Focus on older men will kill financial planningBY ALEX BURKE | FRIDAY, 22 JUL 2016 9:46AMThe over-representation of over-50 men in financial advice spells doom for the industry, according to Affinia head Marcus O'Sullivan. Related News |
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Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
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The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
What can one expect, after the Industry funds have been allowed to demonise the profession for years with 24/7 TV advertising, designed to create a negative stereotype. Then you have the sensation seeking media who tend to blow the slightest scandal completely out of proportion and generalise like hell about all industry participants.
Like any other, this industry has had it's rogues but by-enlarge the majority are professionals seeking to do the right thing by their clients. Vested interests and an irresponsible media have damaged the profession's reputation almost beyond repair.
Is it therefore any wonder that not many young graduates are seeking a career in Financial Planning? Is it also any wonder that over the next five years you are likely to see a mass retirement of industry stalwarts, who are sick to death of endless inquiries, reforms and politicisation, leading to an over complication of the advice process? Anybody who hasn't seen this coming must have had their head buried in the sand. This story is no great revelation.