Greens Senator Peter Whish-Wilson has issued a strong endorsement of the independent financial advice sector, musing about a future industry dominated by non-aligned players.
Rising to speak in support of Labor’s failed attempt to disallow the government’s FOFA amendments last week, Senator Whish-Wilson said independent financial planners had left an impression on him during the FOFA amendment consultations.
“Speak to the independent financial planners – the industry they want to see in 10 or 20 years’ time of small independent advisers in this country,” said Senator Whish-Wilson.
“I have met a lot of them in this inquiry. They are good people and they do a good job. But we are never going to transform this industry if we do not have a tough set of regulations that lay down the law."
Speaking to ifa in response to Senator Whish-Wilson’s comments, Boutique Financial Planners president Wayne Roggero said legislation plays a huge role in the future of independent advisers.
“Unless there is a significant change in legislation, the large end of town has the capacity of buying out the smaller practices or the independently-owned practices,” said Mr Roggero.
“What we have seen over the last 10 years is a lot of money being spent by the big end of town to basically buy the selling capacity,” said Mr Roggero.
Independent Financial Advisers Association of Australia (IFAAA) president Daniel Brammall also told ifa there will definitely be more independents in the future.
“We are approached by financial planners every week who are sick of the sales culture and feel like they’re not doing right by the client,” said Mr Brammall.
“Their employer wants them to make sales of product whereas they – and their client – wants impartial advice.”
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