It’s become a major talking point during the Royal Commission and amidst ASIC’s disclosure reforms – but what are hidden fees and do your clients know about them?
No More Practice recently sat down with Platinum Investment Management’s new chief executive, Andrew Clifford. In a discussion covering a range of topics, he touched upon issues of transparency in Australia’s financial services sector.
He noted that with a typical managed fund, “you can see the returns and those daily prices. You can see what you’re paying for, and there’s plenty of information available to the investor about the fund.”
Where things become more opaque, he continued, is in the superannuation and platform spaces. “There’s a different layering of fees there,” he said, “which aren’t as clear-cut to the end user.”
“That’s becoming apparent in much of the work done by the Royal Commission,” he added, “and I think it’s important that people understand what
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