AIOFP: Stage 2 of five year plan

The CEO of the AIOFP, Peter Johnston, reports on stage 2 of their five year plan.

We are now entering stage 2 of our 5 stage plan leading into the next Federal Election, here are the various stages

  1. Consult with members by survey on 5 issues they want addressed by Canberra – completed, see below.
  2. Share this information with your clients to demonstrate how the Politicians have caused the cost of advice to increase and they are paying for it. Engaging your clients is critical to this process – please send the below information to clients and pointing out that their fees can be reduced by circa 50% if the Politicians comply with our demands.
  3. This information is then presented to your local Federal member to ensure they understand what you and your clients want. Once you have informed your client’s please take the demands to your local sitting member regardless of what party they are with.
  4. This information is presented to key Politicians leading into our November 29 – December 1st conference in Canberra for comment. This will be done.
  5. We make it very clear we will become active in marginal seats leading into the next federal election if our needs are not met, we assisted in the seat of Kooyong at the last election. We did it last time and we will do it again if pushed.

Stage 1 – Member survey results, the 5 major issues requested by members are –

  1. Consent, FDS and annual Opt – in forms to be abolished.
  2. Advisers to use professional judgement on the size and content of a compulsory Financial Advice document to clients.
  3. FASEA Exam content to be relevant and specific to an Adviser’s skills.
  4. ASIC Levy to be assessed by an independent party and Advice fees to be tax deductible.
  5. Risk commissions to be returned to pre LIF levels.

Furthermore, we are commissioning a survey of consumers to assess where they get political/financial opinions from leading into a Federal election with Coredata. We think the traditional view of family Doctors and Pharmacists influencing political outcomes is outdated and inaccurate….’when was the last time you discussed politics with your Doctor?’

Politicians are starting to realise that Financial Advisers have a very strong professional bond with their clients where money and politics is central to the conversation, we intend on emphasising this point to them but need your assistance to maximise the effects.

The next federal election is predicted to be very close for a variety of reasons….a perfect setting for the Advice community to get what they want and bury the last 14 years of unfair negative reactions and actions against us.

Will keep you informed on progress.


Peter Johnston | Executive Director
Association of Independently Owned Financial Professionals
Suite 1211, 1 Queens Road, Melbourne VIC 3004
P 1800 111 203, d 03 9863 7574, m 0418 857 621 | Download my business card

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