Focus on customers, not fees: Shanks
In recent weeks, the adviser remuneration model has come under pressure in Australia, with CBA Bank CEO Matt Comyn suggesting a fee-for-service model is the fairest model for customers. CBA’s NZ subsidiary ASB played down the comments and described NZ as a “very different market”.
In contrast to Comyn, ANZ CEO Shayne Elliott told the Royal Commission his bank largely relies on advisers for its mortgage book.
Trail commission has also been the subject of debate in Australia, with the Royal Commission expected to recommend a potential ban in the country.
Katrina Shanks, the CEO of Financial Advice NZ, told TMM Online New Zealand advisers should focus on their conduct and service, and this was more important than the fee debate. She said lenders and advisers alike should be “committed to their role in providing ongoing service and expertise for clients”.
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