Adviser voices heard in Canberra

Financial advisers’ concerns about the Future of Financial Advice (FOFA) reforms are being heard by politicians in Canberra, according to the Association of Financial Advisers (AFA).

Politicians, including Independent and Greens MPs who recently met with an AFA delegation, report meeting regularly with their constituent advisers, suggesting the AFA’s grassroots campaign to engage politicians is working, according to AFA chief executive Richard Klipin (pictured).

Klipin said it was encouraging that the politicians visited by the AFA had heard and understood the concerns of advisers about the potentially damaging aspects of FOFA.

While the AFA supports the intent of FOFA, some components will result in fewer consumers having access to affordable advice, he said. This could ultimately mean fewer will have adequate levels of insurance and fewer will have enough in retirement savings, meaning more people lining up for Centrelink benefits, he said.

Although the AFA’s grassroots campaign is gaining traction, now is not the time for complacency, and Klipin called for advisers to now up the ante. He encouraged all advisers who had not yet visited their Member of Parliament to make an appointment.

Klipin also encouraged advisers who had a question for the Minister for Financial Services and Superannuation, Bill Shorten, to attend the AFA lunch on Monday 27 June where Shorten will address 400 AFA members.