Speaking with ifa, financial adviser at Complete Wealth Dr Ben Neilson reflected on the previous mistreatment of the advice profession at the hands of ill-suited regulations in recent years and the need for a combined effort to fight against further harm.
“The increasing burden of unnecessary regulatory introduction threatens to stifle our ability to deliver quality advice. While regulation plays a vital role in ensuring ethical standards, a one-size-fits-all approach often creates administrative bottlenecks that detract from client service,” Neilson said.
“By pushing back against changes that don’t align with the best interests of our clients, we can protect the integrity and purpose of financial advice.
“Now is the time for the advice sector to be progressive rather than reactive. Let’s unite to create a space where we can thrive – championing policies that support advisers, investing in tools that enhance efficiency, and fostering a culture of innovation and self-regulation.”
Recent years have also seen many argue the case for advisers to be able to self-regulate, to both protect themselves and bring them up to par with other professions, an issue to which Neilson believes there has been some progress.
“Self-regulation is becoming more than an aspiration – it’s a tangible goal. Through adherence to high professional standards and ongoing education, we’re proving that advisers are capable of governing themselves effectively,” he said.
Though Neilson acknowledged the progress of the profession over recent years, he also noted the need for sustaining momentum as they strive for greater efficiency and the dangers of complacency for their future.
“Streamlined administration, supported by technology and smarter practices, will enable us to serve more clients and extend our material impact,” he said.
“The alternative is a cautionary tale. Without a unified voice advocating for practical, client-centred reforms, we risk being continually subjected to regulatory measures that are misaligned with client needs.
“This cycle hampers growth, alienates potential clients and undermines our profession’s credibility.”
Finally, Neilson noted the importance of holding fast against misregulation to improve circumstances not only for advisers, but also for their current and future clients.
“Together, we can build a profession that is not only resilient to external pressures but also recognised as an essential service that transforms lives,” he said.
Politicians may be stupid but It cannot be said that they lack intelligence on their electorate, and in this case the adviser electorate. They understand that there are adviser professional bodies who are still not concentrating entirely on the interest of their adviser members only.
Unless we see a sworn statement, I for one am not convinced that any of our professional bodies still don’t receive monies directly or indirectly from product manufacturers. The AMA is the model.
Professional bodies claiming to represent advisers should not be representing consumers, industry fund advisers,big AFSLs or any other fund managers or product managers. That’s not their role!
We really don’t have the high moral ground at the moment and that needs to be established immediately
This is the same guy that thinks he can adequately provide advice to 1000 clients – sorry but credibility is questionable
Heard of the FAAA?
Useless as
They are a flop.
It can happen, once the cowboys retire. Then, we can get rid off the AFSLs, as well. Until then, all advisers will be cracked with the same whip.
Giddy up! Love watching a good western lol
Let’s look at the upcoming federal election from the perspective of a financial planner:
– Liberal / Nationals — No thanks based on experience
– ALP — No thanks based on experience
– Greens — No thanks based on words and policies
– One Nation — Positive towards financial planners but there are other parts of their policies I struggle with
– Teals — Bankrolled by a multi who obviously has an agenda. At least it isn’t Elon
– Shooters, Fishers and Farmers Party — Might be a touch niche
– Australian Sex Party — Not sure they have spent too much time worrying about financial planners.
Financial Planning has different entities with different agendas and realistically the FAAA has as much chance of having the same viewpoint as the original FAAA (Flight Attendants Association of Australia) as they do with banks and super funds.
Your forgot Clive and his United Australia Party…
Where do I sign up? Finally an adviser speaking on behalf of advisers advocating for clients best interest. The area regulators never get right.