Unknown commissions paid on bank accounts, page-2

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budget

26 Posts.

20/02/18

16:34

Post #: 31195714
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Originally posted by budget ↑

In 2008 I organised to commence a SMSF with a financial adviser. All okay and in the process a cash management account was set up with nab and latter nabtrade account set up. After a few years the financial adviser and I parted company. Interest received on the cash management account was small which was no major worry as I only parked funds there short term.
But I now find that when NAB cash management account was established - someones name is linked to the account to
receive commission. How did I find this out.
NAB internet banking does not show the interest rate received on accounts. This annoys me so I phoned NAB to find out the rates. In the process I was transferred 3 times between different "account managers" before someone was able to tell me the interest rates received. ( very lousy rate and the nabtrade rate was 10x times worst). During the conversations I became aware that there may be some sort of trailing commission being paid which was unknown to me.
I then put in writing a request to NAB to advise if there were trailing commissions being paid. I received a reply and the
confirmation is worded as: "I can confirm that for this type of account the Advisor who sold the product does receive commission" So my errors were 1. Signing documentation to open account thinking that it was a courtesy process to provide bank paper work. 2 Not asking about commissions. Today I have asked the NAB to initiate the opening of accounts with no commissions to be paid and a higher return to myself (SMSF).

Just how many other people have accounts opened for their SMSF where commissions are being paid without their knowledge?

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I took the issue up with NAB today and an extract of reply below:
Thanks for your time on the phone earlier today.
As discussed, I have now removed the adviser from your account and marked it as "Non-advised".
As such, commission will be paid to yourself at the end of month and will show on your statement as a rebate. This rebate will be equivalent to the 0.5% commission adviser would have received.
I hope this has fixed the issue for you within regards to adviser receiving commission.
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