As political parties continue to turn focus on the advice industry ahead of the federal election, an experienced adviser has called out politicians for their involvement in the sector.
On the latest episode of the ifa Show, Helen Baker echoed comments by others in the industry that the current education requirements must be addressed in government’s Education Standards for Financial Advisers policy paper, as well as the mental health of financial advisers.
But Ms Baker went one step further.
“I’m going to put myself out on a limb here. I’d love to ask how many politicians have a financial adviser? How many of them actually have their own advisers, so they actually have an experience that is hopefully a great experience that they can apply?” she said.
“Because I don’t know if they do. I wonder if they’re in that camp that just thinks, ‘Oh, all they are is sales people and they sell an investment for commission.’ Or whether they’ve actually had an experience that has dealt with some life event issue, good or bad, and they’ve seen the benefits that it adds, or they can see where they are now compared to where they would be without that advice.”
Ms Baker argued that any politician who has or does have good experiences with a financial adviser should be championing the industry and “leading the charge”.
“[Politicians should be] actually advocating for how great it is to get financial advice and doing their best to get it,” she said.
Listen to the full episode with Ms Baker here.
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
A former AMP financial adviser has called on advisers in the buyer of last resort class action against AMP to “ensure ...
The Financial Services and Credit Panel has made its latest ruling over a case involving an incorrect statement of ...
The head of the FSC says the corporate regulator is sending mixed messages to the financial advice and superannuation ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin