Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | RBS Morgans (Burliegh Heads) Appoints MyMoney Commission Refund ServiceMyMoney takes over much of the hard work for advisers in reporting the full amount of commission deducted from products and reporting to clients a transparent fee model.
By: Graham Chee “Financial advisers in Australia are all facing the challenges of a culture change in terms of a commission free environment and need not only to manage the transition to fees but indeed the education of clients in the new regime. With all that needs to be done, advisers do not need to be diverted to the procedural impacts in terms of revenue management that this will bring.” Said Chee. MyMoney takes over much of the hard work for advisers in reporting the full amount of commission deducted from products and reporting to clients a transparent fee model. Reporting to clients and providing business tools to enhance the servicing of our clients is a key feature of our service said Graham Chee, Director of MyMoney Australia. Commenting on MyMoney’s appointment, RBS Morgans Burleigh Heads Director Rod Peters confirmed that they wanted to be pro-active in addressing the currently changing environment. MyMoney allows us to provide an initiative to our existing clients and a tool to attract more clients in a transparent and efficient way. We also saw this as an opportunity to attract new clients for conversion to full fee paying clients where appropriate. We were looking for a solution to help manage the new changes involving commissions that was beneficial for clients and also enabled a streamlined approach in communicating. We needed an innovative and robust solution enabling us to be proactive for our clients. Bringing the project online early shows the experience and expertise of the MyMoney team in understanding the business and dynamic environment in which we operate. We are extremely pleased with what has been managed, implemented and delivered said Rod Peters, Director at RBS Morgans Burleigh Heads. Furthermore “RBS Morgans Burleigh Heads has a team of qualified and experienced advisers who can assist with all aspects of stockbroking and financial planning to create value and are paid for this service as these services are rendered. The fact is that many Australians are paying trail fees unnecessarily without receiving a service for this fee. Yet, despite this, their investments and insurances often generate commissions that are either kept by the investment manager or paid to financial planners they do not know or deal with. We have adopted the “MyMoney” service for these investors by refunding those commissions each month where no advice is required. ” said Peters. The result is the adviser, in conjunction with the client, can communicate and take a proactive role in relation to the service. MyMoney facilitates the collection and refunding of any trail commissions directly to the client. Therefore, the fees charged by the adviser represent the full and understandable value of the services provided without confusion of commission offsets and thus the adviser ends up with even greater control of the revenue compared to receiving payments from product providers. This approach also accords with the Financial Planning Association’ End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|