Don’t victimise advisers again warns AIOFP

It is to be hoped future Federal Governments will think twice before trying to politically victimise the financial planning community, according to the Association of Independently Owned Financial Advisers (AIOFP).

AIOFP chief executive, Peter Johnston has sent a message to members welcoming the change in Government in Canberra and expressing the hope that the Australian Labor Party (ALP) will be able to govern in its own right.

“The Coalition Governments over the past 9 years have been unfairly harsh on the Advice community and its central architect, former Treasurer Frydenberg will [more than likely] be no longer a direct threat to the industry. He is yet to concede awaiting the outcome of postal votes.  We also hope that Mr Frydenberg’s key Adviser Martin Codina also moves on,” the message said.

“We are also pleased that most Politicians now understand and respect the Advice community and its strong relationship with clients. The AIOFP played an active role with the marginal seat strategy where Advisers educated their clients on the shambolic expensive compliance regime and its costs were directly paid for by them.”

“We hope future Governments will think twice before trying to politically victimize our community again.”

“The role Associations have played over the past 7 years for the Advice community needs to change. Fence sitting or mixed member Associations backing Government legislation against the wishes of minority factions must end,” Johnston’s message said.

“Associations with a pure membership base and whose priority is to its Adviser members must be the only entities dealing with Canberra on behalf of the Advice community,” it said. “The disastrous LIF Legislation pathway where the Institutionally aligned FSC/FPA/AFA went against Advisers wishes cannot happen again.”

“The most immediate issue to be addressed and rectified is the Exam format and the ‘cliff’ facing thousands of mainly Risk Advisers by September 1. Pleased to inform you that the Minister has the discretionary power to adjust the Exam format and conditions without going through the Parliamentary process.”