Do lawmakers understand the damage to accounting and planning?

accounting planning Australian Wealth Solutions Sam Zervides

23 August 2019
| By Mike |
image
image
expand image

The Government needs to understand the impact of its over-regulation of the financial planning and accounting sectors and, in particular, the impact on what amount to small and medium-sized businesses, according to Australian Wealth Solutions principal, Sam Zervides.

However, he said the growing calls for government to stop interfering, over-regulating and irreparably harming the important financial planning and accounting sectors were continuing to fall on deaf ears with the economy, employment and consumers equal losers.

Zervides said planners and accountants could accept the decline in their livelihood if it was the result of new technologies, outsourcing, overseas competition or product innovation but it was a bitter pill to swallow when it was the result of relentless and incoherent reform and imposition of government red tape, over policing and escalating compliance costs. 

“Costs that are making the provision of affordable professional financial advice and services harder and harder to provide for clients are simultaneously driving practitioners out of the industry,” he said.  

“The financial planning and accounting professions are predominantly comprised of SMEs.  Collectively they’ve been severely impacted by government-initiated reforms with the large institutions, fund managers and industry funds the major beneficiaries. “

Zervides said it appeared the legislators and advocates of industry reform had no appreciation or regard for the damage they were inflicting and the legacy being left in their wake.  

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 weeks 6 days ago

Interesting. Would be good to know the details of the StrategyOne deal....

3 weeks 3 days ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

1 month 1 week ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 weeks 2 days ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 weeks 1 day ago

Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best ...

1 week 2 days ago

TOP PERFORMING FUNDS