FPA proposes risk commission capBY DARREN SNYDER | TUESDAY, 5 MAY 2015 11:20AMAustralia's main financial planning associations have revealed their views on the risk advice remuneration models that the industry should adopt following the release of the Trowbridge report. Related News |
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Shail Singh
LEAD OMBUDSMAN INVESTMENTS AND ADVICE
AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY
AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY
To be successful as Australian Financial Complaints Authority's (AFCA) lead ombudsman for investments and advice, one requires empathy, impartiality, and rationality. Shail Singh shares how he also uses legal and financial advice expertise to help consumers, small businesses, and member firms. Karren Vergara writes.
If I read this correctly the FPA is saying ongoing commissions (renewals) are not important compared to initial. Please tell me if I'm wrong. If I'm correct in my understanding they have their head in the clouds and no experience as risk advisers looking after clients on a daily basis. This is at least as time consuming as initiation of a policy in many cases. FPA appears to have no clue about risk and what is involved. This fluff they come out with is counterproductive. Appreciate them trying to help but rather they stay out of the way and let the adults involved in proper risk advice get on with it.