Only one in four of those taking our latest poll (25%) support the announcement that the yet-to-be-legislated new class of adviser will initially be limited to life companies and super funds. Two in three (67%) do not support this move, with the rest unsure.
Most poll results should be interpreted with care and this is no exception. In this instance, we’re not sure what proportion of those rejecting the Government’s initiative are against the introduction of the new class of adviser in the first place or whether they may support the principle of the NCA but reject its limited initial rollout to life companies and APRA regulated super funds only.
…the rollout of the new class of adviser has largely failed to ignite the support of the adviser community
In either case, however, Minister Mulino’s announcement of the rollout of the new class of adviser has largely failed to ignite the support of the adviser community.
On the other hand, and understandably, the announcement has certainly gained traction elsewhere in the sector, especially with the entities which will be the beneficiaries of this policy decision, which they advocate is a step forward in finding a solution that will allow many more Australians to access at least limited financial advice relevant to their needs and circumstances. For example, CALI’s CEO, Christine Cupitt, commented:
“Australians should be able to ask their life insurer a simple question and get a simple answer.” And:
“The new class of adviser will complement the vital work of professional financial advisers by giving Australians more choice about where and how they get help with straightforward questions.” (See: Industry Reacts…)
Where do you stand on this question? While we appreciate the 67% of Riskinfo readers who voted No may have done so for a variety of reasons, the fact remains this policy initiative has fallen a little flat in adviser land.
Our poll remains open for another week and we welcome your thoughts as always…
