The CEO of one of Australia’s largest financial adviser networks is highlighting the positive outlook for advice practices and licensees in Australia, saying the outlook for the profession has never been stronger.
In releasing WT Financial Group’s indicative results for the 2023 financial year, CEO Keith Cullen says that demand for “…quality financial and personal risk insurance advice continues to grow as millions more Australians plan for and reach retirement – at a time when adviser supply has been reduced and barriers-to-entry set high – and net superannuation assets are growing at an incredible $2 billion each week.”
He added that the “…outlook for our profession has never been stronger for those who embrace the modernisation of the profession, and we believe that outlook has been boosted thanks to the positive manner with which the Government is approaching important reforms aimed at opening up accessibility of advice to more Australians.”
Cullen says in the ASX announcement that at a time “…when others have turned their backs on wealth advice and personal risk insurance advice we have recognised the incredible importance of the profession in supporting Australian families. We will continue to drive paradigm shifts in the licensee-adviser relationship to improve outcomes for practitioners, their clients, and our shareholders.”
In July 2021 WT Financial acquired Sentry Group followed by the acquisition of Synchron Advice in March 2022.
Cullen notes that the firm’s “…strategic acquisitions – the methodical rationalisation of our network and operations – and restructuring of legacy processes and paradigms – to place advice, and our advisers and their clients, at the centre of our relationship with the practices we support, are delivering results.”
Click here to see the full ASX announcement.
Yes, well, Mr Cullen needs to say that in his position obviously. Can’t be in his position and be seen as negative, even if that may look like being realistic. Nobody believes in realistic anymore, let alone telling the truth or reporting like it really is. Anyone who believes him would indeed be seriously deluded.
Some questions for Mr. Cullen follow. So, to paraphrase the immortal words of the cheeky Pauline Hanson:-
~ Please explain in a positive way how risk advisers on a paltry 66% upfront commission can run a business and thrive?
~ Please explain in a positive way how, any time inside the first 2 years after policy issue, this paltry amount can be whipped back off the adviser without warning even after it has been invested in the advisers business or paid to staff as wages.
~ Please explain how any adviser, including riskies, can soundly sleep at night knowing that due to an absolute hot-mess of compliance, red tape and conflicting rules around best interest duty (or whatever they’re calling it this month) the adviser’s business and future can be subject to unfair and unreasonable persecution from ombudsmen, ASIC and any other currently colourful administrator or client who wants to get redress for something that said client misunderstood or the life company disallowed in the claims process. Guilty until proven innocent at the Ombudsman these days.
~ Please explain how new advisers – again including RISK advisers – can get on their feet struggling with such low remuneration as mentioned above (incl chargebacks!) in an era where Aussies are tightening their belts and more than ever insurance is a grudge purchase.
~ Please explain how you find ANY positivity in the way Stephen Jones had disrespectfully and inexcusably jerked advisers by the chain every-which-way-but-loose over the past 12 or so months and where the positivity is in the way he CONTINUES to spew corporate dribble-speak at times when he should be professing to build stronger ties with advisers and committing to placing legislation and innovation to build adviser businesses which will directly help clients – the people who pay HIS wages.
~ Please explain how you believe that thinking advisers will get on board with any of the argument within your article Mr. Cullen.
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