The AFA and FPA are each calling on their members to ’stand up and be counted’ by contacting their local Members of Parliament and make their case about the important role they play in the Australian community.
Both adviser associations sent out a call to action to their members earlier this month, to get involved in the current national debate over the role of financial advice and financial advisers in our community, and to have their voice heard.
Three important inquiries are currently under way (Cooper, Henry and Ripoll), all of which will have an impact on the financial services market place. However, the inquiry set to have the greatest impact on advice practices, and how they operate, is the Ripoll Inquiry into Financial Products and Services.
…the AFA and FPA are urging all their members to get involved
With the Parliamentary Joint Committee’s report due to be handed down on 23 November, and in light of the current negative public view of the financial planning industry, the AFA and FPA are urging all their members to get involved.
The AFA has suggested the following key messages for advisers to relate to their MPs:
- The size and scope of the adviser’s business, how many people are employed in the practice and how many clients the practice serves
- Some positive stories of how clients or their families have benefited from the advice provided by the adviser (especially insurance claims)
- Specific concerns that advisers may have, eg the impact of a fee charging structure if commissions were to be banned
The FPA says it is time for their members to take their case directly to their local MPs to outline the good work genuine financial planners do for their clients.
The Association reports a meeting earlier this month between one of its members, Greg Cook, of Eureka Financial Group in North Sydney, and his local member, the Shadow Treasurer, Joe Hockey.
Mr Cook gave Mr Hockey a ‘first hand’ look at the good work financial planners do and the contribution they make to society.
“The global financial crisis has affected almost everyone, and the fact that financial planning businesses like Storm have collapsed has meant that many financial planning practices are being unfairly tarnished,” said Mr Cook, who added:
“The good financial planners are just as concerned with the poor practices of the minority of financial planners as the general community.”
FPA CEO, Jo-Anne Bloch, said “Financial Planners provide a great service and contribute significantly to society, and they want to bring this to the attention of local MPs.”
“FPA members have higher levels of education, they are better trained, and they have committed to high levels of professional conduct,” said Ms Bloch.
To get involved, advisers and all interested stakeholders can click below for a contact list of their local Federal Members of Parliament and Senate Members:
List of Members: The Parliament of the Commonwealth of Australia, House of Representatives
List of Senators: The Parliament of the Commonwealth of Australia, The Senate
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