Speaking to ifa, Association of Independently Owned Financial Professionals (AIOFP) executive director Peter Johnston said the association has received more than 800 enquiries over the past three months from institutionally-aligned advisers.
He said many of those advisers are either seeking assistance with getting their own AFSL, seeking a referral to a larger practice or wish to join an association that will act in their best interests.
“The FASEA issue has been such an emotional destructive rollercoaster, it has galvanised the advice community to the point where our board wants to create a new associate membership status for institutionally aligned advisers to join the AIOFP,” Mr Johnston said.
“They cannot of course use the logo or vote at our annual general meeting until they meet the full member status, but we will give them political advocacy and membership of our member protection fund for some security in these uncertain times.”
Earlier this week, Mr Johnston said FASEA has negatively impacted the value of adviser practices as well as the mental health of advisers.
“To viciously play with adviser practice values, livelihoods and mental health is unforgivable,” he said.
However, Mr Johnston said that there is one good thing that has emanated out of FASEA: “The realisation that all advisers are under threat and we all need each other to survive and thrive.”
He encouraged any institutionally-aligned advisers to attend the AIOFP’s upcoming Australian conference on the Gold Coast, running from 13 to 16 November.
He said that a ‘How to get your own AFSL’ session will be on the agenda, where there will be many current member groups on hand wanting to offer their licensing facilities to select from.
The new Chair – the educated bloke, is a good dude. AR – get away from this extremist organisation ASAP. The AIOFP is everything that is wrong with this soon-to-be-profession. Apparently everyone knows this bar you.
Very Happy member of the AIOFP. It’s been refreshing to see the common sense stance they’ve taken on many issues. Their stance on FASEA is a classic example. Saying Yes we need to lift education but surely having a Degree, post graduate degrees already in Finance do these advisers need to go back to school. No.
Compare this to FPA.
FPA, advertises that the CFP program is “like a Masters Degree” this is untrue and says a lot about the honesty of staff.
FPA tells FASEA that a Bachelor of Financial Planning from FPEC (a body they own) should be the meaning of a degree. Backflips when they get caught out, post FASEA announcement
FPA tells FASEA prior experience should be worth 14 points out of 100. Again backflips.
FPA supports CBA Financial Planning when CBA gets busted for Poor advice and is united in calling for degrees for all when the main problem is CBA Senior ex’s. This triggers FASEA. Yet Makes no statement against them and negotiates to get members in return for silence.
FPA CEO get’s busted in front of Royal Commission, taking 12 months to hear simple complaint, accused by Orr of turning blind eye for TV appearances.
FPA gets payments from product manufacturers. FPA is tainted.
FPA gives membership discounts based on what product manufacturer you below to.
Thank you! Excellent summary of the FPA. They have sold us ALL out. Add in the FSC and associated lobby duping Kelly O’Dwyer to allow ASIC to lie about the so called churn and now we also have the totally engineered LIF put upon us. I am for my clients full stop! The sooner ALL these idiots are shown up for what they are the better!!! I appreciate Peter and the AIOFP. I also have recently joined up my entire practice of 4 advisers to the AIOFP and did not renew our FPA memberships.
Hi ‘Very Happy member of the AIOFP’. I’m interested in your thoughts on how much of the AIOFP member protection fund you think will be left after Linchpin/Beacon implodes? I mean the AIOFP makes a big thing out of protecting and supporting their own so I’m guessing you are all happy to financially support Linchpin/Beacon through this unfair persecution by ASIC?
Assets In Own F’in Pockets
A hog in a silk waistcoat is still a hog
Scott, showing your ignorance, there is a difference between independently owned and s923A structured Advisers, we have both as members. Glen, there are bad eggs in very industry, the best Advisers are independently owned, who operate their own AFSL and DON’T deal in SMSF direct property transactions. The Royal Commission has highlighted the bad behavior of Institutions and their aligned Advisers don’t confuse that the non aligned sector.
Always Investing in Others Failing Practices.
There are certainly bad eggs in every industry. Chair of AOIFP seems to be where financial planning bad eggs go.
