Suicide is a very difficult subject to write about in a news story. There’s a high risk that your words will be taken the wrong way, a cheap headline capitlising on tragedy. I can assure you that there was no self-interest in the story we ran last week informing the industry that 16 advisers had taken their lives this year.
As a journalist covering the wealth management industry, I have come to witness the impact that overbearing government reforms and an ‘out to get you’ regulator can have on the individuals that make up the profession.
Having taken up the reins as the editor of ifa and Investor Daily in August last year, I had no strong beleifs or opinions about the financial advice community. I simply reported what I saw and heard.
However, during the royal commission hearings it became clear that the environment had turned ugly. Any thought that radical changes and mud slinging would impact the lives of financial services professionals was quickly forgotten in the avalanche of negative press hell bent on bringing down the industry.
When I met former Dover Financial boss Terry McMaster in September last year, my mindset shifted. I saw a man under extreme stress, overpowered by a system that had forced him to surrender his company, visibly shaken by the experience, and physically and mentally exhausted. He looked liked he’d been chewed up and spat out by the machine. I immediately presumed he must have committed some terrible crime to deserve such anguish.
But I was wrong. He hadn’t stolen his clients’ money, operated some Ponzi scheme or managed a business that put Australians into dire straits financially. He lost his business because ASIC didn’t think his client protection policy was up to scratch. In my mind, the punishment didn’t fit the crime.
Which is exactly the point that needs to be made to the Australian public. While some advisers are clearly doing the wrong thing and need to be removed from the industry, the vast majority are helping their clients live better lives.
Banning grandfathered commissions, stripping mature advisers of their retirement, reducing the value of their businesses and making a mockery of their life’s work by enforcing ridiculous education requirements is an extreme reaction from the government. The compounding effect of these pressures has simply been too much for some advisers.
The mental health impact needs to be taken seriously by industry associations, institutions and the government. You can’t keep piling on these additional requirements and somehow expect people not to crack. Advisers are already buckling under the pressure of this red tape regime and nobody seems to care.
It’s time for Australia to realise that human lives are at stake.
James Mitchell is the editor of ifa.
Great article, thanks for giving us a voice.
Like many, my business partner and I borrowed heavily to buy a client base so that we had people to serve.
We employed staff to help us do so.
We have now let them go, as the banning of GC will leave us unable to make a profit. We still owe AMP Bank over $1m and have no way of paying this back.
His marriage has just ended, and mine is on life support.
Meeting with a counsellor many times is not changing the depression I now carry with me all day and night.
Just cant see a way out, and to top this all off AMP has now withdrawn our BOLR multiple.
So saddened by the industry I once loved.
The cozy relationship between AMP and the regulators continues whilst minor players get falsely attacked.
At least the CEO of the FPA still has his job. That’s all that matters, after all. With him as our glorious leader and my $1,000 in membership fees (every year) and the FPA taking instructions from AMP etc etc, we’ll achieve real outcomes…just look back at the last 20 years of doing things the same way, year after year, and you’ll realise their achievement of getting us the ability to witness a stat dec is one of the greatest achievements ever, that only and single achievement of the FPA has achieved real outcomes for Australians. Things will improve, trust me, just keep paying FPA membership fees and asking them to keep representing large product manufacturers and all will work out.
Join the AIOFP High Court challenge – arc. They are taking the govt to Court as the removal of trail income is unconstitutional and carved out of FOFA in 2011 for that reason. Stand up and be counted.
Reading the comments, I note the number of people commenting who are focusing on the clients and how the reforms don’t benefit the clients or consumers at all. All of us know this, how do we get this message to government and regulators? The people being affected are not just the desperate advisers and families and support staff who are suffering and who we have lost. Millions of consumers won’t get advice because advisers can’t afford to run their business financially, and can’t afford to lose their lives or their sanity fighting a battle that has no win in sight. Tragic is not a sufficient word….
And now AMP have changed their BOLR rules effective today. No thought process as to those who had lodged BOLR a few months ago ( I did) and now being penalised (again) by their incompetence. I have gone from a hopeful 4 times multiplier down to 2.5 times. A huge drop in the projected lump sum. And valuation date is at exercise date, so I will lose out big time.
