Government Reforms to Abolish Grandfathered Commissions in 2020

Financial advisers receiving grandfathered commissions could be a thing of the past as early as the end of 2020 if the government get their way. The Government has fast-tracked it’s response to the recommendations of the Hayne royal commission, and is expected to introduce 40 new pieces of legislation by the end of next year. With adviser incomes to be reduced by up to 30% from the commission changes, business valuations and adviser retirements are both expected to be impacted.