News Round Up

Investors better off with financial advisers: KPMG
Investors are a couple of thousand dollars better off every year if they use the services of a financial planner, according to a KPMG research report in Australia. [Read More]

AMP moving to fee-based model
AMP says it welcomes the Ripoll Report and is moving all its advisers to a fee-based model.

The Ripoll Report’s key recommendations for the financial planning industry include financial planners having a fiduciary responsibility to their clients, a move to cease commission payments from product manufacturers to planners and the establishment of a professional standards board for financial planners.

“AMP fully welcomes the move towards greater transparency in the way consumers pay for financial advice,” managing director Craig Meller says. “We are supporting all of our financial planning practices to transition to a fee for service business model from July 1, 2010.