Readers disagree over the importance of retaining embedded commissions, raising proficiency standards and whether these positions are inconsistent.May 12, 2016
As the U.K. reconsiders rules banning embedded commissions, Advocis reaffirms its commitment to both raising proficiency standards for advisors and embedded compensation
It’s worth reviewing the experience of the U.K., where advisors have faced higher proficiency standards since 2013
John De Goey’s response to Advocis fails to address how clients will suffer if many have to leave the business
It seems contradictory to ask for both the retention of embedded fees and higher standards for financial advisors
To protect clients, Advocis supports a new professional accreditation for financial advisors. Failure to do so will leave regulatory gaps.