The FPA has experienced a 100 per cent increase in the number of advisers taking up the Certified Financial Planner program, as the institutions mandate certification for some aligned advisers.
In a statement, the FPA said the increase in the number of new entrants enrolling into the CFP program was an indication of a “shift in attitude” by advisers towards education standards.
“At a broad level, these results reflect a voluntary movement towards higher education standards across our profession,” FPA chief executive Mark Rantall said.
“There are already around 5,500 CFP professionals in this country and there are many pathways for those who want to join it,” Mr Rantall said.
“The CFP mark remains at the pinnacle of our profession and can be viewed as a sign of trust for consumers. This kind of differentiator is more important than ever for consumers,” he said.
Mr Rantall also said the FPA has been advocating for a rise in education standards across the financial advice industry.
“While [education] isn’t a silver bullet, we know that higher education and professional standards lead to better consumer outcomes,” Mr Rantall said.
“We also know that financial services firms that hire CFP professionals reduce corporate risk,” he said.
The CFP designation is the “only designation” for financial planners that is recognised worldwide, requiring financial planners to “adhere to higher professional and ethical standards” above those proposed by the federal government in the FOFA legislation, the FPA said.
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