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Lets face it, the FPA/AFA and any other industry association, have done a poor job of conveying the message of the individual planner to govt & regulators. ASIC has only ever done a poor job of regulating, citing constantly they are under resourced, now the govt has opened the floodgates on funding to them and it's party-time. More regulation, more compliance, more confusion, more cost, more and more of the industries best advisors heading for the exits.
It is becoming apparent to me that Govt want to severely disable or even kill this industry. The ISN definitely want to kill off they're "perceived" competition, the individual financial planner. Financial planning is very much a "cottage industry" that failed to organise and unite as a single force, making us easy targets, thus we find ourselves in this sorry sorry mess.....end game, the consumer who desperately needs financial advice can't get it and certainly can't afford it. Congrats Govt, congrats ASIC, congrats ISN, looks like you are quickly nearing your goal. WHAT A BLOODY MESS.........!
This seems like a tale of fiction, but sadly it is REAL. All these opinions we share, are to the converted, other planners, these messages need to get to the politicians and to the consumer, before it is too late!