Sarah Abood joined the latest episode of the ifa Show following her appointment to the FPA last year, where she discussed a number of issues within the advice industry, including the heavy compliance and regulatory reforms in recent years.
“The last several years have been… I mean, there’s no beating about the bush, it’s been hell for a lot of financial advisers in their businesses, and the industry has had to change so much,” Ms Abood said.
Ms Abood said while many of the changes have hurt advisers and their businesses, she believes the opportunities moving forward is what is most exciting for the sector.
“The changes that have been made, albeit extremely painfully for many, I think they’re starting to be really recognised now by consumers and also by regulators, and we’re starting to feel like we’ve fought our way through the jungle and and we now have some opportunities to move forward with consumers who really value what we do and with regulators who are listening now,” she said.
“They’re listening to some of the challenges and problems that the outcomes of the Royal Commission threw up, and they’re willing to hear us, and they’re willing to work with us.
“For me, that’s that means this profession has an incredibly bright future, and I’m just really excited to be part of that.”
On Wednesday (2 March), the FPA called for reduced complexity in legislation and more support for financial advisers in its submission to the Australian Law Reform Commission’s (ALRC) Review of the Legislative Framework for Corporations and Financial Services Regulation.
Listen to the full episode with Ms Abood here.
The forthcoming Federal election provides a golden opportunity. Our sector is fragmented with ineffective leadership, so has been easy pickings for the idealists. Our supposed industry leaders must use this leverage to gain absolute commitment from Federal Government post election to fix the mess. These commitments need to be made now, by both Liberal and Labour. Our Industry professional bodies must send a clear message to aspiring Government that these pre election commitments will be used as a basis to influence voting amongst constuituent members and their clients when going to the polls.
It is now or never.
Get it in writing….
I accept some level of optimism is required by the new FPA CEO, but it must still be grounded in reality. And she is being paid good dollars to represent the members.
The industry/profession is in a terrible mess because of the current Liberal government’s actions. She needs to call it out – unnecessary red-tape (FDS’s despite annual opt-ins, TMD’s etc etc) , great big new taxes (ASIC levy, TPB membership & CSLR) and government bodies running around with no oversight (ASIC & APRA) .
Until Ms Abood is capable of speaking out loudly, the FPA members continue to fund a dud association. #slowlearners
The industry is currently broken – completely, utterly, totally. There is no mystery to solve.
I have completed the FASEA exam and Ethics subject, and was until recently a CFP member (studied version).
After 15+ years, my solution is simple. Bye bye FPA, bye bye FP. I suspect I’m not the only one.
FP is a valuable service, but it has become quite unworkable to service the middle class where the greatest volume of need lies.
For those remaining, wish you much success and all the best.
Best wishes for the future. I also left the industry recently, having had enough of constantly being the meat in the sandwich.
If advisers keep leaving, it also doesn’t look good for the staff who service them – BDMs, licensee staff and so on. Would anyone know how many people are employed in such roles?
same same…. i am out in september, i was a bricklayer, then became a financial planner my own afsl and a great client list. moral to the story, there are heaps of other ways to make money in this world. i have a plan and financial planning is not in it. my clients will be really upset, i know the names of their pets, they rely on me to help them. i feel bad but need to do whats best for me
After doing the Grad Dip that was forced on us by a government that the FPA did little to stand up to and represent the FP’s I checked out the website out of interest and it simply is buy the CFP with more study. Good luck with that.