He said that “doesn’t necessarily mean the adviser earns less” and further highlighted how technology can give “some massive advantages if we get it right.”
As to whether the days of high commission are over in markets such as the UAE, Green argued that sometimes the way products and services are charged gets confused.
“Yes, I think there’s a move towards ongoing, let’s call it that. There’s less of this perception, at least, of upfront. Sometimes a product that looks like it’s upfront isn’t upfront, right? So, it’s kind of complex but yes, there’s a move towards ongoing, for sure, and there should be, is my feeling.”
Green said deVere clients are given full disclosure of the charges in the products: “We’re very clear and we phone every client as well, making sure they understand exactly what they’ve got.
“Obviously, the charges in the main are in the product, not our charges. Here in the UAE there needs to be 100% disclosure on how the product works and what the charges are. Everybody needs to know how that is.”
In terms of how this shift in remuneration translates into figures, Green cites how only 6% of deVere’s worldwide business currently comes from regular premiums compared with 60% 10 years ago.
“Most of deVere’s business now worldwide has moved to more of an ongoing model”, he said.