Peter Johnston of the AIOFP clears up some confusion

Hi, need to clear up some recent confusion and remind you of how bad our future looked only 3 years ago this September leading into the 2022 Election.

The draft detail of the letter sent recently was not our specific work, some members had requested a copy once it had been circulated from an unnamed source. We generally support the concept of educating clients but the content was too complicated [and as already advised], once we get the KC’s opinion on 99FA we will send out a ‘KISS’ version for distribution to clients.

Attached is our 2021 ENGAGE and ENRAGE document mapping out our highly successful political strategy leading to the 2022 Election, you may recall we assisted in removing Frydenberg from the seat of Kooyong with some marginal seat activity and created/lobbied for the 10 – year rule Education Pathways legislation. We encourage you to read it.

One of our key planks was to educate clients on the facts around advice cost and ramifications to their personal position. Educating consumers will worry all Politicians, politics is generally about 80% of the population being uninformed/ignorant about fundamental issues allowing them to manipulate outcomes to suit their own agenda.

The difference in the current political environment from 2021/2 to today is quite stark. Back then we had a Coalition Government out of control trying to cull advisers with draconian legislation and an Opposition offering a better life under their regime. Today we have a Coalition in Opposition remorseful for their past conduct and a Government not living up to their pre – election of ‘fixing the hot mess’ promises.

With both sides desperate to win sufficient seats to attain power, this creates the perfect environment for the advice community to get bipartisan agreement for our objectives leading into the 2025 Election. This is the time when they will start listening to concerns……or risk losing their jobs or power.

We believe this Election will be held around the first quarter of 2025 with the last Parliamentary session for this term quite possibly at the end of NOVEMBER 2024, this timing leaves no alternative but to have our 2024 onshore conference in Canberra and deferring our Hamilton Island event until mid – 2026. It would be unwise to have a Queensland event when the Politicians are in Canberra seeking electoral support.

Please put aside MONDAY NOVEMBER 25TH to be in Canberra for a Parliament House dinner at 6pm, a conference session TUESDAY morning 26th/dinner function that night, conference morning session WEDNESDAY 27th and conclude at 2pm that day. We will be inviting all political parties to address us about their intended policies and respond to our list of demands.

This will be a high – powered event where attending numbers will matter, please try and support it. Each party will receive a list of demands our industry needs to reduce the cost of advice for consumers and address the ASIC/CSLR inequities. We will also ask them to declare their policies and support for our demands.

Please put the dates in your diary, more information shortly.


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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