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Open Letter to Anthony Albanese and Scott Morrison

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6 May 2022 by Risk Info

Article link: https://riskinfo.com.au/news/2022/05/06/open-letter-to-anthony-albanese-and-scott-morrison/

Lifespan Financial Planning CEO, Eugene Ardino, has penned an open letter to the leaders of the two major parties in the lead-up to this month’s Federal Election, which he presents on behalf of the financial advice community. Ardino documents four key issues he believes need to be addressed by the incoming government…

Dear Anthony and Scott,

With the Federal Election rapidly approaching, I felt compelled to put pen to paper to highlight the issues that continue to plague the financial services community.

This upcoming election is looking like a tight race, and whoever assumes power on May 21 will significantly influence the financial services sector, and every Australian’s opportunity to access to quality financial advice for years to come.

The financial advice community has been decimated over the past few years, with only 15,000 financial advisers expected to be practicing by the close of 2022, from a peak of almost 30,000[1]. Australians are abandoning advice and advisers are being forced to cut ties with clients who cannot afford to pay significant fees, with over 100,000 less receiving financial advice than 12 months ago[2]. According to Adviser Ratings, most of those people no longer receiving advice are aged 35-54 years, and it is going to be a major challenge to reintroduce the value of advice down the track to this segment.

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