The Association of Financial Advisers (AFA) National Roadshow has concluded in Brisbane after nine days and events in six cities.
Senator Mathias Cormann, shadow minister for financial services and superannuation, headlined the Sydney event on Wednesday, with his “we will fix FoFA” address playing well to a good turnout of delegates.
Cormann again highlighted the opposition’s deregulation policy, which could potentially eliminate elements of the Future of Financial Advice (FoFA) reforms as unnecessary red tape.
While he would offer no firm commitment on the concessional contributions cap, Cormann said a coalition government would offer a greater choice of superannuation funds.
“Clearly the current government favours one business model,” he said, adding that retail funds should be included as a default superannuation fund option.
For AFA CEO Richard Klipin’s thoughts on the roadshow, click on the video below.
Robert and Dacan’s comments, IMO, are nonsense, and represent the naive, childish, poorly analysed and thought through “Holier than thou” attitude often prevalent in Australia, especially amongst the “Professional Victim” advocacy groups, general media, and (increasingly) Government and Regulators.
Every entity needs to operate to a varying degree in its own self interests. If it does not survive, it creates no value to anyone, unless as prey. How many times have we heard: “If you try to be everything for everyone, you wind up being nothing for anyone”?
Professional associations and organisations are neither charities, educational institutions, nor public policy “Think tanks”.
They exist to self regulate out the excesses; represent, balance, and educate the public and government about the activities, pragmatic realities, and PURPOSE of their members, as the “profession” (or occupation, or trade) matures and becomes a mainstream, rather than unknown, experimental and radical part of society.
Is the AMA or Engineer’s Society any less “professional” because it represents the economic and existential interests of its members, while upholding educational standards, successful professional methodologies and/or results of its member’s purpose for existence within society?
In a complex, intensely functioning modern society, there are very few broadly educated and experienced “Renaissance Men” who are philosophers, warriors, artists, farmers, builders, and social leaders. The public is increasingly detached from (and less personally responsible for) themselves and their place in society.
Government (unfortunately) is increasingly made up of professional politicians, usually “deconstructionist”, hindsight viewing, CYA lawyers and academics/bureaucrats who have never built anything in their life, aside from their own career.
They need to be comprehensively educated about human social reality and practical commerce, and away from their ivory tower Utopias, “perfect world” scenarios, and their infinitely detailed, convoluted, taxpayer funded processes.
This requires representation and enlightened self interest, so that the ultimate interests of having a reliable, trustworthy, constructive “professional service” available to society AS A WHOLE is constructively balanced and (self) perpetuated against the natural biological drive of individuals and “the public” to subjugate others, take as much as possible for one’s self and flee is constrained within the “Framework of constructive tension” called “Human society”.
Politicians and bureaucrats are a “class” also. They will pander to those that keep them in power (and not to some idealised social theory), unless “checked and balanced” by other’s power and self interest.
Human beings are FAR less stupid and helpless than government, regulators, and self interested “professional victim” advocates would have us believe. Humans inherently understand that there is interplay, interaction and needs to be mutual benefit in (almost) every transaction.
For Professional Associations to completely be “Public Interest Advocates” (or only economic interest groups) is counter productive, self destructive, and, IMO, generally poorly analysed nonsense.
Dacian is spot-on. An organisation must decide whether it’s a true professional body representing the public interest or an industry lobby group representing the members’ commercial interests. Both are respectable objectives, but an organisation cannot do both concurrently. Until the confusion about this is removed, advisers will never reach the professional status they desire.
A professional body exists to promote the public interest – especially when there is potential conflict with the relevent industry’s best interest. A truly professional body would represent the advisers interests as a distant second . . .
A truely outstanding event world class speakers sharing their thoughts and experiences with all who attended. Well done Richard and his team, I can see the true value of the AFA as a professional body to represent advisers interest first.