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.”