Mr O’Toole, who was elected to the board in 2010 and is seeking another term, said a harmonious industry is important on the road to professionalism.
“Something else I would also like to see which would assist with the drive to professionalism is the end of bickering between various categories of planners, such as employed versus self-employed, or type of licensee etc.,” he said.
“The important issue is not what tag people give themselves or others, but their individual behaviour.
“I would also like to see an increase in respect amongst professionals in our field; to see an end to criticism of other members merely because of the particular employment/licensee arrangements.”
Mr O’Toole said current board members should be re-elected in order to ensure “ongoing stability”.
Sack the FPA
Sack the whole FPA. They’ve spent the last 10 years doing everything in their power to ruin your FP business & line their own pockets. More compliance = more fees & courses.
These clowns need to stop ruining this industry.
Ill bet my house a new education standard is on the horizon.
The suburban Accountant/Tax Agent will be wiped out within 5 years with improving technology. This industry will (well overdue) see the biggest change in more than a generation. Any professional looking after their clients will ensure all education and licensing is in place whether a one man band or more likely a team of professionals. The dodgy operators (Tax Agents/Accountants) that have been hiding behind SMSF establishment only are on a hiding to nothing. Not a moment too soon.
Yep and as long as Accountants continue to give investment advice I think you forgot to say, and estate planning advice, and finance, insurance etc often with little experience in any of those fields…with no license…..because they often have an over inflated view of their place in the world. Existing Tax agent registration is handed out pretty freely as well so relying on that as a symbol of competency is overplaying it.
Unfortunately I cant see a chance for peace as long as FP’s continue to dispense taxation advice. Even if the tax agent registration of FP’s goes ahead, it doesnt make them tax experts overnight.
Accountants work all of their lives to become qualified experts in taxation. Its not as if it’s incidental tax advice either, FP’s are giving tax advice on the big ticket items like the CGT small business retirement exemption. Getting that wrong has serious tax consequences.
The term “Financial Planner”implies expertise in many disciplines such as taxation, estate planning, insurance, investing, finance etc. Other professionals find it hard to believe that a “financial planner” can become a master of all of those disciplines by being given a license, often with little experience in any of those fields.
I dont know what the solution is, but I think we were better off when accountants did tax, lawyers did estate planning, and banks and stock brokers did the investing.
After being bagged by all comers in the last 5 years aided and abetted by Labor/Union sponsored ISN I’m not so sure that self employed FPs will bury the hatchet quite that willingly. Nice sentiment but it wasn’t a shit fight we started.
There is no chance of stability within the adviser industry nor the adviser vs accountant industries. It is a clash of cultures akin to a level of the Middle East. Until all advice provided regardless of professional background is equal, clients will not be given the best opportunity for unbiased, professional advice. The various stakeholders have only themselves to blame for the perception in the community for such disengagement by the wider community to receive financial advice about their post employment income. This includes not only the adviser representative stakeholders but also the industry fund network, the institutional advice groups, the tax and accounting industry stakeholders along with the newer super representatives. The 3 year delay for licensing for Accountants is a massive FAIL by the Labor Government to put consumers future’s first.