FAAA seeks ‘advice ambassadors’ to liaise with federal MPs
The Financial Advice Association Australia (FAAA) has opened for self-nominations a new ‘Advice Ambassador’ program, where members will have the opportunity to liaise with federal politicians ahead of the yet-to-be-announced upcoming election.
The program will see members required to engage with federal members of parliament (MPs) to “advocate” on behalf of the financial advice profession and the value of financial advice for Australians. The FAAA said it will provide the necessary support to the new ‘Advice Ambassadors’ to also discuss ongoing regulatory issues and reforms that will benefit the profession.
Chief executive of the FAAA, Sarah Abood, also said the association will assist the new ambassadors in setting up meetings and gathering material to discuss with the politicians.
“We are seeking highly involved FAAA members who feel comfortable engaging with federal parliamentarians, and we want advisers from all walks of life and all business models to participate – reflecting the diversity and professionalism of our members,” she said.
“These FAAA Advice Ambassadors will meet with politicians to keep them abreast of the issues in the financial advice industry. We also want them to explain the benefits of financial advice to everyday Australians to help them overcome cost-of-living pressures and to build wealth over time.
“We’re asking for our members to help our profession put our best foot forward with the new parliament that will soon be formed, engaging with government, opposition and the crossbench to showcase the fantastic work financial planners do to help support Australians achieve their best financial futures.”
This admission of a failure to Advocate for Members clearly illustrates what is so wrong with the FAAA. The FAAA will always struggle to be heard and advocate for members whilst ever it feels it needs to represent every single sector in the Financial Advice Industry. Including sectors such as Industry Super Funds, Product Manufacturers.
A consistent clear message is required when Advocating to Government, and it can’t be achieved when you’re trying to represent conflicting sectors with conflicting needs. FASEA is a classic example of mixed message, where the FPA owned a related entity called FPEC and the minimum education standard became a Bachelor of Financial Planning. Siding with the FSC and fully adopting QAR proposals prior to member consultation is yet another. The list goes on.
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Think you (FAAA) should not be looking to obtain free advocacy…
My experience is that most great advisers are extremely busy with clients, Training first year advisers, compliance, etc.
How about getting recently retired advisers who have worked at the coal face and have seen all the changes, and who have retired from the industry as a result of the stupid over regulation, CSLR, AFCA, ASIC, etc…