In a statement issued on Friday, Mr Cooper said a “customer rating” should be “widely accessible” for all consumers interested in seeking the services of a financial adviser.
“We would like to see a customer rating for all advisers that would be widely accessible by all Australians,” said Mr Cooper.
There are several factors that determine whether a financial adviser is right for a client, he said.
“We have long supported the creation of a public register that would encompass the education, years of experience, employment history and areas of expertise and annual certification results for every financial planner,” Mr Cooper said.
“Education is critical but assessed in isolation does not provide a full picture of the quality and suitability of an adviser.
“A common industry standard covering advice is also required to establish a working group to examine the creation of such a register.”
If a Financial Adviser who is not registered with FPA but has a qualification from FINSIA – Grad FP (FINSIA)can the person give financial planning advice?
FPA and FINSIA say this person is not qualified….
Brad, honourable but what sort of circus will emerge from “Trip advisor” for financial planners. Every negative comment made about a financial planner will be magnified over and over again as representative of the entire industry. A register fine but annual certification? By whom? Customer rating by whom? We all know what’s gold to some is tin to others? A register has to be factual not subjective otherwise the industry will continue to suffer at the hands of the bigots.