The left wing extremists who have taken over ASIC and APRA are intent on killing us off from every angle. Smelly Kell publicaly stated that If clients are happy to sign our opt in and fee agreements and less complaints have been coming in about this, then clearly a problem exists! Let that sink in about the mentality and culture at that corrupt inept organisation.
Clearly, even if clients are happy and sign our forms, ASIC and APRA want to scare product providers into cutting our payments in case they get penalised. Remember planners and product groups now have the burden of proof thrust upon them to show innocence, rather than our legal system which puts the burden of proof on the prosecutor.
While Labor and unions have their greedy fingers in the superannuation pie, and have placed their moles in organisation like ASIC (what other way could you describe Kell ?) and control the dialogue and agenda via sycophants like Haynes, this attrition will not stop.
The blatant commercial reality is that they are fighting for our death to better control a revenue stream that is literally worth hundreds of millions of dollars to them as a group, and to the personal wealth of the key players in their cronyism.
They will not stop and unfortunately the FPA and AFA have been too caught up in political correctness rather than political reality. For the product providers it is easier to roll over, and as a number of comments here indicate, a number also are looking at how to profit further from eliminating us.
If your clients don't have massively positive cashflow or you do not have a large percentage of clients in retirement phase so that direct invoicing versus trail fees becomes a moot point, then in this current version of reality, your demise is just a matter of time.
I am not aiming to be trite or offensive, but highlighting the very real threat that this current agenda being firmly pushed by the left actually means for most planners in business today.
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