i dont' have any confidence in the regulator, that they are principled and will do the right thing. i don't think anyone in the financial planning community has any confidence in ASIC, that is why we do not engage with them and keep under the radar.
it's scary. i am even typing up this comment while going incognito on my web browser so it doesn't get traced back to me for fear of retribution, and i am already a fasea qualified degree holder and passed the exam, and completed the transitional cpd 3 months before 30 June with a very compliant history.
there is no way a profession of financial planning can be formed when the regulator is so prejudiced towards the sector. given that is the present situation, there is no way we can inspire confidence in ordinary Australians to take up advice while we are all keeping up appearances.
this will sadly end badly as by 2024, there won't be much of an advice sector left. to those thinking robo advice will fill the gap, yeah maybe a small proportion. it's a huge loss to the country and in hindsight when we do reflect on it after it has come to pass, we will acknowledge how badly advisers have been treated
good on the advisers who have left, i am building up the courage to do so myself.
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