A reason to be worried
Friday, March 24th 2006, 8:51AM
I wanted to recount a discussion I had the other day with an adviser - or to be more correct someone who has been an adviser - but is still involved in the industry.He was characterising advisers as people who wanted to get out from the corporate rat race, be entrepreneurial and establish their own businesses. While paper-work is important, advisers can't generally be described as a bunch of pen pushers.
Rather it seems the pen pushers are in Wellington and they are busy drawing up ideas to stifle the spirit of the advisory industry.
At first they put out a document on adviser regulation which went further than what the Task Force did, and even argued there was a big problem with shonky advice and poor practices in the industry.
That's not what the Task Force said and we are still waiting to see the evidence that can support the comments made in the Cabinet Paper on the issue.
Now we have another discussion document from the Ministry of Economic Development that wants even more regulation.
It seems this thing is getting a little out of control and the industry has to step up to the plate and bat big time for advisers. We need a few home runs quickly. Is it possible or are we going to mirror our Commonwealth Games effort - not a bad result, but not as good as we wanted?
Or will the advisers end up being tarred with the Morganesque brush "they're all corrupt commission salesmen" label?
Please send your thoughts on this Blog to Phil
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