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.
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.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
