The Association of Independently Owned Financial Professionals (AIOFP) has attacked the Liberal Government by launching a video telling its members' clients that the government had been treating financial advisers badly and should not be voted for in the upcoming election.
The two-minute video said the Liberal Government had favoured big banks and that the banks were replacing advisers with telemarketers, robo-advice, and computers which would lead to conflicted advice on products.
“There has been more than $40 billion in failed investment products since 1980 and financial advisers have taken all the blame and the Liberal Government have been treating financial advisers badly over the last seven years and left people paying more for financial advice,” it said.
“The Liberal Government are forcing advisers out of the industry with unfair measures.
“It’s the politicians, regulators, and banks for product failure. They have avoided accountability by blaming advisers. Financial advisers only give advice on the product that have been released by the regulator and managed by banks. For investors the system has failed them repeatedly, not advisers.”
The video noted the federal election was approaching and said its clients should voice their concerns to the government and that if things did not change for advisers they would reconsider their vote.
“If you want to save $7,500 in lower advice costs over the next three years, don’t want to deal with bank telemarketers or computers to get advice, and instead want your personal financial adviser to survive and look after you. We all need to send a message to coalition politicians.
“Stop supporting banks or you will lose your seat. We will put you last on the ballot sheet.
“It’s time for coalition politicians and banks to start acting in the best interest of consumers, not themselves your advice will be in contact with further information shortly.”
Comments
Great work AIOFP
As a life long blue blood LNP voter and Adviser of 22 years, I’ve had a total gut full of Frydenbergs hate of Advisers.
Frydenberg & LNP have killed Advisers for too long and his unwavering love of the banks to the detriment of Real Advisers must stop.
Out with Frydenberg,
Out with Danielle Press and clean ASIC up.
Apart from the fact the cartoon is weak and self centred. Who are Peter Johnson etal kidding if they think an Albernes lead left wing Labor government is going to treat us any better. Careful what you wish for children
Well the point is, they could not treat us any worse. I will be voting Labor for the first time since Keating. I know many other advisers in the same boat. We will also be encouraging our clients to do the same. We have families, friends and wide networks. Despite all of the nonsense said about us, we are influential in our communities. This will swing votes and no BS scaremongering will change our minds. Hume, Frydenberg and the Coalition need to be held accountable for the damage they have caused to financial planners and their clients.
Oh it can get so much worse! At least the LNP left 20,000 Advisers, the ALP will leave none!
!00% agree. Thinking a Labor Gov, aligned financially and philosophically to the union super funds, with hundreds of millions of new revenue on the line with our demise, would treat us better than a neglectful LNP is just the epitome of stupidity.
There is a reason there are sayings like careful what you wish for, better the devil you know and cut off your nose to spite your face. Sadly, small minded groups like these in AIOFP are exactly the types that created that reason.
Where can i see the video??
https://www.linkedin.com/feed/update/urn:li:activity:6822909288625901568/
I may not vote Labour but despite being a lifelong LNP supporter, am definitely not voting LNP.
The refusal to prosecute AMP for the 'fee for no service' was the last straw for me, of the hypocrisy of the LNP and the injustice to the small adviser.
Your kidding ? Some people have a short memory on the oppositions approach to commissions that Mr Jones verdantly described as conflicted and out of step with today’s standards I have not seen any retraction on that statement
Yes Frydenberg started all this and has been ably assisted by ongoing ministers holding his old portfolio ( O’Dwyer and Hume ) and he has to go ! along with FASEA the ridiculous rules and regulations around education and ethics. Followed by a major investigation into ASIC it’s structure and actions over the past 5 years or more But, can you seriously see labour in power changing all this around? Have you forgotten who they are “in bed “ with the unions and industry funds?
Labour in power will be a bigger disaster then the one we are in and will bring around the downfall of real advisers far quicker.
Think outside your own Personal grievances at the BIG picture and it not a Labour Government
Life insurance commissions are already banned. They contravene FASEA standard 3. Haven't you done your exam? It is confirmed in the explanatory guide where FASEA introduce the disinterested person test. Don't listen to snakes like Glenfield. Look at the wording in the legislative instrument and explanatory guides. That's what class action lawyers will do and they will be coming soon. This is just one of the damaging things this disastrous Coalition government have done to us. They must go.
Fee for service is also banned under Standard 3. All forms of remuneration are conflicted, and all conflicts must be avoided.
This is why Standard 3 is unworkable and must be fixed right now.
I have a genius, one time - once only solution.
are you all ready ?
are you sure ?
well here it is then :
we the advisers pay the client to give them financial advice. how is that?
dealer group licensees? no complaints.
consumers? Yipee free money for everybody
regulators ? do what you want we don't care
government ? can we have a donation, please?
consumer groups? remediation what remediation? please give us some of your free money
big banks and insurance companies, I'm gonna get me some.
advisers, bankrupt, at martin place with a cardboard sign that reads: help, broke financial planner
Sadly the CSLR is already putting your novel idea into place. Another chance to pay more money out, and making harder on clients who have to pay higher fees
Neither political party represents any of us.
In fact they have both moved so far to the "Left" it's almost impossible to distinguish one from the other, except that one is just more extreme than the other.
Either way, no one should vote for either party, because the choice is obvious.
Neither deserve your vote. Whilst it will make very little difference now, because to do so would validate the current destruction of the financial services industry.
At this point changes now are only the tip of the iceberg of what the future holds, and I'm guessing that they will be more onerous and draconian.
Politicians care about one thing, the next election and that's it, and how they can offer a bag of false promises, to appease you for your vote.
Don't be fooled by the Social Media frauds working out of Frydenberg's office.....the ALP banned product commissions, excluded Risk and grandfathered revenue.....Libs put in place FASEA/LIF/banned Grandfathered Revenue and smothered us with Compliance.....its definitely not the devil we KNOW we WANT!
let's target that lady jenny who said only financial advisers benefit from 6 member smsf's let's GET HER!
Wah wah wah - I can't pass a test. Wah wah wah - the government keeps making me change how I provide my shitty advice services. Wah wah wah wah - Old macdonald had a farm - ee eye ee eye ooooo - what a bunch of whingers. The sooner AIOFP members leave - the better.
wah wah wah, is that a baby crying? haha. the AIOFP recruited Adrian Rafferty, is he still around. the biggest whinger of all.
Easily the most moronic lobbying attempt to come out od financial planning and that is truly something!
What have you done lately to try to get some change or at least our side of the story out there? Ill assume nothing?
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