Annual renewals will generate up to 6 hours’ extra work
Financial advisers are likely to be faced with an extra four to six hours’ work to transfer clients to annual renewals.
That is an early estimate covering advisers who are currently billing clients under asset-based fee arrangements.
Association of Financial Advisers general manager, policy and professionalism, Phil Anderson said one of the major concerns about the shift to annual renewals was the extra work it would generate for advisers.
According to our very preliminary estimate, that could entail somewhere between four and six hours of extra work,” he said.
Anderson said this made it imperative that the Government allowed an appropriate transition time.
Recommended for you
With the highest number of candidates in a year sitting the latest financial advice exam, a surge of new entrants are expected in the coming weeks, according to Wealth Data.
AMP has launched a range of five diversified index managed portfolios on its North investment platform, targeting a younger client demographic.
An NSW adviser, who advised over 120 clients after falsifying her financial advice exam results, has been permanently banned by ASIC.
ASIC has released the results from the latest financial adviser exam, the first to be run since changes to its structure earlier this year.
