The game-changer for advice

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Advisers will have the opportunity to show just how much difference financial advice can make in the lives of consumers.

The AFA and Evolution media group (EMG) have launched Your Best Interests, and are looking for advisers to participate.

Through Your Best Interests, consumers will tell their own stories, their own way, via a national reality TV show. AFA CEO Brad Fox says that this is the key to demonstrating the value of advice to the wider community – using real, life-defining moments.

“Putting an aging parent into aged care; creating a trust to look after your handicapped kid when you’re already 65 and your health’s failing because you’ve got cancer. Those life-defining moments are out there, and that’s the stuff financial advisers really do.

“We haven’t been able to tell that story, we haven’t been able to show it. And if we stand up and tell the story, I’m not sure we’re going to find our audience. We need our audience to tell our story to our audience, and that’s the guts of it, that’s what it’s about.”

Fox believes that the show will be a game-changer for financial advisers, and EMG managing director, Marcus Field, agrees.

“Life is full of defining moments,” says Field. “These are the experiences that connect us all as people. From having kids, to kids leaving the nest, we’re going to bring to life the stories of real Australians and how advice can help make the most of those moments.”

“It's time we reframed the conversation between consumers and financial advisers and showed Australia how great advice can transform lives.”

To generate awareness and grow the Your Best Interests community, the AFA and EMG have launched an extensive TV, radio and social media campaign, asking consumers to share their big moment and have the opportunity to win $5,000.

The full reality TV and web series will launch early in 2014, featuring competition winners and selected adviser and industry experts.

  • PAUL LEVY CFP® JP on 22/10/2013 10:03:02 AM

    WOW! Fantastic initiative. I have been saying we need to do something like this for years.
    Finally, an industry body has brought it to us.

    Thank you AFA. Where do I sign up?

    Cheers

  • Jeff on 22/10/2013 10:19:53 AM

    What a great initative. Its about time our industry stood up to be counted and what better way than to have those who receive our advice and action upon it to get a better outcome. Consumers have for too long been bombarded with rectic from politicians and industry funds with only half the truth in most cases. I applaud AFA & EMG and look forward to 2014.

  • alleycat on 22/10/2013 10:43:32 AM

    Could someone now tell the FPA that the $200 advertising levy they screw out of their members each year might be better served if it was donated to the AFA

  • Meike on 22/10/2013 10:49:28 AM

    Doesn't surprise me the AFA is leading the charge here! So glad the industry is coming together to share the real experiences our clients have when dealing with financial advisers, and showcasing the positive impact quality financial advice has on their lives.
    Can't wait to be involved!

  • Wayne Slager, Nexus Private on 22/10/2013 11:25:28 AM

    The vast majority of Australians aren't engaged with the financial advice industry in any meaning way. So, who's fault is this? Well, it certainly isn't consumers. Therefore, we whole-heartedly support this initiative and agree with all the positive comments made so bouquets to the AFA and EMG.

  • Fraser on 22/10/2013 12:06:45 PM

    This is going to be great for the public perception of us all, everyone wins from this, I am right behind it. Lets focus our combined efforts in promoting the value of advice, not on who is the most professional. Consumers need to know "how" we can help before they take the leap of faith.

  • Anne Fuchs, Pinnacle Practice on 22/10/2013 12:08:11 PM

    It is time for all participants in the advice value chain to come together, remove their self-interest and tell the stories of how quality financial advice changes peoples lives every day for the better. Let's grow the pie rather than fight over scraps.
    This culture of collaboration and positivity reflects the DNA of the AFA.
    I can't wait to be part of the Your Best Interest journey.

  • Alistair on 22/10/2013 1:45:56 PM

    At last, an association that understands our industry as opposed to merely pretending to care for the industry while they let nimble ministers get away with taking the industry backwards.
    Well done to the AFA for this stance. Consumers need to understand what we do and unfortunately the powers that be in our industry seem reluctant to do this other than to further their cause to our detriment.
    Well done to those who created the concept for having the insight and passion to put this together.
    If this is to win over us as advisers to your association, keep going....we like it

  • James S on 22/10/2013 1:54:25 PM

    Great to have an association looking out at the world instead of inward.

    This is great initiative and can only add value to helping consumers understand the value of their money more.

    Real stories, real people, real experience

    Looking forward to being involved in some way.

  • Big Trev on 22/10/2013 4:58:18 PM

    Hmmmmm...

    We'll see....
    Can't wait to see the real live case where the punter is told to ditch their outrageously expensive whole of life product and swap it for 10 units of cover in their REST super becuase it is more than 50% cheaper... THEN it'll have some credibility..

