The CEO of the AIOFP, Peter Johnston, reports on “Will we ever see the second tranche?”

The Prime Minister gave a speech in Adelaide that looks very much like the opening of their campaign to get re – elected. No doubt a ploy to also deflect the latest ‘home goals’ and use the distraction of the US election next week to change the narrative.

This will also guarantee that the Second Tranche will not see the light of day, it looks like our Conference will be in the last week of this Government’s parliamentary tenure. It indicates they will come back for the summer sitting briefly in February then announce the date in March/April. [and pray for a rate reduction in February]

This week QLD Liberal Back bencher [and former CBA/AMP Adviser] Bert van Manen will present a Private Members Bill to Parliament suggesting changes to SOA’s. It’s not exactly what we are looking for but it will stimulate the discussion we want to push for the reforms we are seeking.

The AIOFP ‘HIGH 5’ issues we will be presenting to both Minister Jones and Shadow Howarth at our conference dinner are –

• Exclude the DIXON Compensation component from the CSLR.
• Elimination of the Annual Consent Forms.
• Abolition of the ASIC Adviser Levy.
• Elimination of the Client Annual Opt – in forms.
• Return the Risk industry to pre LIF conditions.

These 5 issues will be given to both the Minister and Shadow a week before their appearance at the dinner to comment on. Both sides have agreed the SOA needs addressing, so no need to specify that.

If this is not enough to entice you to attend the conference, please consider the following other sessions –

• New member Lucerne Partners are a group specialising in High Nett Worth clients will be presenting on their business model of assisting Financial Advisers with HNW clients and structuring their portfolios. We see them assisting members who are not accustomed to mega wealthy families, especially those involved with farmers who sell their assets.
• As previously advised Next Rural will be presenting a case study on a farmer with a $150 million farm that may well be sold. We will get Lucerne Partners to comment on this example.
• Besides for the MINISTER and SHADOW speaking at the Gala Dinner on Tuesday evening we will have another 8 Politicians from the marginal seats at the Parliament House dinner on the Monday night where we will be educating them on why the cost of advice is too high and how to fix it.

Hope to see you there, we need numbers to assist with the intimidation process.