The Prime Minister this week announced that the federal budget would be handed down in April, a month earlier than usual, signalling the possibility of an election in May 2019.
The announcement came as a key member of the Liberal camp, Julia Banks, stepped down to sit on the crossbench as an independent.
The week’s events follow a Labor Party victory in Victoria.
“The massive rejection of the Liberal Party in the Victorian state election is yet another Wentworth event reminder that we are another step closer to a Shorten government taking power within six months,” AIOFP executive director Peter Johnston told ifa.
“It should also send a very clear message to [Assistant Treasurer Stuart] Robert and the vulnerable Coalition backbenchers that issues like FASEA are deeply unpopular and should be rethought and deferred.”
The AIOFP has been lobbying both sides of government over changes to the controversial FASEA education reforms. Most recently, the association has announced plans to partner with the left-wing Financial Sector Union.
“Our campaign for advisers to join the Financial Sector Union has commenced,” Mr Johnston said.
“Joining has nothing to do with who you vote for, it is all about having the opportunity to have a say in the ALP policy agenda. Instead of being reactive to policy we can actually be proactive with contributing to its direction and content.”
There is some 1,800 advisers out their that their money on FPA fees. Why not waste it on something else. Can’t see the difference. Both is just a waste of time and money. oh wait opps forgot those members of the FPA get it paid for them by a large bank or AMP with a 10% discount.
Since when does AMP pay?
That would be testament to Financial Planner stupidity – they seem to forget – Labor gets their funding from the Unions and the Industry Funds and Labor gave us FOFA which has been an absolute debacle
So you have a problem with Fee disclosure and sign off ? I guess you never saw or serviced your clients then ? Must be from AMP or a Big 4 bank that dont believe in earning your ongoing service fees.
The problem is over regulation and that has to do with trying to fix the unfixable Vertical Integration.
You are aware fees were disclosed before FOFA aren’t you? The fees are on client statements.
Isn’t it scary that the LNP are so out of touch with small business financial Advisers & reality, have absolutely zero brains to do basically exactly what Rudd/Gillard/Rudd did with knifing PMs in the back constantly and they will no doubt lose the next Federal election. And deserve too.
Thus the AIOFP are facing reality and at least trying to make a political position for small business advisers and the next Labor govt.
LNP you are dead ducks and no one but your selves, especially bloody ODwyer for LIF, FASEA, etc to blame. What a train wreck.
This guy has lost the plot – Bowen has already announced he will enact as legislation EVERY recommendation from the RC. Don’t waste your time, spend it with your good clients and saying goodbye to those that can’t pay you $5k a year minimum from after tax dollars – I fear that’s where we are headed.
Since the CFMEU and Billy are going to be running the country next year anyway we may as well join them and not try and beat them..
Here in Victoria the way the Labor party supporters are acting you would think that their recent state win is the best thing since the agricultural revolution and that Dan can do no wrong and this group of dislikeable left wing nutters will now answer everyone’s prayers in the state..
So how many have actually joined?
So far the article reads as one only?
makes sense , as the libs are doing nothing to listen to us .
can there be anything more idiotic or conceptually opposite than Independent Financial Planners joining the FSU? Another brain wave from the man who is probably still backing the Trio/Astarra mess….lucky he never took up the bet with John Hempton….
Chris Bowen has clearly stated his mistrust of lobbyists so I think the starting point for AIOFP is to clearly reiterate the corruption that was the cause of both the LIF and FASEA.
In terms of the LIF specifically the corruption of the AFA and FPA and their paymasters the FSC (and of course ASIC’s flawed 416). The FSC clearly thought they would get rid of the majority of expensive (for them) advised advice and sell more dodgy junk direct and the results as we know have been catastrophic for both advisers and clients.
In terms of FASEA Kelly O’Dwyer once again showing her support of the instos over advisers with this total farce and the Royal Commission now showing the true corporate criminals who will get away with no increased education standards. Good luck to you.
Interesting. I think we shouldn’t be afraid of unions, we should just strive for a balance between union power and employer power.
So they are joining the Labour party – this is the same party that has delivered FOFA which was going to make Financial Advice available to all Australians – absolute joke – Bill Shorten and Chris Bowen led FOFA and butchered that – how short sighted and sheep mentality I would be making it clear that no one should join this left wing organization – instead we seem to be fuelling the flames
This just makes the AIOFP more irrelevant and out of touch. To think aligning yourself politically with one party helps show independence and representing Financial Planners is absolutely absurd. Financial Planners should either stand up and change the leadership or resign.
Positive action from an industry body with members interests at heart instead of cow towing to legislators and regulators, backing no one. AIOFP is bound to attract new members with a proactive approach.
Didn’t know the FSU was full of left wing tree huggers but I do know from my 20 year bank career prior to becoming a financial planner that they are like a Tiger without teeth, useless !! So why would you align yourself with them?
What a bizarre decision. I have never in my whole working life been a union member and I am certainly not going to start now. I don’t like anything associated with the union movement or the ALP so why as a self-employed planner would I ever consider this appropriate.
Why not ? Talking to pollies is a PROVEN waste of time. Especially now as the Coalition is “ön the rocks” as we speak And FASEA will not take calls
After listening to Peter Johnston and Nathan Rees from the FSU speak on how to effectively lobby for changes to this rubbish and unworkable legislation I joined the FSU (the same Union that asked me to leave 25 years ago). I havent ever and am unlikely to ever vote Labor but if we dont get some Political muscle like the FSU can offer, Financial Planning will be legislated out of Business by Academics and Politicians who have no idea of the business. Consider who can represent you in these matters and it certainly hasn’t been the FPA, AFA or FSC!!
Agree and given the mess Over Bloody Complicated ODwyer has rained down on Advisers with Worst Super Reforms ever, LIF, FASEA, Most restrictive terms of use ever of Independent Advice, etc The Liberal Party has NOT been a friend at all of small business or small business Advisers.
If I was a member of AIOFP, I’d be resigning today.
The liberal party is the party of RWNJ.
They live the permanent lie
The biggest danger we face comes from the marginalization and destruction of institutions, including the courts, academia, legislative bodies, cultural organizations and the press, that once ensured that civil discourse was rooted in reality and fact, helped us distinguish lies from truth and facilitated justice.
Every one of those institutions is under attack from the right wing.
Whilst i am aware of the importance of lobbying various parties, i have a hesitation about being “aligned” to any particular party.