Sign up for our free 8-week step-by-step e-course on how to land that dream job at one of Australia's top banksLearn More

Dr. Mark Sinclair
Dr. Mark Sinclair, Mentor Education

Senior CBA exec vents anger at unscrupulous recruitment tactics

27 September 2013
Marianne Perkovic CBA executive general manager of advice
Marianne Perkovic
CBA executive general manager of advice

Marianne Perkovic, CBA executive general manager of advice has delivered a stern message to the unscrupulous recruitment tactics of some dealer groups.

The dismay directed towards licensee spruikers by Perkovic at the Financial Services Institute of Australasia (Finsia) conference in
Sydney are a pertinent reminder that there are still some teething
issues in post-FOFA environment and followed a presentation by ASIC senior executive leader, financial advisers, Louise Macaulay
indicating the corporate regulator is expecting clarity on
grandfathering from the new Abbott government. She added that “the uncertainty over grandfathering was creating inappropriate
recruitment activity” and “there are licensees out there looking to entice advisers to their licence by offering transition payments to supplement the lost grandfathered revenue.”

The CBA executive has encouraged the practice of dealer group managers looking to increase the number of total advisers in the industry rather than focusing on recruitment of practices
interested in switching licensees and has sent a strong message that, “we are publicly saying this is not right for the industry or the consumer, and we hope this activity dies in a ditch.”

Ms Macaulay concluded that, “we are hearing concerns about advisers being bound to licensees as they lose the benefits of the grandfathering provision and our view on the law as it stands is that where an adviser moves licensee then they will lose those benefits.”

We care about your opinion. What’s your take? Leave a reply