The two creators of the survey released last week – Artemis Investments (NSW) director Philippa Hunt and Forte Asset Management founder and director Steve Prendeville – said they intend to bring the findings to the attention of government.
On a new episode of the ifa Show podcast, Ms Hunt and Mr Prendeville sat down to discuss the survey at length which they are aiming to get a screengrab of the situation that advisers face in 2022 given that there has been no attainable way of understanding their current needs so far this year.
The survey looks at the mental and emotional health of planners, as well as FASEA, LIF and the effects of both now. It is targeted to all financial advisers, including those in insurance and investment, as well as staff who work with and for advisers.
“I think if we can quantify the problem, maybe we can build some support systems, referral arrangements,” Mr Prendeville said.
“Also, I think if the minimum we achieve is that people understand it and know that they’re not alone… then hopefully if we’ve got some data we can speak out and up, back up to government and try and, sort of, quantify these unintended consequences of mass legislation in a short period of time.”
Ms Hunt added that they also hope to set “some kind of coaching or support service” to continue the support once they have gathered the results of the survey.
“And then provide some kind of strategic and emotional and mental health support for these guys who really are struggling, but don’t know where to go, what to do,” Ms Hunt explained.
“When in actual fact, it might be a something in their business around implementing the legislation and they’re worried about it getting wrong. So from the results of the survey, we’ll figure out what advisers need and want. And hopefully we can set something up for them.”
To complete the survey, click here and listen to the full ifa Show episode with Ms Hunt and Mr Prendeville here.
If you are suffering from depression, anxiety or suicidal thoughts, or you’re worried about someone else and feel that urgent professional support is needed, contact your local doctor or one of the 24/7 crisis agencies below:
Beyond Blue: 1300 22 4636 www.beyondblue.org.au
Lifeline: 13 11 14 www.lifeline.org.au
Suicide Call Back Service: 1300 659 467 www.suicidecallbackservice.org.au
[quote=Bert Birstenheimer]But, the alternative will be far worse. Labor actually hate financial planners.[/quote] And you think the former bank workers who have been our Ministers do not hate SELF EMPL:OYED ADVISERS. You are joking!!
Great, take the report to the government. Get the same people to fix the problem as created it. That usually works out just fine, I hear . . .
Liberal supporter 20 plus years so have my parents . I can honestly say the way the liberal government has thrown advisers under a bus and gone in bed with the amps and big banks . Myself and my parents and all of my clients who I have communicated with how we have been treated Will not vote liberal this election.
You can only get away with deception for so long.
The Liberals have been an absolute diabolical mess in regard to independent financial advisers for their entire term in power.
Frydenberg has no appetite whatsoever for advice and is solely focussed on getting to Prime Minister and having a hit of tennis with his buddies on a Sat morning at Kooyong.
Hume is an utter waste of space.
Morrison is not only negligent regarding financial advice, but his own people are now coming out against him.
It’s time the Liberals were kicked as hard as they have been kicking us for nearly a decade.
Many advisers are now so angry, so hurt, so deserted and so robbed they don’t care, as the current Govt needs to understand that you just can’t keep stabbing good people in the back and expect support.
If Labor are really smart they will demonstrate support but they will only have a short time to do this and fast…..if not, they will be ejected the next time around.
At face value this is great, but I do hold genuine concern this government/ASIC will choose to use this data the other way and force us to undergo mental competence exams etc. in order to keep providing advice. I know it sounds absurd but this is the vengeful mentality of the people we are currently dealing with.
Thanks for your comments so far, Many advisers would have the same thoughts about the current govt. We hope that the survey results will give us both the fact, figures and the adviser’s comments throughout the survey to show politicians and media what is really going on. We hope that we find out what advisers and their staff need and how to help you all. I have met with all sides of politicians and it was Stephen Jones’ announcement at the AIOFP conference at the Hunter Valley who changed the professional educational requirements followed by Jane Hume – Me too. So, we hope with your help to get the information out there before the election. HAVE YOUR SAY and be heard. Thanks so much in advance.
Scomo, Hume & Frydenberg – “pffttt, nothing to see here, carry on”…
A nice idea, but let’s be honest, if we have learned anything over the last few years, its that the Coalition DO NOT CARE about financial planners. They only care about one thing, and that’s votes. We will use all of our influence to hit them where it hurts. Perhaps you can show this survey to them after they are turfed out in a couple of months. Maybe then they will listen. Best of luck.
I blasted my local Federal LNP MP about the disgraceful treatment of financial advisers and this industry the last 6-8 years in a recent Facebook post he sent out ‘begging’ for donation support!
He knows I have voted LNP my entire adult life and that me NOT voting for them ever again is on him and the grubs noted above – Frydenberg, Morrison, Hume and to a lesser extent but NEVER forgotten Kelly O’Dwyer who’s very name makes me almost gag!
But, the alternative will be far worse. Labor actually hate financial planners.
At least advisers know where we stand with the ALP. The Libs are worse because they pretend to be our friend and then proceeds to put the whole profession through the same crap the ALP would.
Frydenscum hates Financial Advisers.
Rather have a face to face fight with Labor than constantly stabbed in the back by Frydenscum, Hume, LNP.
They hated us because we always vote against them. Won’t be a problem this time around. They will have one term to keep us on side. Will be interesting and couldn’t be worse than the current mob, unless they round us all up and put us in jail. That’s about the only thing Hume hasn’t done to us.
Why not focus on supporting independents? Plenty of high profile independents running: Zali Steggall, Zoe Daniel, Monica Ryan in Frydenberg’s seat. They actually need our support and so they are far more likely to listen. The big parties will just take our vote for granted.
The industry needs to fight back. One way is to raise public awareness with regards to parliamentary pensions. Ultimately, the obsession to be re-elected is all about qualifying for this taxpayer-funded excess. Our catch cry could be “Why shouldn’t politicians be under the defined contribution system like everyone else?” Threatening a politician’s re-election hopes certainly works for other lobby groups.
Voting independent might make you feel warm and fuzzy, but it is most likely to be an indirect way to put the Libs back in. If you want Jones rather than Hume as financial services minister, you need to grit your teeth, hold your nose, and vote Labor.
Sorry to steal your thunder, but since 2004, when John Howard responded to a jibe from Mark Latham on the then very generous Parliamentary super scheme, they’ve all been on SGC from their employer, US. That is, those who were elected after 2004.