The AIOFP told ifa that senior politicians are “actively wanting to make contact with groups of advisers seeking their views on the current legislation in café style meetings”.
It comes just weeks after the association launched its “engage and enrage” campaign that called on financial advisers across Australia to put aside political differences in a bid to unite and incite change within the sector.
AIOFP executive director Peter Johnston said the advice industry has a “platinum opportunity” to seek further changes by government within the sector over the next two months.
“Having the finance and foreign affairs ministers wanting to meet with groups of advisers in café settings is evidence of their desperation to win the traditionally voting Advice community back to support them,” Mr Johnston told ifa.
“Unless it is Treasurer Frydenberg and his chief adviser Martin Codina promising change, it will be a waste of time.
“They have had six years to assist us and now they are looking doubtful in the polls, they are on their knees begging for support.”
The news comes after The Advisers Association (TAA) chief executive Neil Macdonald said the advice sector has reason to be “optimistic” ahead of the election.
“I’m optimistic, particularly because I think there is a recognition on both sides of the government that there needs to be changes, and the pendulum’s probably swung a little bit too far,” he said during a recent episode of the ifa Show.
“I think they’re looking for the associations and advisers to give them some constructive feedback on what needs to change and how.”
Listen to the full podcast with Mr Macdonald here.
The pillow has been well and truly been put over the advice industries head with over compliance – dying a slow death… shame.
I hope the Liberals lose the election by 15,000 votes…equivalent to the number of remaining advisers…….at the moment!!!
As someone who is/has been a member and helped out a lot in the party, I would not be surprised if the continued trend of LNP members going over to the Liberal Democrats will increase. I just don’t see how anyone who normally votes for LNP can just so easily shift their vote to Labor, when other better options are available.
Seriously, does anyone really believe that politicians care what financial planners think? I doubt very much that any politicians (Coalition or Labor) are looking to get the view of any suburban financial planners. I love your passion @PeterJohnston but I highly doubt that the Coalition is seeking out AIOFP members for consultation (or FPA or AFA members either for that matter).
We have been accused of self interest in the rejection or opposition to some of the worst regulation ever seen and now desperate
politicians seeking to save their own skin are doing nothing other than pushing for their own self interest and their jobs.
Disgusting.
They are not genuinely interested in our position at all….they are only interested in votes and retaining power…as they have categorically abused over the last decade in relation to financial services and advisers.
I think Frydenberg, Hume and their Liberal mates are cooked! Hate to be the bearer of bad news but they won’t make any meaningful changes for the advice community in their short time left in office because they have acted upon other agendas…
More like FriedEggBerg…fully cooked!!!!
Too little, too late. Unless the Coalition come up with some kind of ‘shock and awe’ type policies, which dramatically change our fortunes, they are stuffed. Not only are huge numbers of advisers preparing to vote Labor (some for the first time in their lives), many of us have been soiling our client bases with anti-coalition messages. It’s a powerful message as our clients know full well we normally advocate for the Coalition. So they sit up straight when we say otherwise. Especially when that message is delivered to clients with ridiculous multiple/lengthy fee agreements and fee increases.
Unfortunately financial advice is pretty low down the list of problems this Government are facing.
Correct. And as Peter Johnston should know, Craig Kelly has been contacting everybody he can and has been for a while (by text).
Josh Frydenberg does not care at all regarding Financial Advisers…he never has done.
The Liberal Party has done everything in its power to dismantle advisers businesses and destroy the small business model.
Now they are staring at an election loss they will start to try and claw back years of negligence and death by regulation in order to save their own political skins.
I have voted Liberal my whole life and I’m 58.
They do not deserve my vote and I will vote for Labor just to get rid of them despite my despise for the Labor/Union accord and the conflicted relationships with Industry Super.
I simply don’t care.
The Liberals are like a bad partner who has cheated on you multiple times and still wants you to forgive them…….no more.
The Liberals cannot be trusted at all as they have shown nothing but disdain for this industry.
They are an absolute disgrace.
Love all this government has done to force change on the industry that would not have otherwise. I’ll be more upset if they make concessions for non-degree qualified advisers. Those seeing the pendulum swinging too far are the ones who need to leave. It’ll now swing back into a sweet spot for all those left. Great opportunity for the professionals…
The coalition will never get my vote ever again
why? if you’re looking to blame I would suggest the Government is well down the list.
I’m in Josh Frydenberg’s electorate. I’ve emailed him several times with my concerns. No response. The final email I sent I told him I would not be voting for him. Still no response. What difference does a cafe make??
…around $5,000 to $10,000 from you in terms of the funds he needs to retain his seat…The only reason for the ‘sit down’ is to get something FROM YOU not to do anything FOR YOU.
He was probably at the tennis.
too much common sense there James22. It’s the public servants in Treasury and ASIC that matter, and they consider financial planners to be like a fart in an elevator and middle to high ranking public servants can’t be sacked. ASIC has pretty much stated they want Advisers eliminated and we’ve seen Treasury view on Advisers being expressed in their review of FoFA. It’s a reason you can’t take the softly softly FPA approach you need to go to war on Politicians so the message gets sent to Treasury loud and clear.
Its great politicians are more open to listening in lead up to election. Experience pathways and commissions are not going to get us all on the same page. Removal of redtape where advice is unconflicted and a reduction in costs to practice may just win our votes. Level playing field across intrafund, accountants and licensed advisers….no carve outs for the less qualified or invested advisers? That might help too. Why cant fully qualified advisers provide intrafund advice on same terms? Give the most qualified professionals the least redtape instead of the most……Don’t continue to have us subsidise the broader industry and exited banks. Tax deduction on all fees, makes a lot of sense. Separate license for risk professionals…. yes, still will require study though but why not allow lifie’s to receive commission. Even let them implement the advice provided by fully licensed advisers for commission where it suits. Some responsibility back on investors, a notional cost to clients who want to proceed at FOS after getting a stage 1 knock back…..And those damn fee forms…… seriously, a one page invoice to clients each year with an option to tick a box to to pay via product if preferred will do the trick. Get rid of all the prescriptive impractical expensive guff that client never ever read…..
Well they don’t respond to correspondence. I have voted Liberal all my working life. No more, Labor will be worse despite what noises they make. I will be voting Lib Dems or informal. I have all but given upon the political process and trust none of them.
Me Too
From history, Labor is clearly better for financial services than Liberal. The Liberals have no control over ASIC and APRA; who in turn are allowed to run riot with their socialist agendas.
Today’s Newspoll will probably spur the whole cabinet to engage with the industry. Too late – the damage is done and no politician can be trusted.
The Pendulum has swung so far its doing loop the loops.
This disgusting LNP rabble & especially Frydenberg must be shown the door.
FRYDENBERG MUST GO NOW !!!!!!!!!!!!!!!!!!!
You would rather labor be in charged? Be a dogs breakfast at best.
“Having the finance and foreign affairs ministers wanting to meet with groups of advisers in café settings is evidence of their desperation to win the traditionally voting Advice community back to support them,” Mr Johnston told ifa.
No, this is standard operating procedure leading up to an election. They all do it. I had lunch with a NSW Minister on the weekend along with a candidate in the local bye-election.
Correct they all do it, and usually it comes with a price rage if $5000 – $10,000 to have a sit down lunch for you and a few clients…all in the name of raising funds to compete in the elections…