Transparency key in fee debate
Transparency represents the key to the fee-for-service versus commissions debate, according to a survey of financial advisers conducted by ZurichAustralia.
The online survey found that 58 per cent of advisers thought providing the customer fully understood what they were being charged it was not really a problem.
The survey found that 20 per cent of advisers believed that, given the choice, most customers would prefer commissions, while 14 per cent said switching to fee-for-service would go a long way towards legitimising the professional standing of advisers.
The survey suggested that advisers were divided on the question of whether the proposed abolition of end taxes and reasonable benefits limits was likely to affect their business, with 44 per cent saying there was likely to be no net effect while 40 per cent were not sure.
AUTHOR
Mike Taylor
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