Peter Johnston, executive director of the Association of Independently Owned Financial Professionals and a longtime advocate of the experience pathway, returns to the ifa podcast to explain its potential as a game-changer for the industry.
The pair run through how the experience pathway would work in practice and whether Mr Johnston believes certain limitations need to be imposed.
He also reveals how receptive the government is to the Quality of Advice Review following his recent meeting in Canberra with the Treasury department tasked with overseeing the government’s response.
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Just listened to this podcast. Whilst I believe that the experience pathway should always have been more seriously considered, I don’t think this interview was very balanced. Peter seems very motivated to support Labour and allowing insurance advisers to have an easier road than the rest of us. It is interesting how when the royal commision was released, we were all very nervous as Labour seemed more intent on banning commissions altogether in both the life industry and mortgage industry. How quick we are to forget. I have also witnessed many clients that have come from an insurance only adviser and realised that the insurance advice was put together poorly due to structure being poor and a clear history of churning the clients from one insurer to another to keep their comm’s up. I will personally benefit from the experience pathway as I have not finished my qualifications however I feel for all the advisers that have spent countless hours to upgrade their qualifications as well as those that have exited the industry prematurely. The real criminal here is Haynes and how he felt it was appropriate to release such a damaging report.