End to grandfathering has tipped the balance

balance/end-to-grandfathering/survey/fasea-regime/Financial-Adviser-Standards-and-Ethics-Authority/Royal-Commission/RC/buyer-of-last-resort/bolr/

8 February 2019
| By Mike |
image
image image
expand image

The removal of grandfathering in 2021 appears to have tipped a number of financial planners over the edge in terms of their decision to exit the industry, according to an ongoing survey being conducted by Money Management.

The survey, when taken together with earlier Money Management research on the impact of the Financial Adviser Standards and Ethics Authority (FASEA) regime suggestions that planners who were considering exiting but remained undecided, had made up their mind following the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

However, the number of planners indicating they have made up their mind to exit is still only around 35 per cent.

A significant proportion of planners responding to the survey had also signalled the degree to which an end to grandfathering has served to undermine the value of their businesses, with more than 40 per cent stating it has had an impact in terms of buyer of last resort (BOLR).

The survey is ongoing so please share your views here.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

1 day 23 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 2 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5