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.
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.