JBWere’s new adviser remuneration model welcomed
The Stockbrokers Association of Australia (SAA) has supported the change in JBWere's remuneration model to its advisers which will help reduce their reliance on grid commissions.
SAA has welcomed such a decision and appreciated a move towards introducing an outperformance pool and profit sharing, describing it as "a positive development for the wealth industry".
SAA's chief executive, Andrew Green, also noted that such a move marked the evolution of the traditional stockbroking business model to providing clients with "one-stop financial advice".
"The move towards fees based on funds under advice is complementary to the evolution and will help to create a stronger alignment between clients and their advisers," he said.
AUTHOR
Oksana Patron
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
