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Financial planner laws attract debate

Financial planners will no longer be grouped with used-car salesmen if new reforms get through parliament, federal Financial Services Minister Bill Shorten says.

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Perth
Brilliant. Now under the Labor / Green alliance we can have conflicted salaried financial salesmen, not conflicted commission salesmen, that cost $100 a year more. What a victory for consumers. This great leap forward is not unlike a new carbon tax on retirees! It must be better for you when it costs you more! But more worrying is that Minister Bill Shorten & friends have been deadly silent about the hidden fee rebates offered by various wholesale fund managers and hidden group insurance commissions, paid to the Union Super Fund Trustees. A spare 0.2% - 0.5% pa raked off $300 Billion of Union Super funds can really come in handy. And all of these hidden subsidies are paid for by unwitting Union Super Fund members, who just simply want to retire earlier, not later - not realising they are funding secret slush funds for other purposes. Learn more at this link: http://bit.ly/jidVBi Fortunately out here on the ground, smart fund members are starting to wake up to this racket and realise that establishing their own Family Super / Pension fund is the only way to escape the clutches of the Big 4 banks & Union super funds. This is where the FOFA reforms should really focus. Better get used to hearing about this lack of adminstration fee transparency, because the scam on hidden fees retained by Union Super Funds has only just started to surface. So best of luck to all of those overworked people at Centrelink. You will now have a whole generation of new clients coming your way. I guess when your agenda is to have the state care for the needs of individuals, there is no need to worry about self insurance.

Perth
Financial Planning is already a profession, just make sure you seek advice from Advisers that hold the CFP designation. The problem is that the term 'financial planner/adviser' is not a restricted term under the Corporations Act, anyone can use it. Many of the so called 'Advisers' that recommended Westpoint were unlicensed and/or Accountants.

Perth
I'm not getting it - are Financial advisor's not regulated by ASIC? Surely the response of our federal government should be to punish those individuals who ripped off clients in the West Point affair. My financial advisor has always been transparent about fees etc. The advise (both general or personal) has always been good and at length discusses the risks and rewards of any financial plans i wish to discuss with him...... Yet is the Federal Govt. going to hammer the banks who rip us all off everyday, who are the major cause of the financial crisis because of their ill disciplined lending. Are the govt going to take to task the fund managers who play with billions on the markets everyday who place No Stop losses on our super funds and then blame the US or whomever, while they sup wine at lunch time with our Superannuation unprotected from global market behaviour. I can tell you this - my Financial advisor always was professional and transparent, Are the banks no, are the fund/Superannuation managers no - a can tell you my super (i self manage) suffered no of the Financial Crisis Shock as i had stop losses set on all my investments - when i asked some someone working in the super fund industry why they didn't do the same - they say what is a stop? Shortens reaction is a purely politically motivated - vote catching reaction.......nothing more nothing less.

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