Letters 27/05 – It’s as clear as black and white
The following is an extract from the Hillross Compliance Manual which forms part of our representative agreement: "Hillross' policy is to transfer entitlement to AUM commissions and Adviser Services Revenue when an adviser leaves to join a new advisory group, to that group".
The only qualifications are where the client no longer wishes to be serviced by that adviser, or where legacy direct life or general agencies held by the adviser take precedence over the Hillross Representative Agreement.
I must say that I have not had any calls at all from other Hillross advisers seeking clarification of their rights on termination. This is perhaps because we have made a point of emphasising our policy in this regard.
In the meeting I had with Nick Bruining, I was pleased to be able to remind him of our policy and offer him help and a warm welcome if things didn't work out.
<I>Jonathon Harrison
Managing Director
Hillross Financial Services
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.
