Financial planning clients of AMP Limited and the big banks may have been spooked by the revelations at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services, but that has not yet translated into a client exodus.
While a number of independent financial planners and industry superannuation funds have reported higher levels of inquiry following the Royal Commission revelations about fee for no service, others have said this has not yet translated into migration.
NGS Super acting chief executive, Laura Wright said the fund had received inquiries from AMP clients working in the education sector, while a number of planning group principles said they had seen a higher than normal levels of inquiry following the Royal Commission revelations around fee for no service.
However, Quantum Financial Planning’s Tim Mackay said the firm had not noticed a discernible uptick in inquiries.
“We haven’t noticed that to be honest,” he said. “And that’s probably because the reputation of an institution isn’t as important if clients have an established relationship with their planner and have built trust.”
Mackay said that while firms such as his were always looking for new clients, he had not personally seen any great change in the level of inquiries.
However, he said that might change if further issues were raised by the Royal Commission.