fee arrangement then meant exposure to the FDS and Opt In Regimes - but were they acting in the best interest of their client or themselves? it's pretty clear isn't it.

All clients that in old AMP FLS accounts should have been shifted to an AMP Flexible Super account or one of the North Products. Every client in a MLC Masterkey Super, Gold Star, whatever the product, should now be in an MLC Masterkey Fundamentals account. There would be no legacy issues to deal with, no exit fees, no CGT, just a straight swap to a newer cheaper product. That process should have started in 2013.....6 years ago!!! and now these people have still been given another 18 months to do it.

The argument is always that those types of businesses are the outliers not the norm or there's only a few bad apples that operate like that. That's all rubbish, a huge percentage of our industry operates on the premise that you get the client on board, charge them a fee or receive a commission, provide no service, and hope they can't be bothered moving to another Adviser or forget that they are even paying an Adviser. Nearly every client I've come across that has seen an adviser in the past tells the same story.

Time to stop crying about it and get out there and see all of those clients. Build yourself a real business full of people who want and need your advice and will pay for it.