The Association of Financial Advisers (AFA) has now completed its July 2009 national tour, sending a call to action to all advisers in the process.
The roadshow presentations covered a range of topics, addressing current issues presently impacting advisers and their practices. There were also presentations from successful advisers who shared their experiences about what has made their journey a success.
Key speaker, Christina Kalantzis, – Principal of Alexis Compliance Risk Solutions, shared her concerns regarding a number of regulatory and other issues, not least of which was the implications of the Federal Government’s class order relief to superannuation fund trustees, allowing them to provide limited personal advice to their super fund members.
a common message … was a call to action to advisers to make their voice heard…
But a common message from both Ms Kalantzis and AFA CEO, Richard Klipin, was a call to action to advisers, to make their voice heard regarding the limited advice under super issue as well as other key issues impacting advisers and dealer groups, such as adviser remuneration and the definition going forward of the term, “financial adviser”.
Mr Klipin urged advisers to act in three ways:
- Contact their local Federal member of parliament to voice any and all concerns they may have about these key issues
- Make submissions to Bernie Ripoll MP, Chairman of the Parliamentary Joint Committee Inquiry into Financial Products and Services
- Share with clients and the broader community all the positive stories in which financial advisers have been involved in helping their clients, across the full spectrum of financial advice and support
Reflecting Mr Klipin’s stance, Ms Kalantzis said “…this is the year to be active.”
Both the AFA and the FPA have made submissions to the Parliamentary Joint Committee Inquiry into Financial Products and Services; their recommendations covering all the key issues such as:
- The role of financial advisers, including restriction of use of the term ‘financial adviser’
- Regulatory reform
- Remuneration, choice of payment structures, conflicts of interest
- Simplification of advice disclosure documents
- Review of financial adviser education levels
- Professional Indemnity Insurance
- Advertising and promotion of poor products
Each Association’s submissions, on behalf of its members, can be accessed below:
AFA Submission to Parliamentary Joint Committee Inquiry into Financial Products and Services
FPA Submission to Parliamentary Joint Committee Inquiry into Financial Products and Services