I have been meeting with a Counsellor for 10 months now, but I don’t think she will be able to help me with my thoughts right now. Its all shit. Mr XXX Hayne who thought he could do a good thing. All he has done is stuff up the industry for good. Politicians don’t care about us, never have. It is all about the damn greens and the feel good approach. I have been in for over 20 years, right now, I don’t think I can see out the next 20 days. What hope have we got? The FPA & AFA are useless, they keep putting up so called valid points about the impact, but they do nothing. We pay fee after fee to remain members and get nothing.
Same as the AMPFPA Board, they are only looking after themselves. They are all “big” practices, so will be in the preferred large practice that AMP will support. They have done nothing for the Sole Practitioner or 2 – 3 planner practices. They have only wanted to speak to us when it suited them to query if we were for sale. Its a damn sad world that we live in.
I wrote to our Fed Treasurer yesterday pointing out the plight of many honest advisers being punished to the ulimate degree – taking ones life. This rests with his government and his oversight now. I am hopeful of a response yet not holding my breath. We need a COLLECTIVE push back from advisers. A mate is a franchised mortgage broker – he went to his franchisor and got nowhere during RC. He got a group together and they acted and got the MFAA to take collective action. They got a good result from government. We need to do the same. We cannot rely at all on our current industry bodies to do what is right for us and our industry. if you are willing to push back… let me know. I am easy to find. Oh and use social media to get the message across – I have had a good supportive response from people I hardly know… they had no idea of what we are going through. The time to act is now…
I started my business less than 10 years ago. When I was able to borrow some money I looked to expand I purchased a book via a Big 5 prior to FOFA. The purchase enabled me to take on employees & rent an office. Audits never found any advice issues. Annual Audits were deemed sufficient. There was no increased compliance requirements. Documentary wise it improved each year, but the only way to be entirely sure, I reluctantly scaled back on staff. My next Audit lasted just under 9 hours, it was very very thorough. During that 9 hours it was found that 1 document had missed an appropriate title. My fault. An oversight. I am human. But that was it. My Audit score was adjudged as the lowest possible. I disputed, and was told, off the record, that if I was ‘more supportive of aligned product my Audits could be viewed more favourably’. I left this AFSL within 3 months.
I am putting this out there as I am fed up hearing the tired cliche that Dover was the AFSL of last resort for dodgy or poor advisers. This was my reality.
My personal experiences with Dover were always very positive. They were non aligned. An open APL. Every SOA I issued had a 2nd set of eyes cast. Could it have been better? Of course. But it was infinitely better than where I had come from.
I think there were 403 of us ARs & CARs, each given 4 weeks to find an AFSL brave enough to take us on. Failure to be registered with a new AFSL within 4 weeks meant ALL Providers turn off ALL income streams.
I tell you now, the very large majority of Dover ARs and CARs were good guys, good advisers. Honest advisers.
I believe over 200 didn’t find new AFSL’s. Lost income. Lost clients. Lost businesses. Imagine, New SOAs for every client just to turn back on old Income but grandfathered lost even if they did find new AFSL even a day late beyond the deadline. Business Loans secured against family homes defaulting. Employees lost their jobs, within both Dover and Practices.
I have seen comments on here about Dover and it’s Advisers that are at best misguided and at worst cruel. In my opinion.
My heart goes out to those Advisers who couldn’t see their way through the stresses I have first hand experienced. I prey those that need to talk & get advice do.
James, I am one of the advisors who was licensed to Dover. And the impact has been horrendous! Suicidal thoughts have been a constant companion, and but for a strong support network, would have been more seriously considered. I have always loved financial planning and with 20 years under my belt I ran a good strong fee based business. With what has gone on in the past few years however, I will exit. ONLY because of the insanity surrounding our industry. More the pity my business is worth 50% of what it was 18 moths ago. Damn shame
[quote=Bill]Our friend who wrote this article should look up the Victoria Supreme Court records for the month of March and April Re Terry McMaster and he would have a different opinion on poor Terry MCMaster [/quote]
bill can you please post the link to what you are talking about everyone should know mcmaster for who he is
Hiding behind mental illness hides a lot of deceit. You don’t have to answer questions that should be asked
One should ask Terry how many of his clients he has forced into bankruptcy and taken their business from them. His greed has no boundaries
It’s bad luck the Federal Court won’t be handing out goal time in the Federal Court re this case. They should.
