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AIOFP calls on advisers to get clients’ to petition

The Association of Independently Owned Financial Professionals (AIOFP) has called on advisers to petition the Government regarding the Financial Adviser Standards and Ethics Authority’s (FASEA’s) reforms by utilising support from clients.

The suggested petition template provided by the organisation read: “I support my FINANCIAL ADVISER [name] … and appreciate the work and advice I have received. I do not agree with the actions and direction of FASEA and it will influence my voting decision at the next election.”

AIOFP hoped to get 100 clients from 10,000 advisers to sign the petition, as it said that “1,000,000 signatures … is an excellent start to get attention from politicians”.

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“It is time for all advisers to reunite and use our collective numbers and political clout to seek change to our professions greatest ever threat. Over the next six to nine months there is a political window of opportunity with a federal election looming, a struggling Turnbull Government and a damaged FASEA brand to challenge,” AIOFP executive director, Peter Johnston, wrote in an email sent out to advisers urging their help with the petition.

“Numbers are our greatest asset and we need ALL to get involved to give the best chance of success. We have potentially 25,000 advisers, 50,000 support staff and 5 million clients, a significant mass of political capital if it can be harnessed and coordinated into effective action and this starts with you,” the email also said.

In a paper sent to advisers in the same email, the organisation outlined some key questions that it believed FASEA must answer, pledging that “these matters will be pursued through the Courts if necessary”.

The questions it said needed to be answered by the FASEA board and Government were:

  1. How can single women with dependent children comply with these proposed conditions?
  2. How can people who even have a full-time working partner comply with these proposed conditions when responsible for a dependent child’s supervision when working part time?
  3. Where else in any other western civilisation are past completed relevant qualifications and experience not recognised for any occupation? and
  4. Why does the FASEA’s ethos contradict basic human rights and the nation’s best interests?



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While I must admit I haven't been a huge advocate of this group, it is good to see someone trying to harness our collective political power with a view to altering the absurd course we are heading. Hopefully this voice will awaken the mewling sheep that most in our profession appear to be, blinding walking into our own abattoir.

Yes but pity about their incessant canning of everyone else in the industry. All of that virtue signalling for years has left them isolated now that their enemies' nemesis is now coming after them. All that is left of their advocacy is their client base and the pathetically small % of the population that represents. Well played fellas! Never too late to learn how to play Chess - sorry yes it is - the game is already over.

Stuff mucking around with this nonsense, surely there is one sufficiently p.....d off adviser willing to do a Rake and run as an independent Senator looking to chase the balance of power. Now that would get Turnbull's attention.

Not a bad idea. He or she may get a few votes from the very annoyed financial services industry.

You up for it? You've got one vote already! I'm a bit busy with CPDs at the moment.

This is the most laughably hyperbolic thing I've ready all week (and I read about Trump a lot). As if one million people are going to be convinced to sign a petition that is pro-lower standards for financial planners in the current client. They'll be lucky to get ten. What planet do these geese live on? 'Western civilisation' - really? Federal election -really? Represent the profession with seriousness and dignity fellas.

That last AIOFP meeting must have looked like a scene out of The Young Ones

"We sow the seed, right. Nature grows the seed, "

"Shut up! Shut up. It's pathetic. The beauty of your plan seems to rest on everyone being really into seeds."

Geez I am betraying my age here.

How you travelling with this one Peter?

Lets all take a chill pill. PJ trying his best to get the best outcome for us all. Advisers dont seem to value one another and the difficulties many are having. Lets show a little empathy. This will go a long way.

“Advisers dont seem to value one another and the difficulties many are having.”

Organisations like Peter’s led the charge against other advisers exacerbating the problems ALL advisers are having. TOO LATE!

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