The United Financial Advisers Association Limited is an Incorporated body. UFAA Ltd. is a Company (limited by guarantee) and is based in Sydney, New South Wales. Administratively, the UFAA Ltd is run by qualified financial, legal, and accounting personnel, all of whom work in the financial advisory sector and do it on a voluntary basis.
Our focus is to provide representation for all advisers and lobby Politicians from both sides of the Government for improvements to our industry and better outcomes for consumers.
It is regrettable that most statements coming from Government denigrate advisers to the point of demonising them, yet most of the damage done has been by the banks and larger institutions. The majority of non-bank-aligned advisers provide a valued service to their clients.
We are already identifying and approaching politicians who are starting to realize that the so-called reforms will cause negative unintended effects on consumers. For example, the LIF reforms have made Australia’s underinsurance problem worse, have increased insurance premiums not reduced them, have increased the cost of advice, and reduced Government revenue from the sector. A complete failure that needs to be exposed to the politicians and the public.
The effect of all the “reforms” is literally driving AFSLs and advisers out of business. The forecast losses of advisers see adviser numbers continuing to dwindle, reducing consumer’s access to advice in the future.
We need to clearly and concisely define our objectives and what outcomes we want to achieve for each politician. Sensible commission policy will make a sustainable industry and this was no more demonstrated by the mortgage industry which proved to the Government that properly implemented commission management will provide sustainable and affordable advice to consumers.
Our main aims are to show that commissions are not the problem, vertical integration is the leading cause of bad behaviour leading to negative consumer outcomes, that commissions either need to be reintroduced for investment products or increased for insurance sales in order to support advice to clients. FASEA must take into account years of experience as well as differentiating qualifications for different types of advice, remove the hidden negative and damaging aspects of the Code of Conduct, remove the complete waste of time and money that being a member of the TPB has turned out to be and have a revue process for AFCA and FASEA.
The UFAA is putting the case forward for advisers, more than one politician has indicated we need to get our member numbers up to above 5,000 in order for our messages to receive attention and be heard. We are very pleased to announce that our following is increasing and recently passed through the 6,000 mark.
Unfortunately, following the UFAA is not good enough. Becoming a registered Member is now a requirement if we are to start pushing-back and making our concerns heard!
We’ve been on the go for some time now. Over the last ten months we have:
have built a following of over 6,000 advisers Australia wide
grown our email contact list to approximately 11,000 contacts (covering different aspects of financial services personnel)
met with various Government Ministers and Senators
broadcast our message in industry-based magazines
highlighted the need for action in our industry
called out the hypocrisy of the FASEA Board and its perceived internal conflicts of interest
co-ordinated hundreds of letters and emails in making advisers concerns known to Ministers and Senators