Thanks James, for giving this extremely important issue some exposure.
I believe a majority of advisers are struggling with the constant barrage of changes, compliance, ongoing media negativity to financial planners and the reducing income streams into our businesses.
How many advisers like myself have had to seek medical help, gone on medication and now struggle with the day to day industry issues in a business we used to love? Thinking of selling our businesses while they become worth less and less with every new change and piece of legislation. When is it going to stop?
How many advisers will be left by 2024 out of the current 26,000 plus? 10,000 would be my educated estimate.
It is an absolute disgrace!
I know of 2 advisers who have ended their lives. The adviser referred to by GK should be run out of town. That is who the reforms are aimed at not the vast bulk of us who do the right thing every single day.
still cant find it on the ifa twitter account
This article is true and I know my comment will be unpopular, but by the same token I know in Woree a repulsive obese little ‘planner’ i.e trumped up life and general insurance flogger, who is the most unscrupulous contemptuous example of all that is wrong in this industry, sitting on a dwindling book of trails with absolutely no thought of what is right for the client, nor ever aiming to see any of his ‘clients’ unless they initiate some contact. This includes old super policies that have diabolically high fees and costs, that he has never reviewed since selling them. I know this as unfortunately I worked with him until one day he came into my office and pointed out on his commission sheet a large amount of $8k and laughingly said it was ‘money for jam’ as he had not seen that person in over 8 years. If this cathartic process removes the likes of his foul ilk, then perhaps it is worth the pain.
I have gotten help…..i am seeing a mental health expert…do it – see your DOC – don’t be proud not to go…
a good mental health expert will ease you through.,..help you find a transition to a new occupation…
be proud to see a medical doctor and ask for help…it okay.
A great follow-up article, thanks James.
2 questions – given that the article discusses mental health and suicide, should there be a reference to support services (I’m not sure what the mandatory requirement is, but just a thought).
Secondly, I would like to approach my local Federal Member as well as a media contact but one thing that might be an issue is that the unfortunate reference to the loss of 16 of our ‘team-mates’ is from an ‘Industry Leader’ or similar, but does anyone have any confirmation or evidence of this? I’m not referring to names being provided but instead someone corroborating this?
I don’t expect it would be an official statistic, but more whether any others in the industry have heard of any Advisers taking such actions? I don’t doubt that it has occurred but in order to push this further, I think something more than what might be legally be considered here-say from one person, could give us further impetus to take this important message to the broader community.
McMaster used his own law firm to drive his case so no one could come after him. The law caught up with him and so will ASIC
James should get of his arse and seek the truth Re McMaster. Court case after court case can’t be all wrong. McMaster pleaded guilty in the Victorian Supreme Court the week before Asic went to Federal Court with him. Get real here
Terry always puts himself ahead of others when it comes to money
Soon the judgement will be handed down and then we will understand what McMaster was really up to. He is only interested in himself and he doesn’t give a dame who he burns along the way
Maybe the author of this article should of sat in the Victoria Federal Court on 12/13 June to understand how McMaster Q C was presented with a load of bullshit from McMaster and had to retract what he said on day one because he was misled by his client as to what really happen.
Our friend who wrote this article should look up the Victoria Supreme Court records for the month of March and April Re Terry McMaster and he would have a different opinion on poor Terry MCMaster
[b]Bravo James Mitchell.[/b][b][/b] Extraordinarily well written article. Thank you! Please use your position to on-forward this piece to many in the mainstream media on behalf of our industry and get some REAL coverage on this viewpoint.
