Annual renewals will generate up to 6 hours’ extra work

Financial advisers are likely to be faced with an extra four to six hours’ work to transfer clients to annual renewals.

That is an early estimate covering advisers who are currently billing clients under asset-based fee arrangements.

Association of Financial Advisers general manager, policy and professionalism, Phil Anderson said one of the major concerns about the shift to annual renewals was the extra work it would generate for advisers.

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According to our very preliminary estimate, that could entail somewhere between four and six hours of extra work,” he said.

Anderson said this made it imperative that the Government allowed an appropriate transition time.

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Yep, transitioning to a SMSF, where clients can enjoy annual direct invoicing, where you don't have any CFS inhouse forms to complete & no FDS/opt ins. This industry is cooked in the head, with no idea of what advisers actually do. It's as if the entire industry (Fund Management execs & Parliamentarians) think most fund members operate under the wholesale investor regime (ie no red tape & no paperwork), and none of them would recognise a fund member if they fell over one. Totally clueless.

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