Advisers crowd-fund to counter negativity
A financial adviser has started a social media campaign aimed at raising funds to counter the negative publicity directed at the financial planning community because of the acts of a few bad apples.
Association of Financial Advisers (AFA) member, financial adviser and risk specialist, Meike Suggars has used an AFA social media discussion forum to point to the campaign initiated by another adviser, Melinda Houghton.
On that forum, Suggars asserts that "whenever financial advice is mentioned in the media, we're being slammed because one of the few ‘bad apples'. The good news stories about the help we provide to our clients never seems to make the news - those headlines obviously don't grab attention or sell papers!"
She then points to Houghton's idea of a crowd funded campaign "to share the stories that show what we really do, and change the perception of financial advisers as money grabbing dodgy folk".
"This Positivity for Planners campaign is different to the AFA's Your Best Interests, which is an advice reality TV series," she wrote. "Positivity for Planners is easy to digest content - podcasts, cartoons, blogs, articles, ads - that are professionally created and not branded by any particular association, product provider or business.
The discussion forum then provides an online address via which people can pledge their support for the campaign with the assurance that if the pledge target isn't met, the campaign won't go ahead and the supporters won't be out of pocket.
"So if you've ever complained or expressed frustration at the way your profession is portrayed in the media put your money where your mouth is and help get this campaign off the ground," Suggars said.
Feedback on the AFA linked-in forum suggests the concept is gathering considerable support and momentum.
AUTHOR
Mike Taylor
Recommended for you
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