I never thought my health could deteriorate to this point. Feel as though my entire future has been taken away from me by my own callous government . I treated people right and all I have is an enormous debt owing to bank to show for it and a business worth much less than what I paid . I have been severely punished for the actions of others and to what end? How does that improve consumer outcomes or the quality of advice? As a victim of this collective punishment I will be leaving the country as soon as practicable, I am too tired to overcome the tsunami of change and the cesspit of unnecessary regulation . Have totally lost my sense of community and don’t want to pay another cent of tax to this country. Will return as a pensioner to live off the teet of government and tax free super. Came to this country for a better life and a “fair go” , I won’t risk starting another business here again, fool me once…
Whilst Kelly O’Dwyer is now out of politics, it was at her hand, being the chief Architect of FASEA that these problems were created. As indicated by a Labor Senator, FASEA was a deflection tactic by the then Liberal Government to look like, in the public’s eye, they were taking action in the banking sector at the time that Labor were initially calling for a Royal Commission. Advisers were seen as the easiest target to instigate action and get outcomes. Time and time again, legislation comes out of Canberra where the human impact is not even considered, yet the impacts are life changing. Government Ministers, through protections afforded to them by Parliament seem to get immunity from consequences generated from their actions. Whilst Kelly is no longer in office, it would only be fair that the effects of her actions are communicated to her directly as she has and will continue to have blood on her hands as the developing mental health “crisis” evolves.
these things need to be printed in daily large city newspapers….
not on the IFA site
the FPA started this with FSR. …15 year war for what..?
A tragedy that so many of us have paid a death penalty and many more of us are suffering anxiety and depression. As an adviser starting out in the life insurance industry over forty years ago, constantly developing my knowledge and skills to become a holistic financial planner, a holder of the now meaningless CFP designation I am gutted that my life’s work is now meaningless. The value of my Practice has halved inside a few months. I was often told by peers that I under-charged, but I always put my client’s interests ahead of my own, long before that was legislated. Now I face a bleak retirement and will be looking for every future Centrelink benefit that I can get. Am I stressed by this? Too bloody right I am. I only hope that I can stay upright and if the stress becomes over-powering, that I get myself to a Medico for treatment before it gets worse. I sincerely hope that everyone else in the same position does the same.
Hi james, Can’t agree more. I am just so disappointed not only in ASIC and other legislators, but also in the so called professional organisations like FPA who led us all like lambs to the slaughter. I have been a member of this organisation for 20 years, but I wonder why, they only serve their own political agenda. It is time someone stood up and represents us ALL. Why are we still not demonstrating on the steps of Canberra parliament house.? Any other profession who loses their livelyhood would…Can someone organise something please?
If the AFA & FPA were the real deal industry bodies, there should be MEDIA RELEASES about this stuff as a priority right NOW. FIRST THING ON YOUR WEBSITE, SOCIAL MEDIA etc. No more hiding associations, step up. You cant keep collecting memberships whilst this stuff is happening to your base.
A devastating period for the industry. These articles are great, but need to spread out to the MSM and governments ASAP. ENOUGH IS ENOUGH
I have been reading this newsletter for many years but i can not remember a response to any other article like this one has initiated. Obviously it has hit a nerve and shows that there are many advisers out there that are hurting. This is all Unfair and Un-Australian. No other industry in Australia has ever been attached so unrelenting by a Government. Now look it this end result (and possibly worse to come) Shame on our Leaders you now have blood on your hands.
Some very important comments made in this article. I know some who have attempted to take their life as well and fortunately not in the 16. And it may get worse with advisers being forced out, time consuming/costly education requirements and some business values dropping. 2024 will more than likely see the end of me despite an “unrelated” degree, CFP and other diplomas. The crippling compliance burden is out of control. Until this changes, I can only provide advice to new clients who are wealthy and older whereas I know I can make a difference to others. The irony is more people are crying out for advice than ever.
The big con is that we need all these changes to become a profession. What a load of BS. I have been advising for 25 years and have two degrees and I have seen no need for any significant change in the advice and service we provide over that time. We need to run profitable practises with clients that value our service and advice. We have become the scapegoats for the banks and the industry funds have always done whatever they could to put down advisers as their business models is based on direct sales and marketing. The bottom line is that the banks and industry funds have at no stage provided the personalised service that advisers provide. That remains the key difference that our clients know and trust. Unfortunately the whole industry has been railroaded.
