Looking to break $1, page-5

l believe l know a thing or 2 about the financial planning industry.

The removal of grandfathered revenue they 2021 appears extremely poorly understood by those that are not financial advisers.

ln my experience, the transition from grandfathered income to the new regime of fee for service is a discussion between adviser and client of services rendered and value generated. The overwhelming majority of clients know the value of what they receive and transition to fee for service quite smoothly.

Poor advisers are more often than not caught out by the end of grandfathered fees, and will quite naturally be weeded out of the industry.

The dissemination of good advice and poor advice is not a weight on the license holder thereby requiring higher fees from be paid by the adviser. Compliance costs undoubtedly will increase but most good advisers will retain their client base and absorb any the costs.

Readers should confidently dismiss the nonsense about only the top advisers being viable. Such analysis is simplistic as well as being plain inaccurate, in the context of real world advisory services.

CUP is extremely well positioned to recruit 100s of high quality, degree qualified professional advisers in an industry that will see 25% to 35% of older advisers retire within 5 years. The new FASEA education standards will merely hasten the exit.