Stay up to date with all the latest from the royal commission on ifa sister title InvestorDaily’s live blog here. The blog will provide minute by minute, blow-by-blow updates on the commission’s fifth round of hearings.
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The Centrelink grandfathering arrangements need to be abolished so clients are not stuck in old expensive products. How they are going to do this when the grandfathered arrangements are much more favourable than the deeming rates is beyond me – probably the client will lose out and all funds will be on deeming arrangements – can’t see the government giving in favour of the poor retirees that really don’t have a lot of money to last them in their retirement and could do with some extra pension payments can you?. Also, some advisers take service fees rather than charging upfront fees for their advice – it isn’t as simple as putting everyone in the same bag and turning off their practice revenue.
There ya go, MLC admit that grandfathered commissions in their products cant be reduced or turned off… While if clients moved to a fee arrangement they could be turned off.
Clear conflict as to why advisers wouldn’t make the move from old, low quality commission products to better products as the client could choose for them to stop getting paid.
Get rid of grandfathered income BUT at the same time the gov needs to abolish exit fees and allow centrelink arrangements to be maintained.
Great.. looking forward to another extended period where the political correct take a swipe at our industry and further highlight more dodgy planners.. the media will no doubt will be in full force ready to further undermine this industry. Watch the new doom and gloom predictions emerge.. stay positive though!!