Adam et. al., for those who reckon Dover was dodgy, please read this article: http://www.dover.com.au/files/uploads/2019/06/Dover-Response-to-Royal-Commission-Interim-Report-24-October-2018.pdf
I applaud IFA for this article which is much needed and needs to be repeated and repeated. My heart also goes out to the families of the 16.
It is hard to comprehend what many of us are being forced to go through.
Risk advisers forced to take a 50% pay cut with higher compliance costs because of the LIF which saw ASIC then admit that they got it wrong over churn. Advisers thrown under a bus by the FSC for greed and unfortunately no support from our industry bodies.
Specialist advisers and in many cases already degree qualified having to undertake a new degree that has no relevance whatsoever to their businesses. Additional training and qualifications already undertaken over the years simply ignored. And again no support from our bodies.
Contractual agreements for servicing clients simply cancelled with no support from our industry bodies.
Individuals who are there to help clients meet their retirement plans having their own retirements wiped out.
Dover is a classic example of 400 advisers, their businesses and families punished by ASIC for something that could easily have been fixed.
And yet we see no insto execs suffering, having to re-train or even take pay cuts.
Enough is enough and we need to repeat the stories because you could not make up this crazy stuff up.
Well written James, keep up the focus until there is some wider public knowledge and understanding of this unfolding tragedy. Unfortunately, I see the stress is only going to increase with increased scrutiny and additional oversight being the norm.
Question? so, where are the consistent ‘standards’ that the regulators are held to? and by whom? where is their accountability? causing Terry’s group to close their doors immediately, whilst there are known AFSL management still operating who have ‘taken’ clients funds and used for their own purposes! And why is it that an individual adviser seems to get a greater punishment, while management of AFSL’s responsible for significant breaches get off? where is the justice?
Thanks James, now please send to all politicians and try to get some main stream media publicity
[quote=Adam]Do you really believe that ASIC closed down Dover because they “didn’t think his client protection policy was up to scratch”? Sure, it was the technical reason…but have you considered the Dover operating model that welcomed all advisers who have been terminated from other dealer groups, mainly for compliance reasons. practically for no costs for one year? There’s more to this than meets the eye.[/quote]
yet, mysteriously no one suffered any damages at the time, nor now, despite ASICs smear campaign with the assistance of Commissioner “Old Man Chompers” Hayne.
Can’t wait for ASIC to actually tell everyone the truth for once so we can all learn from Dover’s apparent mistakes
This is all so very true. I certainly feel that we need change to make this a profession and one that many Australians can have access to. However the new red tape being put to advisers is no longer economically viable for practices to operate under. The latest from our licensee means that in order for us to renew a term deposit or process a simple cash withdrawal for a client will involve completing/ updating an entire 40 page Fact find and then providing an RoA for the advice. Hence about 2-3 hours of work. So really at a cost of $500-$1000 to a business. While at the same time FASEA is saying that we must justify our fees and charge appropriately!. There are so many changes coming that we are unable to keep up or put up prices sufficiently to cover our costs while at the same time they have reduced risk commissions, are banning grandfathered commissions and we all need to do further education at a massive cost to a business not only in money but time as well, plus we now FDS and opt-in to administer. All this costs money, which our clients need to pay and I argue that there is no benefit for them at all. In my opinion the industry is in a worse position since the royal commission. While the banks and larger institutions have been fined and need to make massive changes, the financial advisers running their own businesses have had to wear the pain which will remove even more advisers from the profession – so less people can seek advice.
While I am at it FASEA must be the most conflicted body in Australia at the moment. Setup by university professors and other academics – of course the outcome was that every adviser in the country needs to go back to university and sit further exams – this is all they have done all their lives and it feathers their universities with massive new fees. Where are their ETHICS and how do they deal with this conflict!
I feel a little better now!
Good article. Lets not forget the support staff that work in planners offices and with licencees who are facing the same uncertain times and mental health impacts at the moment.
