Comment of the Week goes to Keith L for his feedback to 'Labor damage control crucial, says adviser'.
In the article, adviser Peter Corrie laid out his concerns about where the financial services industry is heading, after a swathe of Labor-imposed reforms to protect the consumer binds an already-shrinking industry. Judging from the comments, many of you agreed the Coalition needs to work hard and fast to sort things out.
Here's what Keith L had to say:
"Like every adviser in Australia, I'm drowning. Regulation is choking the life out of an industry which should be beneficial to all Australians but which has been skewed towards the one size fits all industry funds. Corrie is spot on and states what we all know.
I have heard all the arguments about conflicted remuneration and banning of commissions but in many cases commission is the preferred choice of our clients. Knowing fee for service was inevitable, for two years I offered clients choice of paying for my services by fees deducted from their product or commission also deducted from the product. I structured the figures so there was no difference in cost. With one exception, all selected commission a choice which is now denied them. As Mel comments, if there is full disclosure, who cares?
We have all been going through the costly Fee Disclosure Statement process to which I have only had one reaction and that was a protest about sending out another piece of crap!
I hope Mr Hockey responds in a sensible manner to Corrie's representation as I believe it paraphrases what we all believe."
Thanks to everyone who contributed comments over the last seven days and keep an eye out next week to see if you're the author of Wealth Professional's next top 'Comment of the Week'!