In a statement issued yesterday, Radar Results principal John Birt, a business broker specialising in financial planning practices, said in practice the FOFA reforms – and FDS requirements in particular – are running counter to their original intention.
“FOFA was introduced to give more Australians better advice at a lower cost,” he said.
“Some aspects of FOFA are doing the opposite; stopping planners from moving some clients from a commission system to a fee arrangement, basically to save the planner from more ‘paperwork’ and responsibility.”
The statement also announced that Radar Results will be a sponsor of the 2013 Financial Planning Association conference in October.
No S&%t sherlock, it was all designed by the left to slow advisers up and send them broke or in a mental home with stress. I hear you Gerry very loud
Yes, and so it is of no surprise that David Whitely of the ISN has renewed his attack on commissions in super. He has launched a flanking manouvre. The first wave created a brutal paperwar offensive on transparent and disclosed fees, and now the second wave closing in the remaining commissions.