A new survey of more than 3,000 businesses across several key sectors, including financial advice and wealth management, has revealed overwhelming support for a Coalition government, with over half of the survey respondents confident Scott Morrison will remain Prime Minister.
The current PM was preferred by a majority of respondents over Opposition Leader Anthony Albanese, with the greatest margin seen in mortgage lending, closely followed by the financial advice and wealth management sector.
According to the survey conducted by Momentum Media’s research house Momentum Intelligence, financial advisers overwhelmingly prefer a Coalition government, with as many as 60 per cent of respondents noting their intention to vote Liberal at the upcoming federal election. Conversely, only 27 per cent said they intend to vote Labor.
Momentum Intelligence Industry Insight Report found participants from Australia’s financial advice and wealth management sector indicated that their most prominent considerations ahead of the election are the economy (75 per cent), small-business interests (58 per cent), taxation (52 per cent), climate change & environment (38 per cent) and defence & national security (35 per cent).
On the other end of the scale, equal last at 12 per cent, were humanitarian concerns and gender, diversity & inclusion.
Commenting on industry-specific issues, a Coalition voter conceded that while the federal government has been “taking a torch” to the advice industry for years, “I will still likely vote Liberal”.
“Bungled policy for financial advisers has led to an extreme disdain toward them, and ASIC. Labor is looking at this very closely, indeed they just presented at an industry event promising to repeal some of the legislation that advisers dislike in the industry. I’m not against the education requirements, as a young planner I am nearly finished [with] my qualification,” the respondent said.
“I do worry that the red tape has gone far too far and now I cannot take on board or service small clients profitably. I will still likely vote Liberal, but if Labor continue to make announcements that will make my industry more enjoyable, and easier to service smaller clients, they will get my vote.”
Another Coalition voter shared a similar sentiment, noting “the financial planning industry is being strangled with regulation and compliance. However I don’t see any changes in these respects irrespective of the outcome of the federal election.”
More insights to come.
> Commenting on industry-specific issues, a Coalition voter conceded that while the federal government has been “taking a torch” to the advice industry for years, “I will still likely vote Liberal”.
Quite literally voting against your own interests.
Do you seriously think Labor will make it easier for anyone except Industry super funds………….
How could anyone vote for Morrison and the Libs? What has this appalling government achieved? Too many failures to count and so much opportunity lost at a time the country desperately needs a vision for the future, leadership, decency and good management.
Did they survey any of those Tik Tok advisers that Jane Hume let off the hook?
I for one won’t be subscribing to the Stockholm syndrome again and voting LNP. The legalise Cannabis Party or the Shooters, Fishers and Farmers party can have my vote.
As an adviser, my vote will not be going with which party will make financial advice easier. I will be voting for the party that I think is best for Australia.
That said, it is hard, because I don’t agree with so many thing the LNP have done (or not done), but I am worried Labor don’t actually stand for anything except Albo isn’t Scomo.
Don’t forget Clive (I’m joking)
Pretty sure a healthy Financial Advice Sector leads to a healthy Country.
Data to support this?
Its typical to have more of the same and expect a different result. The Mortgage Industry votes in favour…laugh out loud…of course as larger mortgages mean larger commissions…of course they would. So, this best interest stuff means nothing to these brokers who get an ongoing commission for doing nothing….much like the current fools in the Libs, Labor, Greens etc. Bling leading the visually impaired !!!!
How many advisers would be interested in running as independents? Probably your best chance yet of being elected, given the apathy towards the major parties and the alternatives. And if you last enough, there’s a generous pension, inflation-linked for life, for doing nothing – no annual agreements required.
Actually the parliamentary pension is only available for members elected prior to 2004. Anyone running for elected office now might have to be motivated by non-pecuniary factors!!
Most likely the Advisers voting Labor entered the industry post 2009. They weren’t around to see a combination of FoFA and Labor try and eliminate Advisers from the face of the earth or alternatively work at AwareSuper, Hesta Super etc etc. Those of us that went through FoFA will remember the ISN running the country and giving instructions to the Prime Minster on Advice matters. Something that ultimately drove up the cost of Advice.
FOFA was great compared with what the Liberals have done to the industry. They grandfathered things.
Whilst I don’t think the election will have a major impact on the industry, Jane Hume has done an appalling job.
Voting Liberal or National means voting for Scomo as PM. Goodness gracious me!! Anyone but him. He is the most spineless PM (or even politician) this country has ever had. For the sake of Australia’s future, he must go.
I would normally vote Libs but I am considering going with Labor – this government is the most useless government this country has had in a while. They are all about the power for the sake of power rather than serving the country.
Whilst I agree with your sentiment, sadly Labor is not the answer. I’d really urge you to have a look at policies and legislation they have supported or championed over the last few years (Or look at the Premiers) to see what you will be signing up for.
Seems quite high the first preference vote going to Liberal and Labor. Both have failed. Labor however will be worse then Liberal. Liberals have been a big disappointment.
I still believe that since voting is mandatory, we should have a “no confidence vote”. This would tell parties that they need to do a better job. Stop arguing and get on with the business of running the country and serving the citizens! Neither party deserves my vote!
The only issue with this is what then happens. I agree that both major political parties are the equivalent of walking through a dog park with no shoes on but someone needs to be running the joint — or maybe they don’t and we can try that
Neither the Coalition or Labor getting my vote ever again, no matter what they promise. Time for a change in this country and get some new parties to govern.
Totally agree, unfortunately this two party preferred nonsense means it will be extremely difficult to ever get another party in. They won’t be getting my vote either and at the bottom of my list will be the Greens, followed by Labour and the Coalition
Tough decision between the Libs who hate advisers and the ALP who just want industry funds and big banks
When you publish more insights from that survey can you publish more about the actual survey ie where was it conducted, where those surveyed actual planner or business owners / managers and some of the actual questions asked. Thanks
Probably surveyed the two financial planners from MAFS…one of whom is unlicenced and the other is a client services officer…
That’s no surprise, no matter how un-helpful the Libs have been, Labor/left don’t like Adviser’s – that side of politics has always been anti-Adviser…it’s a safer slightly more sensible approach to support the Libs.
How anyone with integrity could vote for Scott Morrison is beyond me….
Because when I look at voting for Albo instead, my skin crawls….
Bit of an indictment on the industry to be frank.