A closer look at the Financial Advice Association Australia’s (FAAA) online election hub – which assesses candidates in every electorate based on their support for the association’s key policy priorities – reveals that candidates on the political right show significantly stronger commitment to advancing the financial advice profession.
This is particularly striking given the Coalition’s role in triggering the adviser exodus in recent years – a legacy tied to the very regulatory frameworks it initially championed.
According to the FAAA’s tally, the Coalition and Pauline Hanson’s One Nation Party, in particular, have largely said they will support most, if not all, of the FAAA’s asks.
Meanwhile, Labor and the Greens have, for the most part, said they either don’t support these initiatives, or their stance on them is “complicated’.
With pre-election polling indicating that support for Peter Dutton is waning as 3 May approaches, the prospect of a Labor or even minority government casts a shadow over the future of the profession.
While there may be faint hope for progress under a Labor-led government – despite the past three years suggesting otherwise – any reform efforts will likely hinge on cooperation with the Greens with polls suggesting a minority government is still possible.
According to insights from the FAAA hub, it appears highly likely that the Greens would oppose meaningful changes for advisers.
Namely, a clear trend among both the Greens and Labor responses is a reluctance to commit to any of the five key FAAA proposals, with many outright rejecting efforts to reduce regulatory red tape.
This is particularly interesting for Labor given that over the past few years, they have adamantly expressed their commitment to reducing the cost of advice to support the growing population of Australian retirees.
It is important to note that there are, of course, outliers in the mountain of data and that some positions remain unknown, particularly when it comes to independent candidates and smaller parties.
Ultimately, we’re not suggesting that one party is categorically better or worse, but when it comes to financial advice, there’s a clear irony at play: those largely blamed for creating the “hot mess” are now campaigning to clean it up. And let’s not forget – promises come cheap in opposition. Just ask Minister Stephen Jones.
It is with greatly reluctant cynicism & scepticism that I say despite the many years of negotiating with successive governments putting forward logical, practical and workable professional solutions to issues, it pains me to come to a conclusion that there is literally not one politician in this country that genuinely gives any credence whatsoever to the plight, survival or operational challenges that have faced Financial Advisers over the last 2 decades.
They will say they are listening, they say they are engaged, they say they will fight for change, they say they will proactively push for major Financial Services legislation but at the end of the day, they are only genuinely interested in their own political survival and to push whatever it takes to ensure that happens.
That means telling people what they want or need to hear and then ignoring it and never seeing it through.
It is sad that Financial Advisers believe they are being understood and listened too, when in fact they are being lied to.
Politicians of every party or persuasion are essentially incredible selfish and self focused on their own career trajectory and political survival and if an issue appears that may give them some traction, publicity or exposure they get on the band wagon.
Its a game of smoke and mirrors every day of the week.
God help us all…!
But who comes to the rescue?
Liberal?
Labor?
Trumpet of Patriots?
One Nation?
Teals?
Greens?
None of them is the answer because their promises are hollow and often broken so it is up to you the reader of this article the true champions of advice…!