At Optimum Pensions, we’ve long believed that improving Australians’ financial literacy is key to enhancing their wellbeing throughout life, and that financial advisers play a critical role in making this happen.

Now, thanks to determined advocacy efforts, real progress is being made to strengthen the advice profession and support the important work advisers do every day.

Over the years, David Orford, founder of Optimum Pensions, has consulted with advisers on the legislative changes needed to improve and grow the advice profession – changes that benefit not just advisers, but all Australians. Today, we’re seeing those changes start to take shape.

Recently, David worked with Luke Howarth MP’s team to help drive necessary improvements to the legislative environment for financial advisers. These planned improvements are set out in this letter.

One of David’s contributions focused on the Compensation Scheme of Last Resort (CSLR). Without these efforts, the CSLR could have cost each adviser around $4,800 this year — a substantial and unfair burden that will hopefully be avoided if the Liberals win government. Advisers couldn’t have stopped Dixon’s insolvency – so they shouldn’t pay. One thing that is needed within each dealership is an automatic computerised monitoring system.

Support for advisers is also growing beyond our sector. At a small lunch meeting David recently attended, Angus Taylor, the Opposition Treasurer, made it clear that he sees financial advisers as catalysts for improving both the financial and emotional wellbeing of Australians.

Importantly, the Liberal Party has stated its goal to almost double the number of advisers and ensure they are appropriately qualified, recognising the essential role advisers play in Australians’ lives. By contrast, despite promises for positive change, Labor has not delivered meaningful progress in this area.

David remains optimistic about the future. He expects further positive reforms that will help advisers thrive, and in turn help more Australians achieve lasting financial security throughout their retirement years.

At Optimum Pensions, we’re proud to stand alongside advisers, advocating for a stronger, fairer, more informed profession, and a retirement system that truly delivers for all Australians.