Regaining trust still ‘a long way’ off: AFA
There is still a long way to go in getting back trust from consumers regarding financial advice, but educating them about the value of advice has the ability to change this, says AFA president Deborah Kent.
Speaking exclusively to ifa, Ms Kent said "we're a long way from achieving" the trust of consumers, admitting that recent scandals over the past couple of years have tainted the image of advisers.
"Advisers have really been hauled over the coals, and unfortunately there's one person out there that does a bad thing and it taints all of us – and we've got to get past that," she said.
"It's making sure we get rid of bad apples out of the industry, which then doesn't tarnish all the good ones out there – because there are so many good ones."
Ms Kent said advisers need to get the message out and to educate consumers out there about the quality of advice.
"Whatever I do in the association is really about getting trust back in advisers, and getting advisers to be held in the regard that they should," she said.
"We are professionals, and we have a passion for looking after clients, getting them into a far better position than they would be if they didn't get advice."
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