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The FPA’s newly appointed chief executive, Mark Rantall, is a strong believer in the value of advice.
Rantall’s background is in dealer group leadership in a credit union and then institutional environment.
“I would have to say that an overriding passion of mine is advice, having been in the industry for over 25 years,” Rantall said.
“I believe that the vast majority of people who see a financial planner have a great experience and the vast majority of financial planners are doing a great job for their clients.”
Rantall acknowledged that the advice industry has had its traumas in recent years, which have had serious ramifications for a number of Australians.
“I’m not putting my head in the sand about some of the things that have happened in the advice world in recent times, but some of the things that have happened have also been in the product world, so you’ve got to balance that out.
“But there are also a lot of clients out there who have had a great experience by seeing a financial planner and their lives have been better for it. There is a balanced view out there – otherwise there wouldn’t be an industry at the end of the day. Clients would vote with their feet. And it’s a very big industry.”
The public perception of the advice industry, in particular the criticisms levelled at planners in the media, is an issue on Rantall’s radar.
“I think it’s noise, but I’d like to tackle it.”
Rantall argued the ramifications of underinsurance and a lack of good advice “are disastrous, but they’re the stories you don’t hear”.
Rantall now needs to demonstrate his message in Canberra. While his first priority is engaging with members, his second is to build and cement political relationships to try to ensure the reforms proposed by the Minister for Superannuation and Financial Services, Chris Bowen, are workable for the industry, while also being in the interest of consumers.
Rantall is a CPA, a CFP, and practiced as an accountant for a short time before establishing a dealer group licence at the Outlook Credit Union. He then spent around a decade in various roles with Sealcorp before being appointed head of MLC-owned Godfrey Pembroke.
Some have been critical of the FPA’s mixed membership, with the association representing advisers but having strong institutional input in many areas. Rantall does not see these as “necessarily competing interests”.
“From my perspective, when it comes down to it, the FPA is definitely representing the interests of its individual member base and I don’t see that there’s been a lot of conflict there,” Rantall said.
“Whether they’re in an association or not, they [advisers and institutions] do have to work together and the important part is effectively dealing with conflicts,” Rantall said.
