Hope for certainty with Albo win

Organisations have welcomed the election of Anthony Albanese as the next Prime Minister.

The Association of Independently Owned Financial Advisers in Australia (AIOFP) said it was pleased with the Labor party victory and the removal of Josh Frydenberg from Parliament.

Speaking to Money Management, Peter Johnston, AIOFP executive director, said: “Over the past nine years this Government has been brutal to the advice community - yes we did need some changes but not the ridiculous lengths they went to.

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“In late 2014 when Frydenberg become our minister it was obvious he had an agenda to remove advisers from the landscape and was relentless. It is poetic justice he has now lost his job.”

Johnston said his organisation warned Senator Jane Hume in 2019 that it would attack Liberal marginal seats if her Government persisted with “ridiculous compliance legislation and refused to amend other LIF/FASEA anomalies”.

“We are pleased to say that our strategy worked particularly well in the seat of Kooyong where over 300 advisers live with thousands of clients, this no doubt contributed to the removal of Frydenberg.

“The last nine years of pain for the advice community has demonstrated that associations that sit on the fence politically or are sycophants and not acting in the best interests of members need to amend their ways.”

Financial Planning Association of Australia (FPA) chief executive, Sarah Abood, said she was hopeful that the Government would provide certainty to the adviser industry.

“We are expecting the new Government to quickly deliver on its election commitment to provide much-needed certainty to the profession on education standards, including providing for a framework to better recognise relevant experience.”

She said the FPA had already built good engagement with Albanese’s colleague, Stephen Jones, and highlighted issues such as the compensation scheme of last resort, tax deductions for financial advice and the industry funding model as priorities.

On the markets side, AMP chief economist, Shane Oliver, said: “With the share market down 3.5% over the last eight weeks there is potential for a rebound ahead as political uncertainty is reduced but the Australian share market remains vulnerable to ongoing global concerns about inflation, interest rates and recession and these will likely dominate.

“Industry sectors likely to benefit from the change in Government include clean energy, health, education, home builders & manufacturing, whereas heavy carbon emitters may lose.”

Over at the Financial Services Council (FSC), chief executive, Blake Briggs, said: "Labor will be responsible for delivering on important initiatives such as the Quality of Advice Review and measures to make financial advice affordable and accessible to all Australians.  

"The financial services industry plays an important role in supporting Australian consumers and a growing economy and we encourage Labor to focus on initiatives that will deliver an efficient and competitive industry."

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I am highly concerned that Labor will push for the removal of insurance commissions despite anything that Stephen Jones has or will state.
Their association with Industry Super delivers buckets of money through the channeling of Industry Fund Directors fees to Trade Unions and associates entities and then back to the Labor Party via political donations.
Unfortunately I believe Labor will support this model ongoing and anything they can do to remove independent advisers and push more business to the Industry Funds will be done.
This strengthens their funding source and eliminates competition.
I do not believe that Stephen Jones will have any sway of influence against the juggernaut of Industry Super and that his pre election statements were designed to influence and give false hope to a battered and broken industry.
I want to be positive about the future of potential change from the unprecedented damage delivered by the Liberal Govt, but it is incredibly difficult knowing the ingrained philosophical dislike and misunderstandings Labor has in relation to financial services.
Unfortunately I think they will look after their own comrades.
It would however be nice to be proven wrong.

My heart doesn't bleed for Josh (I am in the Kooyong electorate). He'll go back to his cushy bank job, after taking the time distressed advisers don't have to spend with his family.
Jane Hume simply got out. My heart doesn't bleed for her either.
The ones it does bleed for are all those advisers out there, and their families and their clients, who have had lives ruined, who can no longer work in the job they loved, who have lost homes, marriages and in a number of tragic cases their own lives, because of the vicious attacks we have been subject to over the last nine years from the Government, ISA, and ASIC. The FPA went MIA. The only voice in the wilderness was Peter Johnston. Thankfully he is still on the job.

Why would Josh Frydenberg family want to spend any time with distressed advisers? Bit weird.

The AIOFP are embarrassing. I hope everyone has Peter’s contact details from the incessant email campaign of a few years ago, might need them to lobby his new BFF’s in parliament. Hopefully a new government has a lot more to worry about in their first term than messing with our industry

Felix, what is ultimately embarrassing and completely unforgivable is the Liberal Govt's complete NEGLECT of financial advisers constant and repetitive calls for consideration, respect and an end to regulatory discrimination over the last decade.
The Liberal Govt went entirely against their own party's philosophy and rendered an entire industry at risk and an entire small business sector at a point of destruction, including individuals, staff and families.
The saying " If you don't stand for something, you'll fall for anything" has never been truer in relation to those advisers, associations, licensees , financial services companies and insurers and politicians who knew it was entirely wrong, but failed to stand up, put their hand up and speak up for what was right.
There are too many snouts in the trough, too many spies, too many bullshitters and pretenders who have their voice heard because its their business to be heard, rather than actually being in the business.
Josh can go to a cushy 2Mill per annum corporate gig, Scott can go and close his eyes and wave his hands in the air believing everything will be alright when he has a coffee with ol' mate Brian Houston ad Jane Hume can go in serach of yet another string of pearls.
These people are useless and redundant to financial services and always were.
So, for those people who have stood up and spoken up for the last decade against the abuse and discrimination levied against financial advisers and their businesses....congratulations.
You have the guts, determination and intestinal fortitude to stand up for what is right.
The others, are just waste material.

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