Westpac To End Grandfathering Of Commissions

Big news this week as Westpac announced it has moved to remove grandfathered payments attributable to their BT advice products. The announcement said BT would honour its contractual obligations to external financial advisers who are currently receiving grandfathered payments in respect of a BT financial product. Industry players are choosing sides in the fight over grandfathered commissions which will affect not only adviser incomes, but their business valuations as well.