AFA insists Choice withdraw its slur on advisers
The Association of Financial Advisers (AFA) chief executive, Phil Kewin has said he will be demanding that consumer group Choice withdraws an assertion that financial advisers can rarely be trusted to act in a client’s best interests in dealing with people seeking early access to superannuation.
Kewin has been angered by a statement by Choice Policy and Campaigns Adviser Patrick Veyret that “it will only be in vary rare circumstances that a financial adviser recommending early access of superannuation is doing so in your best interests”.
The AFA chief executive said he regarded the statement as both unfair and unjustified and highly unhelpful at a time when financial advisers were doing their best to help people navigate the complex issues generated by COVID-19 and the Government’s response.
“I will be asking him to withdraw the statement. It is unhelpful and irresponsible,” Kewin said.
The AFA chief executive said the Choice statement was unfortunate because the AFA was broadly supportive of the argument being put by consumer groups that early access to superannuation should only be sought as a last resort.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
