An industry body has released a video campaign to “engage and enrage” advisers and clients around the causes of escalating advice fees and the exit of a large number of practitioners from the industry.
In a communication to members, AIOFP executive director Peter Johnston said the new campaign would “formally commence” the association’s political strategy to oust Coalition MPs holding marginal seats.
The video outlines some of the ways in which the large institutions have seemingly sought to blame small business advisers for the woes of the industry with the help of subsequent government policy, and how the resulting red tape has forced many advisers to raise their costs or exit the sector.
“Financial advisers need your help to send a clear message to all Coalition politicians – to voice your concerns and tell them that unless things change you will reconsider your vote,” the video said.
“If you want to save $7,500 over the next three years with lower advice costs, don’t want to deal with bank telemarketers or computers to get advice and instead want your adviser to survive in business and look after you, we all need to send a clear message to the Coalition – enough is enough.”
Mr Johnston said the new campaign was designed to get advisers “enraged with the past seven years of treatment and prepared to do something about it”.
“It is designed to give the following messages: to advisers – engage your clients into the debate around them being collateral damage with unnecessary high advice costs; to clients – they are paying unnecessarily for skyrocketing advice costs and the government is trying to put their adviser out of business; and to the government – stop giving advisers grief or we will return the favour in your marginal seats,” Mr Johnston said.
The new campaign is the next step in the industry association’s campaign to unseat Coalition MPs in marginal seats in protest at the regulatory burden being imposed on advisers.
In February, Mr Johnston said the AIOFP would target eight marginal seats around the country with a range of demands including relaxation of education standards for experienced advisers and raising commission levels under the LIF rules.
He said the association would soon release further information outlining frequently asked questions around the campaign and what advisers could do to assist.
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