To what degree will the elimination of grandfathered commissions accelerate planner exits from the industry?
Money Management is surveying readers to determine to what degree they will be affected by the Government’s proposal to eliminate grandfathered commissions from 2021.
Please take the time to complete the survey here, with results being shared with readers over coming days.
Comments
Of course it will. Anyone staying in the industry due to grandfathering is better out anyways. Crazy concept but time to actually service clients for your money like the rest of us.
You seem to be blinded by the same sneering outrage and revenge fuelled bias that has driven Hayne, Ferguson, Verrender, and now Irvine to their incorrect and harmful conclusions. Just because some advisers and brokers have abused commissions doesn't mean that most do, or that the system has no benefits for clients.
Plenty of advisers receiving grandfathered commissions do actively service their clients. Many clients receive far more service than the value of their commissions could purchase if they paid fees for it. Particularly older clients with low balances. Grandfathered commissions provide a cross subsidy to these people from younger and wealthier clients. Not unlike our government mandated health insurance system. When grandfathered commissions are turned off there will be a lot of complaining from those clients who significantly benefit from the system.
Nah, sick of seeing advisers with thousands of clients each that they could never service if they tried. Sick of clients coming to our firm with absolutely no idea they have been paying an adviser fee on their existing super funds to someone they have never heard from. This is the clean up we need, if you service the clients, they will sign an ongoing service agreement. If their fees have to increase you were undervaluing your service (if one was provided) in the first place.
Does a bear S--t in the woods??
Reality there is no difference between you with your worthless service packages providing worthless articles and seminar invites and a financial planners who charge commissions for nothing You are nothing but a snake oil salesman but in reality you both are thieves. I welcome the end of grandfathering of commissions so instead of wasting our fees on self indulgent activities like dining at Tetsuyas, smoking Cuban cigars whilst feasting on lobsters you will need to work for once instead of parasiting on Joe public
What do you do for a living Customer? Union thug? Paid troll? ISA propaganda specialist? Or just a typical socialist elitist? Actually don't bother answering because I know you will lie. You do realize that socialism has caused economic failure and death and destruction in every country that has tried it throughout history. Of course you realize that because that is the main point isn't it? Obviously God has not smiled on you and as a result of your failure you are bitter and resentful and want to destroy people. I can guarantee you one thing customer, your bitter attitude will deliver you a miserable life.
Hello Customer, how is th ed pay at ASIC? Do you remember the report which found ASIC spent 85% if it's time on internal matters? Fees for no service.
You have some questions to answer re Nobsl Oak on another thread. I suspect you lack the integrity and knowledge to respond but I am willing to give you this chance. I add suspect you won't take responsibility and will move on - prove us all wrong.
Comrade Tony and your gang of merry thieves why such hate? I know your world is crashing down around you due to the royal commission. You and your financial planners rorts and ripoffs are coming to an end. Unlike you and your financial planning friends I have a profession. I am an accountant. I work in a profession which is regarded as profession unlike financial planning which is not regarded as a profession. I spent years to get a qualification that has value. Comrade Tony I gather you did a 4 week open book test to get your qualification. You talk about religion but felt no ethical inclination as you lied, cheated and acted in your own interest. I hope for your sake god has forgiveness. I have a great life as an accountant and you would too Comrade Tony and got a real job. Are you part of the flat earth society? You seem very edgy and paranoid.?
Get a hobby do not let this conspiracy sickness rule your life. Relax you will live longer. To lighten the mood I will tell you a joke. How many financial planners does it take to change a light bulb?
Customer. How dare you tell lies and insinuate that I am uneducated and a thief. I am appalled by your disgusting, disrespectful, untruthful, slanderous comments. I am not a thief and I can be quite sure that my education qualifications and experience are far greater than what you have. You owe me an apology for defamation, and I suggest STONGLY that you provide one to me on HERE. If you truly are an accountant, you definitely lack the ethical standards that the accounting bodies require. Although, I highly doubt that you are an accountant because all my associates have manners. Additionally, many accounting practices have financial planning divisions and finance divisions and provide a highly valued service to their clients. So, what you are doing is calling accountants thieves. No, you are not an accountant because you have the typical repugnant manners of a paid ISA or union troll. You deserve to rot in hell.
Comrade Tony why so much hate? I know the royal commission has destroyed your world and you must now work in the best interests of your client. Which is poison to you. You are seriously deluded to believe an open book multiple question diploma from Kaplan is to the level of a cpa accountant.I doubt you have the intelligence to even write an ASIC compliant statement of advice. You know doubt are a former Dover Planner with lots of time on his hands. No wonder you are regarded as unprofessional. Your conspiracy theory mindset has warped your mindset. I pity your victims (clients) You like to make fires but when your lies are exposed have the hide to demonise a whole profession like accounting. A real profession. With people like you comrade Tony as spokesman for financial planning it is little wonder that financial planning is not regarded as a profession. You talk about rotting in hell. I can not comment as I am an accountant and as we all know only accountants go to heaven. There is a special place in hell for financial planners. You are well qualified on commentary about hell due to the hell you have caused your clients by stealing from them and making them destitute as you parasite their retirement nest eggs.
