It was an obvious attempt to stop the rip off fees upon people who would not be advantaged by any financial advice whether honest or not.
Of course the Federal Government (of any colour) controls the superannuation space - how could you think otherwise? Think about which body sets the taxation regime for Australian citizens and their superannuation and pension.
You obviously don't remember but it was the retail fund managers which wanted to break the automatic choice of industry funds for employees and new employees in particular.
Taking a strictly business view, financial advice firms are losing money if they try and engage 'disengaged' people as the cost of servicing them is higher than any benefit received by a financial advice business. A hard truth but true.
I have said this before but financial advisors need to demonstrate the value and need for good financial advice to citizens, but all that is seen and heard are complaints about unfair Royal Commissions, Coalition Government, etc, etc. Not seen anything stating the essential and vital role of financial advisors in today's complicated taxation, superannuation, etc by the two professional bodies (which should be abolished for being useless) nor by any financial advice professions.
Good ultimate paragraph.
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