Macquarie to also dump grandfathering
Macquarie has announced that its wealth arm will switch off all grandfathered commissions next year, following a similar announcement from BT Financial Group last month after the controversial payment structure came under fire during the Royal Commission.
All grandfathered commissions paid to Macquarie Private Wealth and Macquarie Private Bank advisers would be turned off from 1 April, 2019, affecting an estimated 17,000 client accounts.
"The decision to discontinue grandfathered product commissions is part of our continued business transformation and in order to further increase transparency and demonstrate value to our clients," Macquarie said.
It was unclear whether commissions paid by product advisers would be sent customers’ way, however.
Independent financial advisers receiving grandfathered commissions through the bank’s wealth third-party channels would not see those arrangements end following this announcement.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.