The latest issue of Financial Standard now available as an e-newspaper Advice associations slammed BY JAMIE WILLIAMSON | THURSDAY, 3 OCT 2019 12:36PMAn industry group has lashed out at the Association of Financial Advisers and the Financial Planning Association of Australia, labelling them conflicted and driven by self-interest. Sponsored by Insight Investment
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| | ELIZA BAVIN There is a good chance the planned superannuation guarantee increase to 12% will be deferred again as the nation continues to struggle with the effects of COVID-19, according to Mercer senior partner David Knox. | KANIKA SOOD BetaShares' ETF that tracks crude oil futures is once again changing the length of contracts it tracks and is taking extra measures to automatically convert the ETF to all cash if oil futures drop significantly again. | | | JAMIE WILLIAMSON The global fund manager saw its profits tumble 196% following net outflows of close to $19 billion in the first half of this year, resulting in heavy hits to fee and commission income. | ALLY SELBY Chi-X TraCRs and funds will now be offered on a privately owned wealth management platform, granting financial advisers and their clients access to some of the world's biggest listed companies. |
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Good on you, PK, for calling these guys out. Here's an idea; let's turn up late to the game and berate those who were playing before you arrived!
What vested interest do the AFA & FPA have? They only exist to represent the interests of their members. They have no other purpose. They are no less happy with where the industry finds itself than the rest of us, and say so on a regular basis.
The only thing to come from sniping at them in the press is to play into the hands of the Government, who then say, "See, these guys can't even get on the same page, so we need to prescribe terms to them". Mind you, you would expect nothing more from a "breakaway" group that fails to see the irony in calling themselves "United".