The action by Macquarie and Netwealth against 235 innocent Interprac authorised Financial Advisers over the Shield/First Guardian fiasco is utterly deplorable.
See attached The Australian article, this is quite frankly an un-Australian act and the entire Adviser Profession should be incensed enough to push back against these bullies.
When you consider only 3 of the 238 total Interprac Advisers were involved with the issue, this is an attack on the entire Adviser community by two Institutions trying to shift the blame onto the Adviser community for a product failure they are involved in and partly responsible for.
We have confirmation that both Macquarie and Netwealth did NOT contact Sequioa Ltd to discuss or give notice of their intentions, they went directly to their media contacts to maximise the drama and damage.
It is quite obvious both Macquarie and Netwealth did not like being finally implicated in a product failure. In the past all these other stakeholders escape accountability, Advisers get attacked by ASIC/media/AFCA whilst they run for legal cover and point the finger at Advisers.
We are pleased to say times have changed with this injustice where ASIC are taking action against other stakeholders, all Advisers should push back against this behaviour to protect our collective position going forward.
Sequoia has been dealing with both bullies for the past 20 years and have circa $4 billion of FUM in their portfolios. If these bullies are going to treat a large group in this manner, what are they going to do with smaller groups and individuals?
We suggest all Financial Advisers demand this action is reversed or both will be removed from their APL.
It is also about time the Adviser Profession sends a clear message to all product manufacturers that it is OUR clients who are referred into THEIR products to build THEIR business, we need to be treated with respect at all times or suffer the consequences.
Remember the old Union adage, UNITED WE NEGOTIATE DIVIDED WE BEG…..this is a pivotal moment in Financial Services history for the Adviser Profession to stand its ground.
We will forward the email address for the most appropriate person at each Institution to contact in due course.
Regards.
Peter Johnston | Executive Director
Association of Independently Owned Financial Professionals
Suite 416, 480 Collins Street, Melbourne VIC 3000
P 1800 111 203, d 03 9863 7574, m 0418 857 621
www.aiofp.net.au | Download my business card
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