Advocacy over shouting leads the way
Patel says FAMNZ was loud and a lot more aggressive than FANZ in what it was doing, but it has been FANZ’s advocacy for its members that has led the way over the past couple of years.
“It’s okay to put pressure on major banks over issues, such as long turnaround times, but they are commercial enterprises and screaming loudly is not going to shift their business decisions.”
Patel says the more important issue for advisers is getting heard about changes in legislation governing the sector and FANZ is now at the point where it is getting direct engagement from regulators. “They will often come to us now that we are being seen as a profession. We're lucky we have a mature industry and industry bodies that have opened their ears to us over the past few years.”
FANZ has 1,500 adviser members compared to FAMNZ’s roughly 196, which was cited as the reason by FAMNZ for shutting up shop yesterday.
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