Trailing Commissions
If you've ever looked at your financial statements closely, you'll notice there are a range of fees and commissions that are charged, with no clear explanation of what these charges are.
These are often trailing commissions paid to financial advisers, brokers and agents that may have originally signed you up to that product and are still getting paid by the fees and commission that generate from your account, every year!
Even if you set up your account directly with a Bank, Financial Institution or Insurer, they have simply been keeping the fees and commissions themselves.
|
Financial Product |
Industry Average Fees and Commissions |
|
Managed Investment Funds |
0.5%* |
|
|
|
|
Super/Pensions |
0.5% |
|
|
|
|
Home Loans |
0.2% |
|
|
|
|
Insurance |
11%# |
*These commissions can range from 0.25-1.25%
# These commissions can range from 7-30%