Australia’s two major adviser associations have welcomed the return of the Labor Government, but each has called on the Government to now re-focus on engaging with the industry over its Future of Financial Advice reform proposals.
In a statement issued by the FPA, CEO Mark Rantall congratulated the Labor Government on its return and said the FPA was looking forward to continuing discussions with them on the implementation of the Future of Financial Advice reforms.
“The planned reforms will significantly affect financial planners, particularly those operating small businesses. The FPA is urging the Government to finalise details and move quickly to ensure planners can appropriately adjust their practises to meet the imposed deadlines,” Mr Rantall said.
The AFA echoed the FPA’s sentiments, calling on the Government to move the issue of financial advice from the sidelines to centre stage.
… as a nation we are under-advised, under-funded and underinsured
Richard Klipin, AFA CEO, commented “… while Australians are generally positive and optimistic, as a nation we are under-advised, under-funded and underinsured.”
Mr Klipin said that with a new political paradigm in Canberra, there is now a real opportunity to address these issues. “Let’s put them front and centre and get some real solutions in place,” he said.
Mr Klipin added, “Our Back to Basics consumer research proves that Australians who receive advice are happier and better off than those who don’t. For this reason, we believe financial advice needs to become a main event in Canberra rather than a side act and given the focus and attention Australians deserve.”
Both associations indicated their intention to continue to work closely with financial advisers to ensure their needs were appropriately represented to the Government.
Meanwhile, Association of Superannuation Funds Chief Executive Pauline Vamos has welcomed the end of the uncertainty, saying: “This is the first opportunity we have ever had to have bi-partisan support for super. This will deliver certainty that Australians want when they put money away for their retirement.
“ASFA has already shared its response to the parts of the Henry Report relating to super to both sides of politics and we look forward to advocating outcomes for the benefit of all Australians.”
