In this episode of the ifa Show, host Maja Garaca Djurdjevic is joined by journalist Keith Ford to take a look at the government’s newly announced policy stance on the second and third tranches of the QAR.
The pair discuss everything that has come out of Financial Services Minister Stephen Jones’ Canberra announcement, which was met with disbelief from the advice community.
Listen as they discuss:
- The new class of “qualified advisers” that institutions will be able to employ – and why that term should change.
- How the profession has reacted to the announcement.
- Whether the negative attention on the controversial elements overshadowed the positive.
OMG WHAT quality of advice?? How will reducing the requirements provide or improve the quality of advice. Want to reduce the fees for clients reduce the requirements on providing quality advice. The RC created a lot of extra work however it has settled into part of providing advice. It is no brainer that sales people and scammers are just rubbing their hands together the minister is not only folding to the banks but also the union backed super funds. These institutions do not provide any service except a bank for the client in truth. Clients have no idea where the money is invested there are fees paid that do not show even now as the fee is charged before the funds are applied to the clients account. Tired of the blah blah yet the clients are even more confused.
The accommodation/compromise/clawback of standards help the Industry funds. Look at the boards of those funds, any familiar names? Think unions and ex Labor pollies.
After gutting the industry of experienced advisers, the solution to all the problems is to have salespeople give advice. The standard of being called “qualified” must be in sales- but not advice.
Using that terminology is misleading and the Minister needs to reconsider who he is serving.
Disgraceful and shameful.
Good Podcast, great Conversation, pity the industry is so compromised there will be no coherent response. As a planner who started with the banks, we have gone back to more than 5 years. and the bank will laugh as the use their Salespeople for channel sale into their platforms. The average person will know no difference between professional advisers and these salesepeople, as for the Minister he is compromised by influence from the Major banks