Chifley planners head to the negotiation table
Financialplanners with Chifley Financial Services will head to the negotiation table after the group wrote to the planners withdrawing its unilateral change in the planner’s remuneration structure.
However, the withdrawal of the changes was dependent on the planners and their representative union, the Financial Sector Union (FSU), calling off a planned Industrial Relations Commission (IRC) hearing set for late last week.
The planners were to meet with Chifley management last Friday to discuss changes to the employment contracts of the planners, most notably the commission structure through which the planners are paid.
FSU secretary Geoff Derrick says the planners had been willing to negotiate any changes from the outset but only if none of the planners will be worse off under any new agreements. He also says the union recognises that Chifley has chosen to reposition its pricing and marketing strategies.
The turnabout by Chifley management came after the planners and the union notified the IRC about the dispute, with the commission then tabling a hearing. The FSU then wrote to Chifley with the latter requesting the meeting and the cancellation of the IRC hearing in exchange for the withdrawal of the changes already put in place.
“This is a common sense step to ensure these planners are paid properly for the work they do, and the FSU and the planners are looking forward to working out the issues in an open manner,” Derrick says.
The dispute started when Chifley sought to standardise its pay conditions across the group after a change of ownership some months ago in which Futureplus planners joined the group.
Chifley maintains that the group’s business model, even before the purchase of Chifley, was not to pay commission and instead, planners would receive pay equal to their current base remuneration.
The situation escalated after the planners sought assistance from the FSU who then took the issue to the NSW Labour Council.
AUTHOR
Jason Spits
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