First ADF Financial Services Consumer Council Symposium

Article by the ADF Financial Services Consumer Council

In early October the ADF Financial Services Consumer Council held the inaugural ADF Financial Literacy Symposium with the Australian Defence Force Academy.

The Symposium was televised on Sky’s Australian Public Affairs Channel and replayed numerous times over the following daysAbout 200 Midshipmen, Officer Cadets, representatives of the ADFA academic staff and other invited guests were in attendance.

Peter Switzer from the Switzer Business Show, on the Sky Business channel, was our moderator.  His first duty was to welcome the VCDF, Air Marshal Mark Binskin AO, who opened the Symposium.

The VCDF told to the Midshipmen and Officer Cadets that looking back on his career he wished that he had received financial guidance similar to some of the information they were about to hear at the Symposium.  He also said that, “Most people ignore their personal financial issues especially when the issues seem complicated.”

Mr Switzer then asked Professor Chris Adam from the University of NSW to deliver a Keynote Address about the Global Financial Crisis.  He focused on its causes, its effects and whether it’s over or recent financial market turmoil is a sign it’s still impacting the world economy.

After Professor Adam’s address, he was joined on a panel by Hamish Douglas, CEO of Magellan Financial Group, Claire Mackay the Senior Principal Adviser from Quantum Wealth Advisers and Scott Pape - The Barefoot Investor.

During the next 30 minutes, questions were invited from the floor. Midshipmen and Officer Cadets posed some important issues for the panel to discuss.  The five questions related to becoming an investor; investing in real estate; buying blue chip shares; direct investing vs managed funds; margin loans and solutions to the GFC.

We look forward to holding and inviting family members to future ADF Financial Literacy Symposiums.

In the near future you’ll be able to watch a copy of our Symposium at our website.

Visit www.adfconsumer.gov.au