A number of financial advisers raised concerns about the following post on the ATO website, which features a hypothetical example of a financial adviser providing a consumer with “illegal” information:
Speaking to ifa, Henderson Maxwell principal and Sky News Business host Sam Henderson said the ATO should be held accountable for the damage this kind of implicit bias can have on the livelihood of Australian professionals.
“The anti-adviser mindset is pervasive across many channels at the moment, including within our own ranks and associations,” Mr Henderson said.
“Advisers are hard-working people with their clients best interests at heart. I’ve been on the receiving end of criticism to the highest level and frankly it’s exhausting, so disappointing and not reflective of the great value we add to so many people’s lives.
“This ATO comment is divisive, misleading and denigrating to an important industry on the rise.”
The ATO has subsequently amended the post, removing any reference to a financial adviser and replacing the image with the following:
ifa understands that the AFA, FPA and advisers associated with the XY Adviser community group separately voiced concerns to the tax authorities.
Maybe next time he saw an Accountant and he said just take it from………
At SMSF Benchmarks, our initial findings based on over 400 funds, of which around one third are advised, is that one of the reasons large SMSFs out-performed small SMSFs in 2016 was because of the value of advice. The report’s in our Knowledge Centre for those interested.
Maybe Slater and Gordon can assist with a class action.
And the punishment for the ATO staff member?
If there is no punishment, then this speaks volumes.
What a joke. There are enough people out their offering unlicensed advice, cold calling people, selling property schemes and ASIC are powerless to stop them. So now we’re faced with even ASIC killing the licensed ones off. ASIC needs to offer an apology to every licensed adviser in Australia and send them compensation.
as if, the next celebration – after medcraft departing – will be the departure of Peter Kell. I have a calendar crossing off every day until May 2018
a lot of good advisers assisting people with their entire financial wellbeing. For no recognition … but just a relentless attack from media, ATo, ASIC, online critics. The general public has a perception that advisers that charge a fee are a waste of time and just trying to rip you off. So far from the truth.
it is about time we (as a collective) responded and put some +ve news out there.
and who are you going to get to address your concerns? the FPA and AFA? nah, they are too busy tweeting to care about your plight pal.
ATO can take a number behind ASIC!
LOL!
Good work on getting this sorted.