I appreciate your invitation to hell (being one of your clients) but I respectfully decline. Long live Hayne!!!!
I have a Bachelor of Business Accounting and I am also a CPA. In addition, I have a Graduate Diploma of Financial Planning that I completed with the Securities Institute of Australia. The Graduate Diploma did not have open book multiple choice exams, it is a post graduate AQF level 8 course with assignments and closed book exams that includes written answers. I achieved an overall GPA of 6.65 for my Bachelor’s degree and overall a Distinction on my Graduate Diploma. I am everything that you are jealous of. I have a high IQ, I am highly educated, efficient and competent. I am at the top of the hierarchy in tax and financial advice and as a result enjoy the success of being associated with the people at the top of society. I have two beautiful children and a stunning wife. To achieve this, I work very hard and work long hours every week. I am dedicated to achieving success. I have a great business with many clients who pay me very well for the service I deliver. Unfortunately for you I do not satisfy your hopes that I am a former Dover Planner, my private company has its own AFSL. While you are obviously hoping that my world has been destroyed by the Royal Commission it has only made it better. I will adjust my business model and go on to make more money as the supply of financial planners declines. FASEA is no concern to me I have already met the requirements.
You definitely are not an accountant because accountants are successful, ethical and intelligent and do not trash other professionals with malevolent language. How do I know this? It is easy to deconstruct your comments to work out your motivations and who you are. The bitterness, jealousy and contempt that you have against other people in your comments can only stem from your failure to achieve success in your own life. You see the success of others as a judgement against you which is why you want to burn their world down. You are hoping and happy if the Royal Commission destroys and hurts the people that you are jealous of. You try to justify your malevolence by convincing yourself that you have a moral superiority, however, if you were moral you would express your opinions carefully and be considerate with your words. It is you who is full of hatred. Maybe women reject you because you are a failure or maybe your mother didn’t love you or maybe you have no empathy because you have a sociopathic personality disorder, whatever it is you need help. I have some advice for you. Get a real job instead of being a slanderous paid ISA/Union troll, socialism does not work, it has proven to be abhorrent ideology in every country that has tried it. Maybe you could aspire to upgrade and become a servant for Clive Palmer.
What on thank you for your comment and challenge.
I am an accountant I work with numbers which never lie unlike financial planners as per media and royal commission etc. It comes as no surprise that you hate Royal Oak. No commissions!! Ouch. I strongly suggest you contact Noble Oak and get all the technical information from the source. My understanding is different financial planners use different ratings agencies to justify selections. So Iress will be different to Canstar which is different to Lonsec etc. This would mean different recommendations from different advisers. In other words there is no more science involved then throwing a dart on a dartboard and hoping for the best. Hence financial planning is not regarded as a profession and justifies the generalisation that financial planners are no different to snake oil salesman.
Noble Oak are very professional. You should try them
I also do not work on a commission basis but Noble Oak's cover is really low quality so refuse to touch it. Any IP policy where you need to be totally disabled for at least 14 days of the waiting period isnt up to scratch. only 38 trauma conditions covered etc.
Cheapest isnt always the best... Although noble oak isnt even the cheapest once you strip commission out of other retail insurance policies.
Reality thank you for your guidance and professionalism
If financial planner is like you I would be more then happy to seek services from a professional like you. Thank you
Can you recommend a financial planner like you?
Reality you have made think that there maybe a few good financial planners out there.
Customer, maybe you should stick to tax advising and stay out of financial advice. Accountants are no angels by the way. Have seen and heard of many cases of improper conduct by accountants - pushing agri schemes for commission, setting up SMSFs with small balances in order to collect audit fees, pushing clients into property investments and collecting commission from developers etc. Maybe you should clean up your own backyard before you criticise your neighbours yard.
TP only a few bad apples were involved whom were influenced by financial planners. There is no commission on accountants because we do the right thing unlike financial planners. Financial planning royal commissions, investigations etc = numerous. Accountants = 0. The numbers do not lie I do the right things by my clients and can sleep at night. Can you say the same?
Suggest you read the below article
https://www.abc.net.au/news/2017-07-24/accountancy-bodies-resist-financi...
You have no idea what you are talking about.
Comrade Tony what is there to apologise for?
Are you not a financial planner?
I am an Accountant who also provides financial advice. So stop slandering me and every other Accountant who also provides financial advice..
Great article TP. It seems only a few bad apples in accountancy were involved unlike financial planning where the majority of financial planners do the wrong thing. I have attached article.
https://www.abc.net.au/news/2018-12-24/financial-planning-rot-more-than-...
It makes a good read and confirms what the Australian public knows. Financial planners are unethical thieves motivated by greed and self interest devoid of any ethics. No wonder financial planning is not regarded as a profession
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