We have had numerous Member complaints about the aggressive and on most occasions unwarranted attitude from Retail Platforms towards Advisers and AFSL holders. It is particularly evident from those platforms who act as the Trustee as well.
For the last 30 years these Manager/Trustee combos have been happily clipping ‘the FUA /Trustee ticket’ and virtually doing nothing [for the trustee role] except blame Advisers when product failure occurs.
Things have now changed, they have been caught with their hands in the ‘cookie jar’ over the First Guardian collapse but as usual blame Advisers for their dilemma with ridiculous amounts of additional compliance demands.
This reaction is only increasing the cost of Advice for Consumers who will ultimately pay for it. We will be writing to ASIC and APRA requesting a more guided direction from them to the platforms to stop this ‘jumping at all shadows’ approach to compliance.
These Platforms seem to forget that Advisers gave them the clients in the first place but they continue with this appalling disrespectful approach to the Adviser Profession.
Needless to say, it is time to look at alternative administration options, these will be discussed in depth at the Adelaide Conference.
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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