The discovery came in the form of an announcement from mortgage broking outfit, Mortgage Choice, which this month announced a new broker remuneration structure which would have reminded financial planners of former halcyon days before the Future of Financial Advice, before the
Life Insurance Framework and before the Financial Adviser Standards and Ethics Authority.
While financial planners contemplate life after the Royal Commission, after the Australian Financial Complaints Authority and after paying higher fees to the Australian Securities and Investments Commission they can also contemplate Mortgage Choice increasing the average commission rate on residential lending from 65 per cent to 74 per cent and introducing a “unique hybrid trail commission”.
It seems Mortgage Choice believes the remuneration changes will help their franchisees to invest and grow.
If not a time warp, perhaps it is a parallel universe.
