The industry continues to respond to the Trowbridge report, with AMP and Centrepoint Alliance dumping upfront commissions and moving to the hybrid structure (see articles below). Hybrid commission structures, where available, have been mandated by AFRM for about 15yrs now, so there’s not much change for how we conduct business, yet! Whilst the Assistant Treasurer, Mr Josh Frydenburg, commended the actions of AMP and Centrepoint, his comments were to the effect of “that’s a good beginning”. We see this as indicating a further shift in commission structures. How far, we’ll have to wait and see. We expect some announcements in the next few weeks from the AFA and FSC.
AFRM Directors Nick Hatherly and Mark Hoskin attended the Money Management 'Where to from Trowbridge' breakfast in Sydney on Tuesday. Click here for what Trowbridge discussed at the breakfast.
Welcome to the first of our regular news updates on our website, with the aim of providing you with quick, relevant news from within AFRM, as well as relevant industry news.
Recently the Australian Investments and Security Commission (ASIC), the regulator of the financial services market, produced a “targeted” review of the retail life insurance advice sector. Whilst the whole industry may suffer a decline in the level of consumer confidence from the findings, I saw the headline and immediately saw how well this positions AFRM and our advice process. It confirms risk advice is a highly specialised area and the best advice is provided by specialists like AFRM.
Posted by Damien Jones – GM Services
Whilst some results were pleasing, you told us we had some work to do. Here is a brief overview of our client survey results and what we have changed in our business based on your feedback.
The Age of the Consumer – BT Thought Leadership Round Table
SMSF trustees have had another duty imposed on them by the Federal Government, but it appears some practitioners are taking a worryingly minimalist approach to meeting the new requirement, says David Glen.
Law firm Maurice Blackburn has urged Australian consumers to avoid taking advice from financial planners employed by a bank, with principal John Berrill saying major banking institutions wanted to “keep more of their money in-house”.
If you’re an adviser who has never had to deal with a claim, the first experience can be quite daunting. We profiled two advice businesses with a strong track record in claims management to uncover their ‘best practice’ approach when it comes to dealing with clients and insurers at claim time…