Major non-aligned financial services groups Findex and Synchron have welcomed the Financial System Inquiry’s indication it will be investigating the case for separating independent and restricted advice.
“We believe that our industry can only thrive if we focus on building trust with our clients,” said Findex chief executive Spiro Paule.“We are opposed to a model where the providers of advice are also the manufacturers of the products recommended.”Meanwhile, risk-focused dealer group Synchron – which describes itself as “Australia’s largest non-institutionally owned financial services licensee by adviser numbers” – has also welcomed the FSI’s indication it will investigate licence ownership issues.“We have been saying for some time now that there is a significant conflict when financial services products are owned and distributed by the same parent organisation,” said Synchron director Don Trapnell in a statement. “While the advice given by an adviser in a vertically integrated advice firm may very well be sound, the client has a right to know if any product recommended by that adviser is manufactured by the same organisation.”
AMP and TAA have sought an increase in the cap on life insurance commissions for financial advisers.
The government has announced a post-implementation review of the removal of the stamping fee exemption.
Oliver Wyman and Morgan Stanley have outlined what to expect under ‘Wealth Management 3.0’.
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