i couldn't help but reply to what is an unfounded repeat of anothers dribble.
"Around 85 percent of financial planners are aligned to or employed by a bank or large financial institution. Financial planners receive a range of commissions (often unstated, which is a major and ongoing issue) including an up-front fee, which is known to be even more than 10 percent in some instances. They also receive a trailing commission and a in some cases a volume rebate as well as in-kind benefits such as shelf-space fees and discounted loans.
If you had any idea of the compliance and regulations, especially with major institutions, then you would know that they ARE often stated. In fact the policy would be to state them ALL the time. Most (if not all) software used should automatically generate any fees or commissions paid to the Planner or their employing organisation. This should include any trailing commissions.
If this deliberately being excluded then that is a totally different matter.
You also state: a lot of people have entrusted their savings to planners, and have lost the lot.
Well I would think that the majority of people dealing with Planners have done pretty well over time and those that 'lose the lot' usually do so out of greed and / or dealing with unscrupulous schisters that eventually get caught out. Much to the loss of the unknowing. This is generally in the minority and once again the same brush is tarring everybody. Remeber, you can't legislate against fools (and their money).
Once again another ill-informed post that seems to stem from one with some kind of chipped shoulder.
