But while the bank pays fewer commissions Rob Johanson is not immediately stamped out of stamping trail commissions alltogether.
Paying a loan to a banker.
Here’s Mr Johanson’s exchange with counsel assisting Rowena Orr:
Ms Orr: "The people you are dealing with are not remunerated on a commission basis?"
Mr Johanson: "Yes."
Ms Orr: "On the commission basis?"
Mr. Johanson: "But I think that I can tell you what to say." The objectives of the objectives of the organization. , that shows how difficult it is.
"So I think of an upfront commission, even a volume-based commission, if it's properly disclosed It is a question that I’m working for a loan. that addresses a lot of those issues. "
This led to Commissioner Kenneth Hayne Asking: "Who do you think they work for?"
Mr Johanson: "I'm clear, they work for the customer."
If you’re thinking about it, I’ve described it. ”
Ms Orr: "Is that a reason to keep trail commissions?"
Mr Johanson: "If it was a very bad result."
Ms Orr: "Why would a commission commission?"
Mr Johanson: "I’m a little bit different."
Ms Orr then asked: "Well, what gets you a customer commission?"
I think you can’t even be there, you can’t even be there. If you’re a lawyer, you’ll be able to pay for it.