Firstly we don’t necessarily agree with Aleks Vickovich views today……
It is likely we will finally have a FINANCIAL SERVICES MINISTER who is not from the Trade Union movement, the Left of politics, only has a Law Degree, no experience in small business or has limited understanding of our Profession.
The 3 likely candidates are Luke Howarth from the Coalition if they are successful or we understand its either current ALP MP’s Daniel Mulino or Andrew Charlton from the ALP Right are the prime candidates if the ALP retain Government.
Mr Howarth is from a small business background and has a strong understanding of our Profession. Both Mr Mulino and Mr Charlton are from the Right of the ALP and both hold a Doctorate in Economics and related studies.
The key issue is all three candidates are from the Right of their respective Parties and not captured by the Left wing elements. This will be particularly relevant if there is a minority Government and either side must deal with the TEALS or Greens to Govern.
Our Profession will not progress sufficiently enough if the Left Wing of politics has too much influence in Canberra. This is particularly relevant to the ‘commission’ issue with Risk Insurance where the concept of Advisers getting paid a commission based fee from a product manufacturer is rejected on philosophical grounds without considering the practical or mitigating circumstances.
Below is a link to our latest paper ‘LIF – THE INCONVIENIENT FACTS’ where we have candidly stated why the Life Insurance Framework [LIF] was put in place, by whom and why it is a disaster.
We believe the new incoming Financial Services Minister should have all of the historical facts of what is considered to be the most destructive piece of Legislation in living memory.
In case you are wondering why the pink flying pigs are present next to former Minister O’Dwyer press release in 2016, the term ‘Flying Pigs’ is an idiomatic sarcastic expression referring to something that is impossible or highly unlikely – an apt description of LIF from the very beginning.
This paper will be sent to all Politicians and the general market, please feel free to send it onto to others.
Please read
https://www.aiofp.net.au/2025/04/24/lif-the-inconvienient-facts/
Regards.
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
www.aiofp.net.au | Download my business card
This message is presented as a service to our community. Knowledgemaster International (KMI) or its owners and employees are not a member of any group associated with the “sale of advice” profession, any regulatory bodies, product manufacturers or hold or supply any consultancies to any government instrumentalities or lobby groups. Any actions or inactions taken as a result of reading this message are the sole responsibility of the reader.