The AIOFP takes on the pollies

Gotta say, while the Coalition has done many, many good things for Australia the last few years (not that any left leaning voter would acknowledge any of that - despite happily putting their hand out and taking a Jobkeeper payment).

Unfortunately, the Coalition has also allowed the financial services industry to be totally decimated by overregulation and compliance-burden the last few years at the same time which in turn has...

1) more than doubled the workload for financial advisers,
2) almost halved the remuneration that risk advisers are now 'allowed' to earn after doing all that,
3) subjected advisers to undergo ludicrous (and conflicted) further education requirements that NOT ONE OTHER INDUSTRY has been subjected to - including politicians themselves who've seen their own ethical, moral and professional conduct called into question but who continue making important financial decisions every day that affect Australians;
4) watched the mass exodus of thousands of highly experienced and qualified advisers from the industry the last 2 years as a result of the above (some sadly by taking their own lives after seeing their businesses and careers totally devalued and destroyed by the above initiatives);
5) caused the industry to suffer an unseen $30 Billion decrease in revenue last year;
6) caused Australia's life insurance industry to experience policy lapse rates and insurance premium increases that have never been seen before and finally, if that's not enough...
7) forced advisers to reject or offload their mum and dad clients as a result of the above significantly decreasing the affordability of financial advice to the average Australian.

So yeah - this is a great initiative by the AIOFP and sadly, very much needed for the survival of the financial services industry.