The Association of Financial Advisers (AFA) has called for a truce between advisers and the industry super funds network (ISN), saying there is room for both in the market.<\/p>\n
In his opening address to the AFA’s 2011 National Conference, President Brad Fox<\/strong> said: “We’d like to extend an olive branch to the ISN.\u00a0 It’s time to remove the negative advertising, and champion the value of advice.”<\/p>\n Mr Fox’s comments were followed by an industry panel which included MP Bernie Ripoll<\/strong>, and ISN CEO David Whitely<\/strong>.<\/p>\n Mr Whitely said the advice industry’s criticism of the ISN’s ‘Compare the Pair’ advertising campaign served as an indication that the ads had been successful.<\/p>\n “I think your objections to our advertising would be substantially less if the ads weren’t as effective,” he said.<\/p>\n Mr Whitely added:\u00a0 “I strongly doubt ‘Compare the Pair’ is having a huge negative effect on consumer’s confidence in super.\u00a0 There’s no evidence to suggest that, and in advice.<\/p>\n “What consumers want is impartial financial advice.”<\/p>\n Mr Whitely also\u00a0pointed out the industry funds agreed with advisers that the original best interest duty was too prescriptive.<\/p>\n “We do have a lot of shared views.\u00a0 We both took the view that the best interest test was too prescriptive.\u00a0 Like you, we think it’s a reasonably strong proposition that people should understand,” he said.<\/p>\n AFA CEO, Richard Klipin<\/strong>, said it was important for all areas of the industry to unite, and cited a recent comment by Paul Keating<\/strong> in which he said the current reform process was lacking a strong narrative.<\/p>\n “There’s no narrative, there’s no story, there’s no grand vision, and no compelling reason why certain things are happening.\u00a0 And I think with FoFA that’s exactly the case.”<\/p>\n","protected":false},"excerpt":{"rendered":" The Association of Financial Advisers (AFA) has called for a truce between advisers and the industry super funds network (ISN), saying there is room for both in the market.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8,241],"tags":[],"class_list":["post-12927","post","type-post","status-publish","format-standard","category-associations","category-compliance-regulation","category-conferences-and-events"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/12927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=12927"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/12927\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=12927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=12927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=12927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}I think your objections to our advertising would be substantially less if the ads weren’t as effective<\/h6>\n