The Moran Principle

This week, an interview in Investor Daily helped to shed some light on the agenda of the industry super network. The head of the organisation clearly indicated that once they have sorted out financial planners and FOFA, they will be coming after self managed super funds. "I tell you one thing: once we get this commission thing [FOFA] out of the way, we are coming after self-managed super, not because we want to burden it in any way, but we want them to be on the same footing as industry funds," is the quote used in the article and attributed to Garry Weaven. (see http://www.investordaily.com.au/11846.htm ) This is of concern on so many levels I hardly know where to start - but here goes... Mr. Weaven clearly thinks that "this commission thing" is his problem to solve - not the regulator or government. Since when does one product provider in the market get to increase their market powers by changing (setting) government policy to the detriment of other providers. ...

Hi - long time no speak... I was wondering which way people were going to go regarding the FPA proposals to limit memberships to CFP's or AFP's (those who are enrolled in the CFP program)? I guess you will get some idea of my views on this, but I am worried that there will be a lot of vested interest in maintaining the status quo. After all, when a body such as the FPA transitions from an industry body to a professional association it carries a lot of baggage. There surely can be no doubt that something has to be done about our reputations as financial planners and advisers, and the FPA is the logical body to be at the front of this. However, the lack of clear action in the past has left many wondering if they are up to it. My position is that until the proposed changes are made, the FPA would not have the credibility to be able to actively lobby our position. Most of us know that most of our clients like to deal with us. In fact, most are strong advocates for us when anyon...