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Some clients have been ripped off John. But many clients have done extremely well from AMP advisers under the old commissions based model. Older clients with low super balances received lots of valuable advice to help them structure their finances and maximise their Centrelink benefits. They also received empathetic reassurance to help lower the stress and anxiety associated with such matters.

How was this service paid for? Certainly not by issuing invoices to anxious, low income part pensioners every time they picked up the phone. It was paid for by the inherent cross subsidy in the commission model from richer, younger, clients with fewer current requirements. The "ripped off" people as you call them. Moving forward there will be a lot of older, poorer, clients who will no longer be able to get the valuable support of a financial adviser. Hayne, CALC, Choice and people such as yourself will no doubt claim this as a victory for fairness.