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AIOFP: Research confirms advisers’ political influence

Mike Taylor31 October 2023
Parliament House

Politicians need to be wary because the Association of Independently Owned Financial Professionals (AIOFP) has commissioned research which it says confirms that advice consumers will punish policies which adversely affect their money.

The AIOFP has shared the outcome of research conducted by Core Data which confirms that advice clients do listen to their advisers about the impact of Government policies on their investment portfolios.

The research found that 64% of those surveyed regarded the impact of Government policies on their portfolios as important, ahead of the impact of global events (57%), wealth transfer to the next generation (44%) and socially responsible investment (34%).

However, when it comes to the valued sources of information about politics, financial advisers ranked behind news web sites (27%), family (20%) to sit alongside friends (17%).

AIOFP executive director, Peter Johnston has shared the outcome of the research with members of the Federal Parliament stating that it will “finally settle the debate around who consumers turn to when seeking political advice about their money and policy that affects its performance”.

“We think the traditional political view that doctors/pharmacies are powerful is flawed,” Johnston said. “When was the last time you discussed politics and money with your doctor or chemist shop attendant?”

“This survey’s overall key finding for all politicians to be wary of is 89% of consumes will vote against unfavourable financial services policy outcomes that affects their money.”

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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Des Nutmeg
4 months ago

No big surprise in these conclusions, in that people do care about what impacts them. However a quick review of this report clearly shows that the respondents are not representative of the general population. 45% of respondents had an advice relationship, which compares with around 10% for the general population. How much can you read into this? Why is CoreData working with these people?

Why’s ISA lie so much
4 months ago
Reply to  Des Nutmeg

Maybe they included the other 10% that get Intra Fund sales advice from call centre jockeys at Industry Super.
Those call centre jockeys that charge for sales advice via HIDDEN COMMISSIONS.
Those Hidden Commissions charged to ALL members Industry Super when 90% of members pay it for no service.
Do the 10% of members that get this advice count % wise as getting advice?

4 months ago

This guy continues to be delusional

On what planet does it confirm advisers have political clout. We sit behind the likes of and old uncle Dave and alongside the drunk mate at the pub