AIOFP canvasses its own adviser coalition
The Association of Independently Owned Financial Professionals (AIOFP) says it now wants to join with other financial planning groups to structure a joint approach in making representations to the Federal Government.
But the AIOFP has made clear that the Financial Advice Association of Australia (FAAA) is not on its invitation list, describing the recently merged FAAA as being part of an “Association Trio” which had been guilty of unsatisfactory performance.
AIOFP executive director, Peter Johnston claimed that it had been this “under performance” which had led to the emergence of other groups such as BFP, Adviser Forum. Alpha Group, the Licensee Leadership Forum, the Joint Licensee Group and the AIOFP.
Johnston said that this unhappiness was “why there are 12 Associations trying to represent Advisers, many have been obviously unhappy with the Trio’s performance but we have all just tolerated their existence…why”.
“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,” he said.
“It is time for all these 6 groups to put the petty politics/personality differences 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.”
“The core problem over the years has been Adviser issues being intentionally coalesced with Institutional issues and the Institutions have had the financial muscle to get their own way in Canberra. They have played the ‘divide and rule’ strategy to perfection where Adviser focussed Associations have been infiltrated by the Institutional lobby with cash injections to influence outcomes and disrupt the industry for their own self – interested benefit,” Johnston claimed.
“A classic divide and rule strategy works best when the targeted group [ie 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. Another key to institutional success is having as many groups as possible arguing to muddy the waters, that’s why these 6 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.”
“It is an opportune time to rectify the Canberra dysfunctional view of our industry, continuing with the same old Trio under a different name will only intensify the politics, not mitigate it. The AIOFP will not be backing down on its pro – Adviser protection role we have played over the past 25 years and cooperating with the Trio is unlikely. We are pleased the recent NEWSWIRE Conference delegates came to the conclusion that the FSC are not suitable to represent Advisers issues in Canberra.”
Have the other 11 associations told the AIOFP spokesperson yet that he is a nutcase?
As long as FAAA maintains its hypocritical and inconsistent behaviour in relation to product company influence and grandfathered CFPs, they will continue to fuel opposition and division in financial planner ranks. If they actually removed those two big problems instead of making weasly excuses for them, FAAA would finally become the professional association they claim to be, and advisers want them to be.
Thanks for the response Peter.
You’re welcome Julie. It wasn’t actually Peter though. It was a long suffering FPA member who believes FAAA has greater potential then AIOFP to become a professional association with broad adviser representation. However it’s not there yet, and is being held back by an influential few who devote their energies to preventing the changes needed to make the transition to professionalism.
Setting up an “association” charging $600 and spending your days organizing your next holiday (conference) is great retirement gig. Throw out the odd press release and what a great way to spend your retirement. It’s always best to come out swinging say 6 years after the legislation gets legs too. I’m even thinking of setting up my own Adviser Association. Would anyone be interested in joining for an annual fee of $550 ? My next conference is going to be in Niseko Japan strangely coinciding during the Ski season, and I’ve already secured 4 fund managers to give a market update. (more details to come)….. Oh and the first 10 Advisers to join go into the draw of being the Adviser of the Year, and for a low fee of $500 you can come to the awards night too and I’ll say you’re a finalist or runner up…Oh and for the first 200 advisers, as an extra bonus, you get a pretty title called Certified Licensed Adviser (CLA) being the industry’s highest designation for an extra $200. Watch this space and hit the like button if you’d be interested in joining our newest and most Professional Association…ever.
Look at me! Look at me! No one wants to join to associations with me but I don’t care…
I could have sorted out everything… but haven’t… so it’s everybody else’s fault.
It’s ironic Peter throws out the phrase “Trio” given the disaster his “Board” colleagues and “members” inflicted on their poor clients with the whole Trio Astara fiasco AIOFP was responsible for!