Liberal MP Bert van Manen, who has a background as a risk adviser, noted that few industry professionals effectively communicate the value of financial advice to politicians. He pointed out that the financial advice sector often fails to present its value proposition clearly to policymakers, leading to a lack of understanding and support within government circles.
In the current political landscape, dominated by pressing issues like the cost of living, housing, and tax reform, financial advice struggles to capture the attention of both policymakers and the public. Nathan Rees, a former NSW Premier, emphasized the need for advisers to directly communicate with MPs to ensure their voices are heard amidst broader political debates.
During the summit, Joe Hockey, a former Federal Treasurer, stressed the importance of activism within the financial advice sector, likening the need for visibility to the proverbial "squeaky door gets the oil." He highlighted instances where direct action, such as inquiries into financial collapses initiated by politicians, were prompted by the advocacy of advisers and organisations.
The ability of financial advisers to influence legislative outcomes is crucial for both the industry and consumers. Advisers who educate and influence lawmakers can help shape policies that not only secure the profession's future but also improve the quality and accessibility of financial advice for Australians. A disconnect between advisers and policymakers can lead to reforms that fail to address the industry's complexities, potentially increasing costs and compliance burdens that affect both advisers and their clients.
Furthermore, as successive governments have struggled to effectively streamline advice reform while balancing professional standards and reducing costs, advisers' direct involvement in political discourse becomes ever more critical.
The upcoming federal election serves as a pivotal moment for financial advisers to enhance their advocacy efforts. The Financial Advice Association Australia has already taken steps by launching an election hub to better inform the community on candidates' stances regarding key policy issues.
Moving forward, continuous engagement with MPs, regardless of which party holds power, is essential. Advisers must persistently knock on doors, ensuring their concerns are known and that the value of their profession is appreciated at the highest levels of government. Whether the incoming government can redeem past unmet promises or build on existing reforms remains to be seen, but the active involvement of advisers will be a decisive factor in shaping the future of financial advice in Australia.
Published: Thursday 24th April, 2025
Last updated: Thursday 24th April, 2025
Please Note: If this information affects you or is relevant to your circumstances, seek advice from a licensed professional.
