Financial planners lobbying independents
Financial planner lobbying of the key independents in the House of Representatives has begun with a group of planners understood to have met with Port Macquarie-based independent Rob Oakeshott this week.
A similar delegation of planners is also expected to seek a meeting with Tasmanian-based independent Andrew Wilkie, seeking his support for crucial amendments to the Government's Future of Financial Advice (FOFA) bill introduced to the Parliament last week.
The two important amendments being sought by the planners relate to the proposed two-year "opt-in" arrangements, and the retrospective surprise of annual fee disclosure arrangements.
Oakeshott is understood to have been told by the planner delegation that, taken in combination, the opt-in provisions and the fee disclosure obligations will significantly increase red tape and therefore drive up the cost of delivering advice to ordinary consumers.
Both the Association of Financial Advisers and the Financial Planning Association (FPA) have expressed deep concern about the annual fee disclosure arrangements and the manner in which they are included in the proposed legislation without being part of the broader consultative processes.
The FPA has said that the fee disclosure arrangements and the two-year opt-in have made it impossible for the organisation to support the Government's legislation in its current form.
Money Management Top stories
News: Financial adviser annual disclosure fee breaches understandings
News: Matrix puts itself on the block
News: ISN backs annual fee disclosure imposition
Editorial: Govt's FOFA reforms a return to the 1980s
Opinion: Is China heading for a hard landing?
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
