An advice industry body will soon launch a new framework setting out the policies it will advocate for in order to make advice more affordable and the industry more sustainable for practitioners.
FPA chief executive Dante De Gori told ifa the association would launch a new policy platform to its members imminently that dealt with many of the issues being experienced by advisers due to increased regulatory change in the sector.
“Next month we are gearing up to publicly launch our new policy platform which sets out the guiding principles, reforms and changes that we believe must take place over the next five years to ensure that affordable advice is available to Australians who need it, as well as a sustainable model for the profession of financial planning,” Mr De Gori said.
The comments came off the back of the FPA’s recent launch of a free guide to help consumers manage their finances in the aftermath of the COVID-19 crisis, which has seen real unemployment reach almost 10 per cent in Australia.
Mr De Gori said the guide was based on a similar initiative from the UK-based Chartered Institute for Securities and Investment, and had been developed based on feedback from the FPA’s eight member CFP advisory panel.
“We recommend anyone looking for financial advice regarding their personal circumstances to seek out a financial planner, but this may not be an immediate option for everyone so we wanted to share some timely information that people could action themselves right away to regain a sense of control over their financial situation,” he said.
The guide would be backed by a wider consumer ad campaign to promote the value of seeking out a CFP professional.
Mr De Gori said while the crisis had created significant business opportunities for advisers, most had been too busy to proactively take advantage of these opportunities.
“The experience has been varied for our members – some are very busy with their existing clients only, and others have taken on new clients too, although they haven’t generally been out actively pursuing these,” he said.
“There have been a lot of referrals and direct consumer contact.”
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