A new association’s membership has surged to over 4000 financial advisers – and a major concern among that cohort is how the AFA and FPA have responded to the Royal Commission.
The United Financial Advisers Association, led by chair Alex Vagliviello – who is also the principal of Charles Alexander Financial Services – distinguishes itself from other advice associations by being “100% focused on lobbying politicians and the media, advocating the concerns of advisers and seeking better outcomes for consumers.”
Other member representatives include Wealthporte Financial Group adviser Robert Porte, licensee management consultant Michael O’Dea, Abacus Finance chief executive Kellie Lam and Finsure Finance & Insurance senior adviser Paul Martin.
Chief among the new association’s concerns are the ending of grandfathering, the reduction of life insurance commissions to zero and the provision that advisers must be considered conflicted as long as they “stand to benefit financially from clients implementing their advice.”
UFAA argues that “each time the Government takes steps to destroy our businesses, the financial planning industry does absolutely nothing.”
“Yes,” the statement continues, “the banks and other large institutions should be held to account for what they have systematically done, but what always happens is the non-bank advisers will be the ones wiped out by the banks’ behaviour. The end result is worse outcomes for consumers, who in the end will always end up paying for the banks’ misconduct, and we will be powerless to stop it unless we do something now.”
It’s worth noting UFAA previously existed as the Life Insurance Customer Group, a lobbying body aimed at arguing against some of the recommendations made in the original Trowbridge report.
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