A report in investment newpaper "Investment Adviser" has reported that the Chief Executive of HSBC has attacked the commission based advice model. The article said that HSBC Chief, Michael Geoghegan, was ruling out working with financial advisers and other intermediaries in favour of people coming to HSBC direct.
Our view
An interesting comment, alienating much of the financial services sector.
Regarding commissions v fees we wonder on what basis in-house financial advisers at HSBC branches are paid?
Furthermore, what does HSBC Asset Management pay to external, independent financial advisers. It seems as if Mr Geoghegan may wish to understand his own retail operations before slamming others.