Morgan taking too hard a line in commissions: Matthews

Morgan has publicly been criticising advisers and, as reported in Good Returns last week, joined the ranks of the Society Of Independent Financial Advisers (SIFA).

The essence of Morgan’s criticisms of the industry is that advisers hold themselves out to be independent when in fact they are receiving commissions from the financial service firms.

Such planners are not advisers at all, Morgan argues, but are commission salesmen, and he intends to raise the issue of this, and whether such advisers can call themselves independent, at the SIFA conference next month.

Morgan said that after the reaction to his public criticisms of the industry, the FPIA was “a hopeless cause”.