Advisers specialising in SMSFs continue to be pursued by developers offering significant commissions for recommending property to clients, says boutique practice principal Cameron Howlett.
The Moran Howlett Financial Planning principal told ifa sister title SMSF Adviser that his firm is constantly inundated with calls from property spruikers targeting his client base and offering lucrative enticements.
“They’re talking about 5 or 10 per cent commissions off the plan – it’s just ridiculous,” Mr Howlett said.
“There are probably a few advisers out there who have shifted into that space because it’s the next way of making a quick, easy dollar, which absolutely drives us nuts.”
The comments follow those of ATO official Nathan Burgess, who told a recent Partners Wealth Group event that there is evidence the accounting and financial advice industries are prime targets for unscrupulous property developers.
“ASIC has warned that such commissions or benefits may be conflicted remuneration and that financial advisers may be banned from receiving them,” Mr Burgess said.
The super fund says it is in favour of a superannuation advice network involving non-relevant providers with a minimum ...
Minister Jones has more pressing priorities to address before turning his attention to the ASIC levy, he confirmed at an ...
AMP is planning to launch its digital advice tool next year. Speaking at the ASFA Conference in Adelaide, Matt ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin
Comments powered by CComment