Financial Standard Comments - Industry looks to draw line under reforms

Comment by Justy ()

Justy () — Thu, 04 Aug 2011 13:36:44 +1000

Unfortunately I am one of the casualties of the continuous government interference into the financial planning industry. After 22 years I have had enough and will no longer be providing financial advice to consumers. I have sold my financial planning business and will let the FPA etc continue to fight the ridiculous legislation that comes out of that nest of incompetents that we call politicians in Canberra

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Comment by Steve ()

Steve () — Thu, 04 Aug 2011 16:44:08 +1000

Here, here. I've been advising clients for over twenty years and with all this ongoing bureaucracy, reform this, reform that, I can tell you clients are more confused than ever.
In the ISNs ideal world everyone would be in an industry fund. The advice process would be simple just put your money with ISN. There wouldn't be any non-aligned advisers, just one big monopoly. ASIC seem incapable of reigning in the misleading comparisons and inuendo about advisers. ISN get hardly any negative press in the mainstream media. I guess advertising dollars talk, when it comes to editorial content. Wouldn't the MTAA losing $500 mil have made a great ACA or Today Tonight story? What about the shadow shop of IFFP advisers and how they came last in terms of advice offerings? What about the union delegate being sued for $1.8 mil for fees earned on the board of an industry fund? WHERE ARE THE MEDIA WHEN YOU REALLY NEED THEM? This is incredible, a bit like Noem Chomsky's Manufacturing Consent.

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Comment by Rachel Davis ()

Rachel Davis () — Thu, 04 Aug 2011 16:54:29 +1000

Super fund director taken to court for fees
Monday, 18 July 2011 12:40pm
http://www.financialstandard.com.au/news/view/12114480/?q=union

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