  • Sharyn E on 22/10/2013 5:05:31 PM

    After hearing David Rae's compelling story of how he secured an insurance payout for a family with a desperately sick child (on a policy that they had forgotten they held), I know for a fact that he is one of those Advisers who works solely in his clients best interests. While its true there are a handful doing the wrong thing they unfortunately get all the publicity at the moment. Let's hope that "Your Best Interests" shines the spotlight on Advisers like David Rae and those others who are also doing the right thing for their clients.

  • PETER CORRIE on 22/10/2013 6:41:01 PM

    This is a very positive initiative by the AFA after a prolonged negative period thanks to Labor and Fofa.
    I applaud this advertising campaign in 2014 to use testimonials to get the message across regarding our important advice role of financially helping people and to help to change any misconceptions of Financial advisers by consumers.

  • Deborah Kent on 23/10/2013 10:08:15 AM

    Advisers do change peoples lives, they make a difference, we need to get the message out there to consumers about the "value of Advice" You Best Interests is a fantastic way to do this, engage, entertain and educate. The AFA are serious about improving the consumer awareness about Financial Planning, this is just what we need

  • Big Trev on 23/10/2013 2:22:47 PM

    Well Anne.
    I sure hope you are right. My real life experience is that the "professional practitioners" you cite are few and far between. The them and us you refer to is entirely justified when the thems rip off consumers by simply supporting the advice based distribution model which is at the heart of most fund managers/institutions. If not, you might explain why the Roy Morgan Research consistently tracks product recommendations being linked to the parent organisation at more than 70%.
    I have no problem in Your Best Interest being a truthful expose and not just a "sales tool". Out of intrerest, how's it distributed ? Has it been sold to an FTA network or will we see it on 9Gold, 7 ME or TVSN ?

  • Luke Priddis on 23/10/2013 2:26:18 PM

    This sounds great and as well as telling peoples stories it would be invaluable for those advisers involved to also step through the advice process and the ongoing work we do in regards to advice fees and benefits of the review process in ensuring clients stay on track and are informed of any potential strategies that they may be able to consider that may be of benefit to them now or looking to get ready for in the future

  • Concerned on 23/10/2013 7:57:48 PM

    to Big Trev
    your comment re "ditch an outrageously expensive whole of life product and swap it for ... cover in REST super ... is 50% cheaper..." shows a lack of understanding about these old products. WoL includes a savings element that is returned to the owner on surrender and it produces bonuses that increase cover. It's a LEVEL premium, unlike Rest Super's term insurance and the WoL will eventually work out cheaper than Term over most long term periods. I have clients who started WoL policies in the 70s & 80s and they're very pleased with the returns generated. One would had to earn very well to beat them - not so easy through the market crashes in 70s, 87, 92, 94, 01, and 07. Professionals compare these issues properly. You should too.

  • Adam Kennedy on 24/10/2013 11:05:56 PM

    Count me in guys and the AFA. I am about to launch my own initiative shortly about education and financial awareness.

  • Big Trev on 26/10/2013 9:25:55 AM

    Concerned ?
    Run your quoting software on a term policy from your majors. As for your Whole of Life story. What a load of garbage. As an investment, they are a dog. Are you serioulsy telling me that an old AMP ALA is a great investment ? As a "Long Term Investment" I suggest you run the numbers on a well run equities fund (yes, including the various crashes) which is more appropriately matched to the time frame of the investment period you are citing. I guess the rest of the professional world is way behind you concerned as I ditched my WOL policies long ago. If I ran a term policy alongside and then reduced the level ofcover as my equities fund increased in value I come out way better., But then, I dont pick up $$$ in commission which strangley enough, might benefit the person most at issue here - my client.

  • Anne Fuchs - Pinnacle Practice on 23/10/2013 7:58:08 AM

    To big Trev, we hope that you are positively surprised by the show because:
    1) Your Best Interest is about people's lives and how advice changes them for the better. It is not about product.
    2) Any professional practitioner will always recommend whatever is in the client's best interest, be it insurance through an industry fund or a stand alone policy.

    As a personal comment, I look forward to the day when there is no longer a 'them and us' approach to parts of the market and we work together for the better of all Australians. I invite anyone in the industry fund segment of the market to get on board and tell your stories so that more Australian's change their perception of advice and that they make the conscious decision to seek help from an expert to protect and grow what they have.

WP forum is the place for positive industry interaction and welcomes your professional and informed opinion.

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