Good call SAT

Good. $6.7 mil theft he deserves it.

But what about the Bank Executives ripping off thousands of people and the bank shareholders reaping millions in bonuses???? Not even a slap on the wrist.

Well done regulatory idiots, you have made it a certainty that no one in their right mind would wish to enter the profession for the cost and effort required to pass the degree and then only to be faced with mind bending nonsensical compliance that suits no purpose other than to run up costs. So it is off the the industry super funds for most new clients, (which of course was your intention all the time). You complete retards, who put your cards in the wall and expect taxpayer dollars to come out of it. If you ever ran a business and actually put the money in the wall in the first place you may have a better idea. You are corrupt, duplicitous and stinking rotten to the core. Why would any young graduate sign up?

Maybe Alan K can vouch for him

Not sure where you'd go that's better than Aus!

We would all like to be able to leave the country at the moment :)

Even though I am not a Mayfair fan, he makes a relevant point.

Whoops. This is what happens when you fiddle with things that you don't understand.

That is exactly what the terms were for BoLR the 4 times was capped. Cant comment on the new 2.5 as I am not across the new terms but I know the old terms well!!

collapse is imminent

The Professional Year is an opportunity to appropriately train and excite graduates into careers. However currently with the way FASEA and Legislation are set up, and the challenges to the industry all over, there are hardly any being offered due to complexity and cost. The Government needs to assist with traineeship funding very quickly, or all will be lost.

AMP do not want to 'work with' planners, they want to dictate, bully and harass them to the point of breaking. There is no trust left in AMP with the planners due to their actions and clients are wanting to see them pay for the despicable treatment of their trusted adviser. AMP may own the client based on a contract, but the clients will make their own decisions based on how they have treated the planners that they deal with face to face and trust more than some brand that may appear on a statement.

Why would anyone in the industry currently, in good faith recommend to someone to proceed down the path of being an adviser?

This industry has been butchered.

I'm not sure how most practices could even afford the time to offer someone a professional year at present.

I guess that's what years of over-regulation does to an industry. Ultimately society as a whole will foot the bill of an under-resourced advice industry.

What happens when the Govt buries the industry with ridiculous red tape Opt In legislation. The new graduates have worked out that they cannot afford to service young new clients, at a low annual fee (that FDS Opt Out makes possible).

Don't worry guys there's a few hundred candidates studying FP at the moment, that will replace the 10-15,000 that are leaving or have left in the past couple years right??

My 16 year old nephew asked me if he can come and do work experience with me but I told him not to bother. I suggested that he consider a career in engineering or something similar. I will never recover from the mental anguish I have suffered as an owner of a small FP business in the last few years. The stress & fear I face daily is not something I would not wish on anyone let alone someone I care for. I love what I do, I love helping clients but if I could turn back the clock 20 years I would never had entered this Industry.
This industry will only survive servicing the wealthy and there is no business model that can efficiently service every day people. This is a complete travesty & the blame lies directly at the feet of the politicians (this includes you Jane Hume & Stephen Jones). ASIC, the media, FPA and anyone else we wish to point the finger at do not make the laws. Past & present financial services ministers have now overseen the complete over regulation of a service that is desperately needed by the public and it has just about been regulated out of existence.
Only when current day financial planners (not universities, teachers, regulators, BDM’s, Industry bodies, journalists, Industry leaches) have a sense of confidence and pride in this industry will we speak to our children, nieces, nephews & those of our friends and encourage them to enter this industry. Why would we encourage them now?

Incorrect. Either Xplan or Adviser Logic must be used.

To all new planners -Welcome to the advice world.
• You will apply ethics in your interactions (Based on a set criteria no one can fully explain or put into practice-FARSA-if you get it wrong according to our beliefs –your out.
Unless you work for an industry fund –than the rule does not apply.
• You will abide by all laws and regulations and explain your advice in explicit detail to every client at every interaction, you will provide 100 page SOA’s , provide full disclosure at every opportunity and on an ongoing basis, and you will obtain client signatures – a dozen or so will do. Your advise will be simple, easy to understand and inexpensive – should you fail at this task ASIC will have your guts for garters- Unless you work for an industry fund –than the rule does not apply.
• You will answer to AFCA should any grumble be made again you – they will use their judgement to find you guilty using the law or any interpretation they see fit. In the unlikely event that you are found to have made no mistake – the process and costs involved will most likely end you career.

It would be great if the Senior Executives and the board actually read some of these comments they could possibly then get a feeling of what the broader adviser population and their own advisers think about what Mr Ferrari and the Board is doing to a once great Institution, slowly but surely bringing it to its knees, Rod m