Financial planners were last reviewed in Business Values Newsletter No.134 of January 2016. The subsequent Royal Commission into the Financial Services Industry from December 2017 to February 2019, has led to reforms that have significantly impacted the industry as a whole. It has also had a direct impact on individual businesses’ revenues and sale prices achieved in the marketplace.
Key Findings Of The Royal Commission Affecting Financial Planning And Life Insurance Businesses
The Royal Commission found that the existing remuneration/incentive based income models affected the culture of the industry in relation to the following:
• acting in the best interest of clients;
• acting fairly;
• level of obeying the law and deceit; and
• delivery of services with reasonable care and skill.
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