From villains to saviours? Coalition leads adviser reform promises amid election irony

A closer look at the Financial Advice Association Australia’s (FAAA) online election hub – which assesses candidates in every electorate based on their support for the association’s key policy priorities – reveals that candidates on the political right show significantly stronger commitment to advancing the financial advice profession.

This is particularly striking given the Coalition’s role in triggering the adviser exodus in recent years – a legacy tied to the very regulatory frameworks it initially championed.

According to the FAAA’s tally, the Coalition and Pauline Hanson’s One Nation Party, in particular, have largely said they will support most, if not all, of the FAAA’s asks.

Meanwhile, Labor and the Greens have, for the most part, said they either don’t support these initiatives, or their stance on them is “complicated’.

With pre-election polling indicating that support for Peter Dutton is waning as 3 May approaches, the prospect of a Labor or even minority government casts a shadow over the future of the profession.

While there may be faint hope for progress under a Labor-led government – despite the past three years suggesting otherwise – any reform efforts will likely hinge on cooperation with the Greens with polls suggesting a minority government is still possible.

According to insights from the FAAA hub, it appears highly likely that the Greens would oppose meaningful changes for advisers.

Namely, a clear trend among both the Greens and Labor responses is a reluctance to commit to any of the five key FAAA proposals, with many outright rejecting efforts to reduce regulatory red tape.

This is particularly interesting for Labor given that over the past few years, they have adamantly expressed their commitment to reducing the cost of advice to support the growing population of Australian retirees.

It is important to note that there are, of course, outliers in the mountain of data and that some positions remain unknown, particularly when it comes to independent candidates and smaller parties.

Ultimately, we’re not suggesting that one party is categorically better or worse, but when it comes to financial advice, there’s a clear irony at play: those largely blamed for creating the “hot mess” are now campaigning to clean it up. And let’s not forget – promises come cheap in opposition. Just ask Minister Stephen Jones.