Best advisers ??? Like your mate Peter Daly. Spare me mate
Peter, how much of your AIOFP member protection fund do you think will be left after Linchpin/Beacon implodes? Or is it written so the AIOFP can weasel out of covering AIOFP members when they need to claim? Because if anyone know how to claim under your member protection fund, surely its the former AIOFP President?
I am sure there is an exodus from institutionally aligned AFSL’s but 800 phone inquiries in 3 months – you gotta be kidding! I hope you were not adding the 1 or 2 calls you may have received from planners with those calls from ASIC about the former AIOFP Chairman who felt there was nothing wrong in using investor funds to resolve ‘personal financial difficulties’!
I’ve been advising my clients for years and years unlicensed and nothing to do with this ridiculous compliance circus called financial planning.
They’re happy getting educated at a much reduced cost (no soa’s no compliance) and I’m free of the clowns.
It’s called life coaching.
Leave your dealer group and enjoy. You don’t need to be licensed.
Tell us more please.
If I need the Always Own Interests First Priority then kill me now. Please please stop destroying the good reputation of all those advisers who do have a moral compass and have chosen not to join this destructive organisation. Your audacity is only exceeded by your hypocrisy. Those who you have roundly critisised at every opportunity are now invited to join. Seriously?? They will get what they deserve ( no, not a loan from Linchpin)
One can’t help wondering if the immediate past chairman of AIOFP Peter Daley and current CEO of Beacon will be talking at the conference ? Perhaps a discussion On morality,ethics and conflicts of interest? He is certainly flush with funds …invested funds he lent himself …a Dilema for Peter I’m sure.
AIOFP has always represented the far right of the industry and nothing has changed. The association historically propped itself up partnering with fringe providers mainstream industry players would never have put on their APLs.
Well, if you say so Mr Johnston. However, as a simple consumer, I’ve been profoundly shocked by what can only be described as shocking conflicts of interest and lack of expertise in your industry. Much of what is happening now is an understandable regulatory reaction to very poor behaviour and a lack of professional standards. If practice values have been built on the back of conflicted advice then I think that you’ll simply have to take it on the chin. I think that easy access to the “river of gold” is ending “not with a bang, but a whimper”.
A “simple consumer”? Yeah right. On a website like this. Methinks you have an axe to grind or commercial agenda to promote. You don’t happen to be one of those paid trolls from the union fund PR department by any chance?
Glen, if you really understand what is happening you will note that most of the issues are the result of a crap culture at management and executive level. ASIC has basically been shown for what they are-limp- and have known for a while about the back ground. One must ask why no action until now. Once the managers who oversaw this culture and unethical practices are re jailed, the industry will be better off. The disdain of some who gave evidence to the RC is appalling and yet there was not even a wrist slap. Please don’t shoot the advice industry as a whole, there are way toooo many great people in this industry being slandered for the actions of a few.
Is that the logo that has fine print saying the advisers still receive commission but can somehow call themselves independent?
Let me guess Scott. You are one of those IFAAA advisers who won’t allow your clients the option to pay for insurance advice by commissions, in order to market yourself under the ASIC definition of “independence”. Then you exploit this ASIC bestowed gift to further disadvantage your clients by pushing them into unnecessary, overcomplicated, inhouse administered SMSFs, for which you charge a hefty fee for service. Then you have the gall to call it unconflicted advice!?
I hope Scott is not the type of adviser that charges clients $15,000 a year and specializes in Gay, one legged, CEO’s in Pitt Street and then has the hide to say his method is the only way to charge. Then has the hide to go out to the media and dish every other adviser to advance and promote his/her business. These advisers are truly scumbags in my book.
And only taking on high net worth clients, and when charging flat dollar fees – it is actually based on a % of investment assets (e.g client has $1 million, the flat dollar fee is $10,000 because it’s based on 1%) – despite arguing against asset base fees.
This is not the future of a professional body
This is not a professional body
Could you name a professional body
The former Chairman Peter Daley is still a member firm of this “Association ” and has full voting rights !! keep him away from the member protection fund !hash tag , credibility?transparency?