The words to that famous folk song pass through my mind as I continue to see the fallout bought about by the royal commission and the scandal our industry is going through. The road to change is long - with many a winding road, that is for sure. Some will make it, and others will fall by the wayside.
As CEOs and board members step down, and the status quo is changed, I believe it is now more than ever time for us to nurture the quality talent in our industry. I am particularly talking about advisers, who are once again suffering the judgement of a media and public who are see the bad behaviour of a few, rather than the life changing work of many.
While there is no doubt that this is the royal commission the financial services industry needed to have, it is also a time for reaching out and offering support and assistance to those who need it. The work we have done here at No More Practice Education has always been about promoting, educating and demonstrating the power of quality financial advice. The findings of the inquiry have been damning for some, but it certainly does not mean that there is no quality in the advice community. Far from it. I personally know some brilliant advisers, and can hand on heart say getting financial advice has changed my family’s life for the better.
I know many of you reading this will feel ashamed of the actions of your peers, and dismayed that financial advice is once again held in ill repute. The response from our community to Director of Fasea, Deb Kent’s article was overwhelmingly in agreement.
So, now is the time for those of us in the industry to show support and guidance to advisers who need us. To help them navigate through the tricky waters of new standards of education and new ways of running their business. Because the alternative is to have droves of advisers leave the industry, and ultimately Australians not being able to access quality advisers.
How to drive out those who are not quality? It seems the royal commission is doing a pretty good job. More shocks to come I am sure, but change is well and truly upon us. We at No More Practice Education remain true to our commitment to help Australians make the pension irrelevant, by supporting and educating quality advice and advisers.
So, without sounding too much like the eternal optimist (it’s in my nature, I can’t help it!), I hope that many of us in the position to make our industry better do so - not just for profit, but because it’s the right thing to do. Our industry has always held a huge responsibility for people’s financial futures. A responsibility most take very seriously.
Let’s learn the lessons from this commission, help navigate change and continue to focus on quality outcomes. While there is obviously a need for change, there is also much to be proud of. And in tough times like this, I urge our advice community to remember that. The difference you make can be life changing. That’s worth hanging in there for.
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