Reading the research report released last week from Adviser Ratings, it appears up to 14,000 advisers may leave the industry in the next five years – post findings from the Royal Commission and upgraded education standards from FASEA.
The words to that famous folk song pass through my mind as I continue to see the fallout bought about by the Royal Commission and the scandal our industry is going through. The road to change is long – with many a winding road, that is for sure. Some will make it, and others will fall by the wayside.
A hallmark of a professional association is the willingness and ability to independently and impartially discipline its own members. During the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, two key financial planning associations were grilled over how they handle complaints against their respective members.
The examples of misconduct that have been uncovered have made it clear that this is the Royal Commission that we had to have. It has been difficult to watch it unfolding in front of us. After all, if I feel like this, what must the consumer out there be feeling? What message must we be sending to those who have not sought advice and may need it in the future!
This month’s royal commission hearings could provide a clear demonstration of why new advice laws benefit practitioners as much as they benefit consumers.
No More Practice Education Pty Ltd
Level 1, 10 Shelley Street, Sydney NSW 2000
