Advice culture and remuneration The shameless truth about life insurance commissions lust, gluttony, greed, sloth, wrath, envy, pride, COMMISSIONS.Advice culture and remuneration | 3 Contents Introduction 4 The psychology behind good and bad advice Section 1 8 Culture: the first line of defence Are fees the magical silver bullet? 8 Does the commission model attract the wrong types? 10 Section 2 14 The consumer and adviser experience The case for upfront commissions 14 Royal Commission recommendations 16 Ongoing commissions: fees for no advice? 18 Section 3 20 The industry and economic impact Conclusion 22 Avoiding unintended consequences Commission as a business cost management model 23 We are all motivated reasoners and our motivation is rarely simply financial.

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