Speaking to ifa, CFA Institute managing director for Asia Pacific Nick Pollard said helping the financial advice industry become a profession is at the heart of his work at the CFA Institute.
“The key components of that are around trust and transparency and putting your customer first. They’re around competence, technical competence. And they are about being willing to commit to lifelong learning, which is one of the core characteristics of our charter holders around the world,” he said.
While the former Coutts boss admits that some advisers will find these tasks easier than others, he says it is vital for them to happen if the industry is to shake off its commission-based sales perception and join other professions like accounting and law.
In Australia, educational reforms and ethical standards in financial advice have become politicised in recent years. The introduction of FOFA was a politically-driven agenda that in many ways fortified the beginning of the journey towards professionalism in advice. Today, it’s the FASEA reforms that are politically charged and creating confusion among advisers.
But Mr Pollard sees ongoing learning as a critical step to building trust with clients, not just a box-ticking exercise to appease regulators.
“We are entering an era where the voice of the customer will be key. If your organisation isn’t one that resonates with what customers want, then it will be very difficult to be in business going forward,” he said.
“If you try to think of financial services and investment advice as a profession, then you have to commit to lifelong learning. It would be very unusual if you went to a doctor who had finished training 40 years ago and not learned anything since.
“We seem to think that’s OK in the financial world and it isn’t. So, I think setting high standards and allowing people to demonstrate their competence is a pre-requisite to building trust and professionalism in the industry.”
Australia is now in the top five nations in the world for CFA Institute candidates. Mr Pollard is currently in Australia for the CFA Institute Research Challenge, an annual global competition that provides university students with hands-on mentoring and intensive training in financial analysis and professional ethics.
HAHA a former bank boss talking about professionalism- what a larrikin. You’re a bit late for April fools my man.
Commit to life long learning? Here’s my list of Qualifications & accreditations:
B.Com;
CFP;
F(CH)FP;
Adv Dip Financial Planning;
SMSF Accreditation;
35 years as an adviser.
I’m sure I am not alone in this boat – but apparently without further studies I’m STILL not qualified.
…a former bank boss…
even the CFP in australia gives only 1 credit for your CFA. that’s really something.
Another idiot who isn’t required to do the qualifications telling us we should. PS idiot, you also don’t hold the appropriate qualifications now to be telling advisers anything.
Yeah right just like the thieving law industry and accountants ho pretend to know everything. I have been continually learning for over thirty years and see right through this crap!!!!!!!
Hey Nick, go preach to the parasitic corporates and regulators who created most of this mess. Of, can’t do that? Probably a conflict of interest floating around in there somewhere
Gee Nick…your CV states you hold a BA from the University College, London.
Isn’t that the degree that just gives you a degree in something,but not really anything ?
This article is just a complete waste of space.
Happy to commit to a lifelong education within Financial Services, but at the expense of BS compliance and SOA’s. Are the medical profession he refers required to give out cumbersome Statements of Advice?
There is a difference between learning and having the same stuff regurgitated time and time again. Why do lawyers only need to do 19 hours a year when the law changes with far greater regularity than the fundamentals of investment.? Ground hog day ad infinitum
Blow it out your arse Nick! I’ve been advising for 11 years and never had a complaint or legitimate claim declined From the advice provided – with three clients currently on claim now for over three years.
You are just another big head trying to get your name up in lights by making ridiculous statements. I just love how you point the finger at other people’s deficiencies when it’s organisations like yours that have caused the biggest disruption to the financial services industry. Pot kettle sunshine!!!
More CPD so we can spend time doing more compliance…..
Another boffin who knows zilch !!!
Life long learning is something anyone in a position of responsibility for the wellbeing of consumers should commit to.
Given the findings from the recent Royal Commission, all leaders in our corporations, institutions, and regulators should be obliged to do this too. Starting with classes in ethics, principled and facts based decision making, and proper governance.
What do they think that 30 plus hrs of PD per year for 34 years is scotch mist?
And again comments from some nuff nuff accountant assuming that even someone with only a Diploma working in Advice for the last 20 years never learned anything new??? WTF? This is rubbish news…not worth reading
Soooooooo……Something like Continual professional development??? welcome to the party. Another self serving nobody given too much air time.
Yeah getting used to a life in financial planning were good quality advice is getting further out of reach for customers and always put on the back burner and industry funds continue to get carve outs to push junk insurance and “general advice for a fee for no service” …