Ivor Harper's proposal on how to overcome the fees/ commission debate was an excellent idea.
Mr Harper's proposal outlined that contracts should be written totally free of commission “loadings” and that any fee should be agreed between the adviser and the client.
This fee could either be paid there and then by the client or deducted from the client's policy over an agreed period of time.
This would resolve the “financial exclusion” issue traditionally associated with fees. In this way, the client does not have to write a cheque up front and the adviser can truly demonstrate that he is free from any product or provider commission bias.
As it happens, Winterthur Life has been offering exactly what Mr Harper proposed – flexible adviser remuneration – for over 10 years.
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