Connect and engage

Howarth - like the bloke but is he really cutting through? And I mean with the average Aussie...

Australians should be (1) aware of what Labor are doing (and I don't just mean in the AFR/Oz) and how it undermines their financial autonomy, and (2) angry.

Make it happen Coalition.

indeed !! I think ours is even less and most of it has been taken not only by the lawyers but by the liquidators..... all of whom get paid handsomely to do not very much other than prey on the carcasses of our super!

Thank you. I've just set up a Reddit account and read your post. I will be back to add to this, hopefully to atrract more Shield members for intelligent discussion.
I'm an independent, single non-home-owning retiree with ALL my super frozen. Not only have my retirement plans been shrunk to survival mode at age 70, I'm facing the possibility of homelessness if I don't get access to whatever is left of my life savings pretty soon.
My "Venture Egg" story (as for many Shield members) is long and convoluted. I do believe there is room for discussion about "professional misconduct" (at the very last) with regard to so-called "independent financial advice". Regardless of how we each ended up in Shield, there seem to be many common threads to the "recruiting process". In the first ABC article I read several months ago, I immediately recognised the sales behaviour (including actual conversations quoted) -- of the individual who signed me into this nightmare.
I've done a lot of background research which might be useful to add to what anyone else has to share. However, I just need to summarise down to pertinent facts and ensure I'm not publishing anything about this aggressive and well-organised sales machine that can't be backed up in print.
It is also very concerning that the media appear to have access to information that is neither being denied - nor advised directly to the members (by any party involved) about what is going with all the money we trusted to a so-called "regulated" finance industry, especially with regard to Superannuation.
Although there is clearly something very rotten about this situation ... without "facts", it is difficult to filter out what may be fearmongering by so-called "investigative journalists" vs the reality of the current situation and what we can expect as an outcome. In the meantime, my heart goes out to all the members who are concerned about their financial futures.

But that’s proof Treasury is doing its job!

The fact that regulatory guidance documents need to be produced shows the changes are unclear and will do little to simplify processes, remove red tape and reduce the cost of advice.

How about a 70% cut in BS Red Tape for Real Advisers.
Then Real Advisers can service 70% more clients.
Backpackers sales agents promoted by both LNP & ALP is a guaranteed disaster.

Because they don't pay money to our politicians. Simple as that.

"New Class of Adviser" = old class of sales rep.

"guarantee you that we’ll have broad support of industry"

Let me guess, the industry through Mr Jones' eyes are the Industry super funds and the FAAA, who are trying to walk both sides of the fence.

I wouldn't be surprised if there is another levy placed on financial advisers to fund the industry fund staff that are providing sales advice.  

Jones assured it. Thank goodness we can be sure it's wrong then. Phew!

Accountants and tax agents haven't been excluded. You've just all been deafeningly silent on the topic.

Labor - Industry Super have Union members of Boards - who do you think matters?

The rumour is that the FAAA was a Treasury NDA signatory.

"Following your logic, how about a new class of Medical Doctor, paid for by Drug Manufacturers, and the general public can just ring then and get direct access to medical advice on that manufacturers product - what could possible go wrong?"

This!

Show me.

Most independent financial advisers I've spoken to have already or are in the process of cancelling their FAAA membership because they have already let the horse bolt on the subject of "qualified adviser" nomenclature.

What DBFO ?
There is none !
I read this stuff and it's like living in the twilight zone.
Where is the red tape relief ?
Where is it !!!!!!

HI All

Why are accountants and tax agents excluded from this discussion.

Gerald Kirk
Kirks Accountants

Basic customer service includes factual information. Factual information is not personal financial advice. One step too far CALI.

This is just self interested rubbish.  Insurers care about no one other than themselves and will sell inferior products to clients who don't know any better now that they have effectively forced advisers out of the risk insurance space.  In addition if simple advice is basic customer service then the insurers are poorly placed to assist given their pathetic customer service.