Better the Devil You Know – Advisers

6
Following the July 2 Federal Election, which Government will deliver a better financial services industry for advisers and consumers?
  • A returned Coalition Government (72%)
  • It will make no difference (20%)
  • A new Labor Government (4%)
  • Not sure (4%)

A lop-sided result in our latest poll suggests a significant majority of advisers think a returned Coalition Government will deliver a better financial services industry outcome for advisers and their clients.

In what has sometimes been a highly-charged period since the last election for the life insurance and financial services sectors, the overwhelming majority of advisers, when push has come to shove, have endorsed the incumbent Government as their strong preference.

As we go to print, 71% of those taking part our poll have said a returned Coalition Government is their preferred option. At the other end of the scale, a tiny 3% of advisers say a new Labor Government would deliver a better deal for advisers and consumers.

Of the majority who prefer the status quo, we suspect there will be those who positively support the current Government, while there will be others in this majority who believe a returned Coalition is the least worse of the two major parties when it comes to delivering financial services outcomes for the industry and those it serves.

Advisers may also read other messages into the result so far, which includes the fact that around one in five (21%) think it will make no difference as to which party is in power when it comes to this issue. But when we asked you the same question in the lead-up to the 2013 Federal Election, only 4% said it would make no difference:

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%)

Comparing this week’s results (at top of page) to those from three years ago (above), two factors stand out:

  1. Advisers continue to favour the Coalition Government by a vast (but lower) majority
  2. Many more advisers in 2016 think it makes no difference as to which of the two main political parties hold power when it comes to delivering a better financial services sector

For what appears to be a growing cohort of advisers who have become jaded by events of the last three years, the attitude representing this group could be summed up by this comment we received last week:

In order for any political party to make sensible policies, they must first get accurate data…

“It’s hard to see how real tax paying Australians will get a fair go from either political party…”

In another comment we received, which implies decisions shaping the proposed Life Insurance Framework legislation have been based on inaccurate or incomplete information, this adviser wrote:

“In order for any political party to make sensible policies, they must first get accurate data and attain advice that is in the interest of all Australians.”

As we count down to the Federal Election on July 2, in what is becoming a frustrating period of uncertainty for the whole sector, we continue to welcome your comments about what you want and how you see the financial services future unfolding for both you and your clients.

Tell us what you think…

 



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6 COMMENTS

    • I was one of those who voted it wont matter ! and I guess when the election settles down and we have government it will be seen.
      I voted that way probably out of frustration more than anything simply” no one wants to listen to the real story the facts and the S… storm being pushed along by greedy banks and insurers.
      Not one benefit will come out of this for any consumer or adviser ! But plenty is on hand for the so called” providers”
      Isn’t there one person in power that can say this cannot be all ok ? There is way to much opposition to it. !! Lets look deeper and get the real facts from real people and have them explain why they are so objective ? Do they have a point ?
      In a perfect world maybe but Im not holding my breath HOPEING anything will change. Certainly not without a full on campaign by the associations { LOL} AND ADVISERS who are the real victims in all this..
      We just have a short stay of execution.

  2. Given shorton’s declared war on advisers of course we would prefer the weak LNP. After all, shorton’s got to ensure his paymaster unions get ALL the super monies and members continue to pay for sub-standard insurances at highly inflated prices!

  3. Seriously folks, have a look at these 2 sets of economic fools. The direction we are going in an economic sense is seriously flawed. This experiment of austerity measures where taxes are inflicted directly or in this case indirectly with the reduction of benefits for the retired and families in general via family tax payments aged pensions, fiddles with aged care super etc leaves most voters like myself simply fed up. Austerity has been tried in Europe and look at the place now. Talk of recession here in Oz abounds and yet no discussion on how we fix this broken corporation called Australia Inc for the betterment of our kids and grandchildren. Here in Victoria our farmers commit suicide because of past policy which lets our supermarket giants bring in cheap imported milk and the list goes on as we will now lose hundreds of thousands of jobs both directly and indirectly as a result of the closure of our car industry.
    For our industry, as an IFA I am fed up with more damn changes on super, pensions etc.
    These changes on all fronts are merely a reflection of foolish and bad policy of the past. As for our industry, we alone have had some 54 changes since 2009 according to Dante De Gori CEO of the FPA. Good god, if Australia was a public company run by a bunch of arrogant fools like this, heads would roll. Yet we are supposed to suck it up and move on.
    We are told the economy is transitioning….my question on behalf of my clients and my family is transitioning into what ? As a 30 year participant in this industry, I have never seen such a mess. Who to vote for….I really do not know as I have no faith in either and I am note voting greens!

  4. Having read the comments below, I am not surprised by the level of angst that is being shown. The problem that we will have ongoing is that the lobbyists for the big side of town are the only ones that seem to have the ears of our current politicians (both sides). Sanity and the good of the people seems to have been forgotten, there are no statesmen left in government, just liars that keep feeding the people bu—-it and it is reported as fact by a press that no longer report the facts and find it easy to take the soft line and provide no resistance or accountability.
    Sorry for the rant, I have just had enough, the saying by Edmund Burke comes to mind, ” When good men do nothing” etc.

  5. Lets have a look at the industry funds, we are there for the members, no action to to help members when a company is about to loose and go under, Arian for example need a measly 1 mill did not see the industry funds look to help out. CBus buys art and put on display. they dont help members when a claim is made, it was the executive who agreed to the insurance deals and the commission they take.
    Mr Whiteley is very quiet when this is happening.

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