The chief executive of GSFM has told the industry that it needs to come together and work towards the future, or else there won’t be an industry left.
Damien McIntyre, one of the founders of GFSM and its current chief executive, told Investor Daily that the industry was in a delicate position off the back of the royal commission, but it was time to move forward.
“It’s time for the industry to come together and work positively towards regaining the respect of the community for the industry,” he said.
Mr McIntyre said the time was over for posturing and vested interests, and instead it was time to present a united front to rebuild trust.
“I think that’s really important because, unless the consumer and indeed institutions respect and trust the industry, it won’t last,” he said.
Losing the client is the greatest fear of Mr McIntyre, and once a client is lost, it is really hard to get them back, he said.
“My greatest fear is that this pool of negativity remains omnipresent and we lose the client. We lose the investor, and once you’ve lost them, it’s really hard to get them back,” he said.
The industry in Australia was responding slowly because people were still shocked and unsure what to do because the royal commission was a first for the industry, Mr McIntyre said.
“I think this is genuinely a first for the industry, and I think that’s largely why it is taking so long. I think there has to be a catalyst. Someone has to do something,” he said.
This was a line in the sand moment, Mr McIntyre said, to tell the public about the past but get on the front foot in moving forward.
“This is the past, we [in] the industry accept that that was unacceptable, regret it occur[red], and these are the steps that we are taking moving forward to make sure the clients get the better end of the deal,” he said.
When those statements are real and meaningful, they tend to become fact, the chief executive said, but there was not enough of it.
“I don’t see enough organisations with that as their public face and their mantra and I’d like that to change,” he said.
It is a fantastic opportunity for the industry to learn from, Mr McIntyre said, and it was high time that they did.
“This is a great industry. Let’s defend it, let’s get on the front foot, let’s restore consumer confidence and move forward,” he said.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
AMP could face further risks according to analysts at Morgan Stanley, with the negative flow trends across the wealth giant expected to cont...
The wealth and trustee arm of MyState, TPT Wealth, has seen a slight increase of 1 per cent during the first quarter of financial year 2021,...