Updated Wednesday, October 22, 2014 as of 9:57 AM ET

Australia Redefines How Advisors Relate to Clients

Imagine if the federal government in one radical swoop altered the way the financial advisory world operates. Under this vision, the government bans most commissions, requires all professionals who offer anything remotely akin to personal financial advice to assume fiduciary obligations, sets a rule calling for these professionals once a year to present their clients with a detailed list of all fees charged and to renew opt-in commitments every two years if they want to continue to get paid.

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