For a change it would great for the Government and media to highlight some GOOD things our industry has done for clients not just the BAD. Unfortunately BAD news stories sell better…
Thanks for your valuable updates on the industry and particular the this one and the one mentioned in this article. The industry has been bashed and trash over the past 15 years plus and will continue to be so for sometime to come. Great article
Well said, this needs to go to the highest place in Government before it is too late.
Hear, hear. At its very essence the business of selling advice is a business. Businesses need regulatory certainty to make informed decisions about the future. e.g. How to apply capital, what risks to take, how many people to employ, etc etc.. Since I joined the industry in 1991 I have witnessed wave after wave of regulatory change and even been part of efforts to reconcile draft laws to best fit the realities of business – often to little avail. Regulatory change and uncertainty is great for me (I sell compliance services after all) but often creates negative flow-ons from beleaguered businesses to their clients (who ultimately pay the price via higher costs or loss of access to expert help). We know the studies show the intrinsic value added by advisers yet our Government seems intent on reducing their numbers to a rump. Not good for consumers, industry, or the country.
ASIC, the government, the opposition, the fund managers, the banks, the insurers, the media and the union funds etc simply do not care. They are all running their own agenda’s or protecting their own backsides and find it easier to throw advisers under the bus for their own self interest. The sad thing in all this regulation is the clients are no better off, and in most cases worse off.
James, you have just summed up everything that has been compounding so significantly over the last decade.
Whilst advisers are a resilient and adaptable group, the relentless layering effect of continued pressure, scrutiny and a devaluing of their commitment is destroying self confidence, self esteem and self worth.
Adviser have been the punching bag for all Govts, self interest consumer groups, media and industry super funds for far too long and it is now at breaking point.
We are all human beings and for the vast majority who care deeply and personally for their clients well being, its is soul destroying.
This current Govt is about as ruthless and politically motivated as we have seen.
There appears to be absolutely no consideration allowed for common sense and considered strategy and not one ounce of consideration for the business of financial advisers.
We are constantly made to feel like criminals and attacked relentlessly in regard to our ethical standing.
ASIC seem obsessed with pursuit and persecution based on guilty before proven innocent.
For those adviser and planners whose heart, commitment and purpose has always been about how they can assist their clients to achieve better outcomes for their lives, it is a very,very sad time indeed.
To feel on a daily basis that the world is against you, despite your very best intentions and commitment to turn up and show up with a smile on your face for your valued clients, there unfortunately is only so much pretending one can perform without the cracks beginning to show.
Whilst thousands of experienced, dedicated and committed advisers practice empathy and care everyday for their clients and their employees, it is high time some understanding and empathy was received from the other direction.
Breaking an industry to this point is not about ” enhanced consumer outcomes “.
This is just a simple mantra that has been run out by every second rate spokesperson from Govt that has no ground level understanding of an advisers business.
Saying something that sounds good without underlying, considered analysis and strategy is empty rhetoric.
The incredible damage that has been done to individuals mental well being sits squarely on the shoulders of an unsympathetic and uncaring Govt that is only interested in it’s own survival.
Thanks for your support. This has been the most difficult part of my life and everyday it is genuinely a struggle to stay strong in front of my family and clients. I truly believe that public opinion would dramatically change if they knew the extent of the bullying and harassment by ASIC, Politicians and many parts of the media. It is ironic that I spend my time helping others and that the industry does not care. It truly makes me feel sad.
Its all good to publish this on IFA but what are you, we the industry doing to get this into main stream media and in front of the publics face. I have been banging on since all this mess started that we need to unite and put ego’s at the door for the greater good. Yet going through comments you can clearly see ego’s are still well in play in the industry.
We have been horrifically let down by our “industry representatives ” and still are being. While people are dying they are busy releasing datting style apps and trying to get an extension on an exam that is flawed at best.
Put this article and the article about the suicides on your social media so they can be re posted.
Finally. Someone has written something applying common sense.
I thank you.
