The AFA has urged its members to reject the call for an extraordinary general meeting by an adviser, saying it could harm the association’s relevance as a voice.
This week, AFA member and director of NOW Financial Group, Mark Dunsford, announced that he plans to call for an EGM to convince the AFA board to withdraw its support for the LIF in its current form.
In a statement today, AFA president Deborah Kent urged members to reject the call to pass a special resolution change to the AFA constitution.
“The proposed change would be the AFA board would not be able to form any policy position, or negotiate any policy position with government, other associations or consumer interest groups without calling a general meeting and conducting a member vote,” Ms Kent said.
“This is a critical time in the profession’s development. AFA members need representation at the decision makers’ tables. This change to the constitution would reduce and possibly remove the AFA’s relevance as a voice.”
It is perceived that the AFA did not adequately consult members on the LIF, Ms Kent said, but added this is misguided since the association had “consulted extensively with members”.
The proposed constitutional change would reverse the LIF, which has the support both of the government and the opposition, she said.
An industry figure has called for a regulatory framework that not only supports financial advisers, but encourages their knowledge sharing and differe...
EXCLUSIVE: The findings of a recent survey looking at the mental and emotional wellbeing of Australian financial advisers has been released.
New research into the latest developments in digital technology used to deliver wealth services has been revealed.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.