Advisers chief slams ‘witch hunt’ media
Association of Financial Advisers (AFA) President Jim Taggart has attacked media criticism of financial advisers, which he describes as “open season” and a “witch hunt”.
He claims negative articles about a minority of advisers “amounts to wholesale defamation of the entire financial advice community”.
“As AFA President, I am personally and professionally offended by the current witch hunt of financial advisers,” he said.
“It’s become open season just to continually say all advisers are getting a 7% commission on margin loans and are ripping off their clients,” he told insuranceNEWS.com.au today.
His comments follow a string of articles in mainstream and business media alleging bad advice and suspect dealings by advisers.
Mr Taggart says the negative publicity is counter-productive and prevents consumers from seeking the help of financial advisers.
AFA CEO Richard Klipin has also called for the use of the term “financial adviser” to be restricted to those regulated by the Australian Securities and Investments Commission (ASIC).
He says advisers regulated by ASIC are required to adhere to the Corporations Act and restricting the term to regulated professionals would aid public understanding of the role.
He claims negative articles about a minority of advisers “amounts to wholesale defamation of the entire financial advice community”.
“As AFA President, I am personally and professionally offended by the current witch hunt of financial advisers,” he said.
“It’s become open season just to continually say all advisers are getting a 7% commission on margin loans and are ripping off their clients,” he told insuranceNEWS.com.au today.
His comments follow a string of articles in mainstream and business media alleging bad advice and suspect dealings by advisers.
Mr Taggart says the negative publicity is counter-productive and prevents consumers from seeking the help of financial advisers.
AFA CEO Richard Klipin has also called for the use of the term “financial adviser” to be restricted to those regulated by the Australian Securities and Investments Commission (ASIC).
He says advisers regulated by ASIC are required to adhere to the Corporations Act and restricting the term to regulated professionals would aid public understanding of the role.