The Association of Independently Owned Financial Planners (AIOFP) has announced the formation of a consultative committee to represent the specific needs of the industry's independent sector, according to chief executive officer Peter Johnston.
Johnston said the Future of Financial Advice (FOFA) experience had demonstrated that the independent sector cannot rely on other parties to articulate, represent and support their case to government and other stakeholders.
"Although there were many common generic aspects affecting all advisers, the critical issues of cross-subsidisation, discrimination and licensee ownership transparency were ignored by the industry advocates at the time," Johnston said.
"As an association, our role is to enhance and secure the long-term financial viability of our members and their respective adviser practices as the independent sector is crucial for the support of consumer choice."
The committee with comprise 12 members:
– Peter Johnston, AIOFP
– John Ardino, Lifespan
– Peter Daly, Beacon
– Darren Pawski, WealthSure
– Don Trapnell, Synchron
– Darren Steinhardt, Infocus
– Lynley Hukins, L J Financial
– Tony Hartley, Madison
– Simon Makeham, Makehams
– Grant O'Riley, Capstone
– Clive Ross, Utopia
– Grant Scalmer, RIAA
The members will meet in November at AIOFP's 16th National Conference to elect the committee chair and deputy chair.
AIOFP pointed to figures showing institutions owned around 60 per cent of the advice market in 1998 when the association was established. This figure is reaching 80 per cent, with AIOFP expressing concerns about lack of consumer choice.
"AIOFP's [consultative committee] is a long-overdue initiative and the group will robustly represent the association's members by engaging in direct dialogue with politicians, government department heads and industry representatives to ensure that the voice of the independent sector is heard, acknowledged and considered in future actions that impact the industry as a whole," Johnston said.
