HSBC opens trail to advisers
HSBChas enhanced its SuperOptions superannuation and allocated pension product range by introducing new trail commissions in what it says is a drive “to attract and retain financial adviser loyalty”.
HSBC has reduced the capped management expense ratio levels to 1.99 per cent on most of the personal super and allocated pension funds as well as including a 1 per cent per annum trail commission alternative on the nil entry fee option for both its personal super and allocated pension funds.
Of the nil entry options, the first has an upfront commission of 3.3 per cent and a trail of 0.33 per cent per annum, while the second option dispenses with any upfront commission, but has a 1 per cent per annum trail commission.
HSBC chief executive Barry Sheehan says the move demonstrates HSBC’s commitment to delivering comprehensive funds management services to financial advisers.
“To attract and retain financial adviser loyalty we believe it is important to offer them flexibility and choice,” he says.
Investors with a minimum of $2000 can access HSBC’s personal superannuation product range, while those with a minimum of $25,000 can access the allocated pension category.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
