FPA chief executive Mark Rantall said the association supports the establishment of the adviser register, agreed to by the government as part of negotiations with the Palmer United party.
“An appropriate register will provide protection for consumers, enabling them to easily identify all licensed financial planners who have an agreed set of credentials,” Mr Rantall said.
“The register will also help weed out bad apples and provide protection for licensees, employers and ultimately the consumer.
“When you go to a financial planner you have the right to know you can trust the person you choose. This is a big step in the right direction.”
Mr Rantall said the decision to create a public register is in line with the direction the FPA advocates in its recently released 10 Point Plan.
In addition, FPA general manager, policy and conduct, Dante De Gori, took to Twitter to outline the importance of an adviser register, particularly in giving the public enhanced details on the planning community.
“An adviser register should include who they are, who they work for, their work history, qualifications & membership of prof [sic] body,” Mr De Gori said on the social media platform.
“A register will finally provide a complete list of every individual financial planner in Australia.
“This should not be underestimated.”
All the qualifications and affiliations that follow the financial advisers name will not inspire confidence and trust as far as I am concerned. My former adviser was the founder and a director of the independent business; a CPA, FPA Principal Member who simply moved to COSL after the FOS found the advice to be inappropriate and awarded compensation to at least two customers. This financial service still has ASIC registration.
Let me guess the FPA will place the CFP designation at the top of the “agree qualifications” list. Interesting how the FPA always insists that this is the “Gold Standard” for Financial Planners.
According to the FPA someone who was given the CFP designation due to the date they entered the industry is better qualified then someone who has an Advanced Diploma, Bachelor of Economics and a Masters in Financial Planning, but is a Member of the AFA and not the FPA.
Not saying those who have genuinely earned the CFP shouldn’t advertise the fact they have it, but the reality is that it is only one of many qualifications available.