Clicky

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.

Related News:

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.




Related Content

ASIC bans former Macquarie advisers

The Australian Securities and Investments Commission (ASIC) has banned former Macquarie Equities authorised representative and senior wealth advi...Read more

The firm of the future: personalisation, technology and engaging the next generation

It’s no secret that the role of the adviser is changing. Firms across the accounting and financial services industry are experiencing an acceleratin...Read more

CBA proves most popular amongst rich

The Commonwealth Bank (CBA) is the most popular bank amongst the wealthiest 10 per cent of Australians, with Roy Morgan’s Wealth Report finding that...Read more

Author

Comments

Add new comment