Paul Benson
speaker
378 appearances
1 recordings
1 series
first heard Mar 2021
last heard Mar 2021
Paul Benson’s voice in public audio — every appearance, attributed to the second.
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Appearances
That's the way the Australian law is written and it was with good intention because it's trying to,
protect people and ensure that financial advice from licensed advisors is always, can be relied upon and is comprehensive and well-considered.
But the challenge is to do that sort of comprehensive, well-considered advice.
You can't just answer it in a five-minute chat, you know?
I don't know, five years or more now, right?
So there are no commissions in the Australian environment on anything to do with investment.
There are still commissions on insurances and there are some planners that, you know, just charge a fee to do insurance work but most will charge, you know, will be paid via commission and so therefore the client, you know, doesn't have to pay a fee for that because they get paid via commission from the product issuer instead.
So that's the only place where there are still commissions, right, on insurances.
And it's probably just also worth mentioning, like in my case, you know, there's, I don't know, a dozen different insurers in Australia.
Whether I recommend insurer A or insurer B, the commission's almost always identical.
So consumers shouldn't be concerned that I was just recommending that one because they pay a higher commission.
Actually, I mean, if they're different, they're like 0.01 different or something.
Like they're essentially, there's just an industry standard and they all pay the same.
So that's on commissions, but that feeds nicely into independent because there's
That does make a lot of sense, right?
As a consumer, you go, yeah, independent advice, that's what I want.
The word independent, interestingly, is actually defined in legislation.
And so as a financial advisor, financial planner, you can't use the word independent if you take any form of commission.
and that includes insurance commissions, and pretty much all advisors do, unless there's the odd practice that it doesn't do insurance.
So they might be able to call themselves independent, but the vast majority won't.
Showing 281–300 of 378 · page 15 of 19
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