Livelihood of Financial Advisers at Stake?
An alliance has come out in force to lobby MAS against going towards a fee-only model. They are arguing that such a move will affect the livelihood of financial advisers.
It has been interesting to observe the response of the entire industry to FAIR.
Many viewpoints have been exchanged and while everyone is trying to argue for the merits of his or her model, inevitably there will be some self-interest involved.
Actually, whichever model you adopt, be it fee-only, fee-based or commission-based, there can always be an economic bias on the part of the financial adviser.
I will give my thoughts in a more detailed post on this topic next week. Look out for it!