Most financial planners believe the Australian Labor Party (ALP) will win next Saturday’s Federal Election and, for some, it will reinforce their decision to leave the industry.
However, a Money Management survey intended to determine whether a change of Government will alter planner intentions with respect to exiting the industry, found that nearly 60 per cent of respondents intended remaining in the industry believing a Labor Government would make little difference to their fortunes.
Asked which party they believed would win on 18 May, 57.93 per cent of respondents indicated an ALP victory, compared to 36.14 per cent who believed the Liberal/National Party Coalition would be returned to the Treasury benches.
Asked whether they believed the known policies of the ALP would prompt them to leave the industry, just under 52 per cent of respondents said it would make no difference to them and 47 per cent said the election of an ALP Government would reinforce their decision to leave.
Importantly, amongst those planners who had already signalled their intention to leave the industry due to Financial Adviser Standards and Ethics Authority regime and the end to grandfathering, 60 per cent said the election of the ALP Government had reinforced their intention to leave.
Of those responding to the survey, almost 60 per cent said they intended remaining in planning.