The Association of Independently Owned Financial Professionals (AIOFP) plans to form its own coalition with the Boutique Financial Planning Principals Association, Adviser Forum, Alpha Group, Licensee Leadership Forum, Joint Licensee Group, and other past adviser-focused groups to challenge the message the newly merged Financial Advice Association Australia (FAAA) is conveying to Canberra.
In a statement this week, the executive director of the AIOFP, Peter Johnston, said: “Advisers need to convey a different perspective to Canberra, most politicians/bureaucrats think advisers and institutions are all similar entities with similar needs and agenda.
“The AIOFP has been working on changing this flawed perception over the years and believe now is the time to act with a new government in power who listens.”
Mr Johnston, who has been openly critical of the FAAA, added that it was time “all these groups” put their “petty politics” aside and “get on the same page”.
“We are certain we all share very similar views on advice matters and that needs to be conveyed to Canberra.”
He argued that the “problem” the AIOFP wants to eradicate is one of adviser issues being “intentionally coalesced” with institutional issues.
“A classic divide and rule strategy works best when the targeted group [i.e. independent advisers] politically fracture, continually argue with each other thus creating a poor image in Canberra. This allows the institutional lobby to waltz in, splash cash, and take control,” Mr Johnston opined.
“Another key to institutional success is having as many groups as possible arguing to muddy the waters, that’s why these six groups should be at least communicating and why the institutions encourage the infighting with guileful and duplicitous behaviour.
“Only the advice community can put a stop to this devious charade.”
Mr Johnston vowed to not back down on his “pro-adviser protection role” and said cooperating with the FAAA was “unlikely”.
“We will be writing to all five groups over the next seven days seeking to find some common ground. We are not asking them to merge with the AIOFP, just to collaborate with us in Canberra and let Canberra know it is happening,” he said.
“Our initial thought is to have a combined technical committee of a key technician from each group to meet and discuss the best outcome for advisers in a democratic fashion and that is the policy we all take to Canberra. All CEOs are excluded from the committee, it’s just the technocrats discussing and agreeing on the best approach for the advice community in general.”
So we work together by working apart? We have been asking for a PEAK body for years, we know canberra dosent listen to whispers from the corners. So AIOFP, FAAA and the rest of you, get into a room elect a board and get a PEAK body to go to canberra. Can your EGOS handle that? No? Then dont bother representing us as you are just navel gazers.
When will they help effect change to help Advisers and lower the cost of advice? Please stop punching down at the detriment of our Profession.