Correct me if I’m wrong, but my understanding is that the grandfathered commissions to be abolished would only be those associated with fees for advisory services initiated before 30 June 2013 and classified as “conflicted remuneration” for the purpose of FoFA (Future of Financial Advice).
So, as a very rough estimate, if Revenue from Financial Advice is currently about 40% of total, assuming (conservatively, I would say?) that:
1) No more than 50% of that revenue is associated with ongoing services initiated prior to 30 June 2013, and
2) No more than 50% of the amount estimated in 1) is “conflicted”
We’d still be talking about less than 10% of Total Revenue (and possibly a lot less).
Does this make sense, or am I wildly off?
Ann: ANZ Wealth Management updated financial information, page-33
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