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Broker Talkback

Is it right for Clerical Medical to cancel an adviser’s trail commission if it concludes they no longer offer a continued service?

Yes 50%
No 50%

Yes “We have to earn our money and if we don’t, we don’t deserve the trail.”

Paul McCabe, Sean McCabe Independent Financial Advisers

No “There is always a potential that the client could come back for more advice.”

David Blackburn, Allendale Financial Services

Yes “If they are not offering a continued service, it is only appropriate.”

David Meakin, David Meakin IFA Independent Financial Advice Centre

No “It depends on the situation. They might still be sending things out to clients.”

Debra Gratwell, The Gaeia Partnership

Yes “It is only fair that the commission is cut if the adviser is no longer seeing the client. If they stop paying the adviser, the charges should either be transferred to another adviser who can keep the policy updated or they should be rebated back into the policy itself.”

Mike Pendergast, Zen Financial Services

No “If it goes against the original contract, then it is not fair. If it is asking clients, it might not always get a conclusive answer.”

Chris Ansdell, Headstart Financial Planning

No “I do not think it is right to cancel it but it is a difficult one because we should be servicing our clients to get it. It fires a warning shot to IFAs. If Clerical Medical is doing it, then others are sure to follow.”

Paul Plagerson, MoneyPlus 2000

Yes “If you are not offering a service, how can you justify taking renewal commission?

Syd Baker, SB Financial Planning

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