The FPA has updated its 'vision' in a move that will reorientate the association towards the interests of consumers, claiming the goal of professionalisation has now been met.
Speaking to ifa, Mr Rantall said the “evolution” of the association's vision harks back to 2011.
“We went through the process of a constitutional vote to evolve the organisation into a professional association for individual practitioner members,” said Mr Rantall.
“Having gone through that, we established the vision at the time, which was to evolve financial planning into a universally respected profession.”
That end has now been achieved, said Mr Rantall – with a professional framework in place as well as the Certified Financial Planner designation.
With that previous vision fulfilled and “various reform agendas” now underway, the FPA saw fit to update its vision, he said.
“So we evolved our vision – through our members – to standing with Australians for a better financial future,” said Mr Rantall.
“We have a public interest duty and a fiduciary duty to consumers to ensure that their interests are put ahead of anyone else's.
“So everything is lined up with our members sitting on the client's side of the desk.”
Putting the interests of the consumer first as well as representing FPA members are “by no means mutually exclusive”, he added.
“We live in the age of the consumer and what we would say is that it's in everybody's best long-term commercial interest to put the consumer first,” Mr Rantall said.
More than one in two advisers think the government’s legislative response to t...
The coronavirus has highlighted the need to bridge the advice gap in Australia, ...
Licensees and training providers have been bombarded with queries and concerns f...