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Federal Election – Who Will Better Serve the Interests of Advisers, Consumers?

Following the September 2013 Federal Election, which Government will deliver a better financial services industry for advisers and consumers?

  • A new Coalition Government (91%)
  • A returned Labor Government (5%)
  • It will make no difference (4%)
  • Not sure (0%)

Many in the financial services sector have been contemplating the distinct possibility of a change of Government this September, and the implications this may have on the roll-out of the current Government’s Future of Financial Advice (FoFA) reforms, due to take effect from 1 July.

In the lead-up to the 2010 federal election, there was overwhelming support from advisers for a change in Government. But Labor held on to power, by the narrowest of margins. Has the majority position changed since then? Or does it remain about the same?

Even if the majority of advisers still support the Coalition’s position, is it possible that advisers and the industry would simply prefer to retain the proposed FoFA legislation ‘as is’, rather than having to experience yet another round of changes and industry debate that would inevitably be involved in rolling back some key elements of the FoFA reforms? Would this prospect make any difference to your approach?

As you look towards election day on September 14 2013, are you still making up your mind about which of the main parties (if any) you will support? Do you think the outcome will make any difference to your own financial well-being and that of your clients? If so, who would do a better job?

Let us know your thoughts…

5 Responses to Federal Election – Who Will Better Serve the Interests of Advisers, Consumers?

  1. Paul February 6, 2013 at 7:17 am #

    Many advisers seem to be pinning their hopes of better things for our industry on the Fed elections in September. Two things, in my view, get in the way of this automatic happening:

    1. I don’t think the Coalition can win under the present leader; and
    2. Will the new government, if it does get home, change anything? History doesn’t support many changes of this magnitude.

    To think otherwise would seem to be believing that there is a pot of gold at the end of the rainbow.

  2. Peter Stewart February 6, 2013 at 7:54 am #

    The Coalition and especially the shadow minister for Superannuation and Financial Services Semator Matthias Corman are far more in Tune with Financial Planner/Advisers than the Labor/Greens are. The government seems to be serving only one part of the sector and that is the Unions who run the Industry Super Funds. Redtape of over regulation is destroying independent dealer groups and forcing Planners to join big institutional owned groups to manage the FOFA compliance. None of this helps clients get better investment choice or advice. All this is doing is driving clients away who cannot afford the fees Planners now have to charge clients to cover increased compliance costs. This over regulation in FOFA is a policy failure. The Coalition will improve FOFA regulation so small business Financial Planning businesses can be profitable and be more efficient in delivering services to their clients.

  3. Bob February 6, 2013 at 8:47 am #

    It won’t matter who gets in, rapid changes is upon us, if you fail to adapt then you lose.

    Real change will only come when all advisers are lisenced by ASIC and Licensees are shown up for what they really are, just parasites. Now where is my Cockroach spray?

  4. RC February 13, 2013 at 7:33 am #

    Hooray. This imbecilic Labour Party with the likes of Bill shorten & Co trying to dictate their beliefs on the majority of Australians, by controlling Insurance & Super thro’ their own Union Funds can jump on a Refugee boat & paddle to HELL. Abbott is NO legendary Leader, but at least he has the semblance of a number of business orietanted people that will be there to support & advise. They have some experience & background to maintain at least what I believe should be a controlled balance in a Coalition Government & hopefully if our “money pit” is not to deep, hopefully “dig” us out. Come Sept or earlier they will get my vote.

  5. Mike Bird February 14, 2013 at 9:46 pm #

    FOFA= Total Failure and will be seen to be so in the years ahead. There can be no logical reason under any circumstances why you or any one else should vote for a Labour party candidate.

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