This week’s winning comment comes from ‘Cecil’ and relates to Thursday’s interview with FBAA president, Peter White.
In the article, White says brokers need to start developing long-term strategies in case further legislation is brought in – and that fee for service requirements for brokers, à la FOFA, is a realistic possiblity. Here’s what Cecil had to say:
“As someone who has practiced fee for service in the financial planning area for some time, the concept of fee for service in the finance area worries me. It would play into the hands of the majors who have a strong lobby in Canberra. Loans, like tax, can be very transactional as online or in the bank arena. People, however, benefit from time one-on-one with advisors (independent??). Funding this on a fee for service basis has many obvious problems, not the least asking people to part with their hard earned. Like our erstwhile leader's bungle on FBT recently. There is a great deal more to this than sitting in an office in Canberra and looking at a set of numbers - never having sat one on one with a real person!”
Cecil’s comment inspired a great bit of constructive feedback from other readers and henceforth has earned him/her the Comment of the Week crown (best worn slightly off-kilter and with the utmost pride).