The reason why people have professional or industry bodies is because most of the participants within that industry are far too busy doing what they know, love and aspire to become. Many being small business owners, or aspiring owners. They desire a unified voice that can speak for them on issues that matter most. Where our professional bodies have been far to slow (or reluctant) to react and understand, and thus let us down, it is great that finally others (publications like yours) are starting to understand the real forces beneath the surface that are at play.
The true journalist is out there delivering these stories to ensure the real truth is being heard so that the public understand what is at stake. Apologies for the cliche, but there is no use preaching to the converted here. The issue is that this needs to be delivered mainstream, and now.
This great country has always been about a fair go, and for far too long we have left faceless men and women – on the most part without the slightest understanding of what we do and hellbent on destroying this profession, loose at the wheel.
Lets get this message out, and more importantly, why it actually got to that point in their lives that the only way out they saw, was to take their lives. Many of us that have been unfortunate enough to deal with similar issues they faced, and been fortunate enough to make it through, may still have to deal with more into the future if nothing is done to expose what is fast becoming a wrecking ball through this profession.
James, great article, but as a Journalist I would assume you would have connections in mainstream media to get the message out to the general public that A.) The majority of advisers do and have always done the right thing by clients and B.) The steam roller of new regulation at the hands of a Government working on a populist agenda has and will continue to have real impacts on the lives of not only advisers, but their clients. Its clear that advisers who are invested in their clients and businesses want to advance to a profession, but the rapid rollout of new regulations and ramification of non-compliance is simply not equitable for mainstream advisers juggling the demands of business and their clients.
Do you really believe that ASIC closed down Dover because they “didn’t think his client protection policy was up to scratch”? Sure, it was the technical reason…but have you considered the Dover operating model that welcomed all advisers who have been terminated from other dealer groups, mainly for compliance reasons. practically for no costs for one year? There’s more to this than meets the eye.
James, we need journalists like yourself to try and get this message out into the broader media as sadly our associations are too busy picking the grass off their backs from rolling over so many times.
What I want to know is – WHY is this not being made public in the mainstream media?! Do they not give a damn? Are Advisers so despised that no one cares if one of us takes our lives?! How do we, as an industry, start making noise about this – can we start a viral campaign via social media, or start loudly banging at the doors of the TV stations or politicians doors? Surely there’s something we can do, if we do it all together, to start making our voices and stories heard so that people start to hear OUR side of the struggle, realise we’re REAL PEOPLE and start to get the pendulum swinging back to the middle for some balance in all of this chaos?
I am appalled and disgusted by the behaviour of government. They themselves do not practice or care about ethics or the countless lives they undermine in order to achieve either politcal ideology or to look after ther lobbying friends in the institutional world of banks and insurers or the industry super funds. Associations, regulators, government and media are to blame for much of what our so called leaders have done to us as the voting public. I cannot name ONE government initiative that has brought an outcome that is in the interest of the people of this country.
The attack on advisers is beyond appalling. The result to hard working business owners in this industry is devastating and the reult will be that fewer Australians will be able to afford the advice, the valued advice we dispense to regular people.
To those that claim we be better for these reforms, I say to you, what will be your pricing to your clients< A few hundred dollars or several thousand. Since the former is unviable, the latter will see fewer affording advice. In the face of incompetant policy, lack of economic vision for an industry, let alone a nation, we are facing a disaster.and not just our industry. When markets fall, when people need help, they will have to turn to where, I ask ?
It is a shame that this is only being recognized for what it is just ow, this has been a simmering problem for more than 5 years, falling on deaf ears of lawmakers and regulator alike. i think the fact that in some instances ( Eg the banning of so called grandfathered comm’s ) is misleading, these commissions and the fees are actually “contracted” does the Government not understand Contract Law? if any private citizen or corporation were to unilaterally cancel a contract there would be hell to pay, but not if its a Government idea. smacks of a double standard of epic proportions
Too late now! The association’s have let us down big time and not promoted our industry?
unfortunately the little guy is collateral damage as order is restored and the banks reap the benefits. ever the optomist, I fear the situation is going to get much, much worse.
Thank you…i have tear in my eye reading this..for the first time someone is listening