Differentiate yourselves from bank planners
Financial planners aligned with publicly-listed financial services group, Fiducian, have been urged to clearly differentiate themselves from bank planners.
Addressing Fiducian's annual conference in Port Douglas, Fiducian Financial Services boss, Robbie Southall said such differentiation was important in the context of increasing competition in the financial advice space and some of the negative perceptions which had been generated around bank planning divisions.
Southall particularly pointed to the most recent round of Industry Super Australia (ISA) television advertisements which had specifically referenced financial planners employed by banks.
"We have to differentiate ourselves from bank planners," he said. "We need to avoid the detrimental impacts of campaigns against the banks."
Southall also emphasised the need for planners to get their compliance right in circumstances where there was increasing regulatory scrutiny.
"If you're not getting it right, I give you two or three years in the industry," he said.
Southall said that while there had been plenty of discussion about planners obtaining their own Australian Financial Services Licenses (AFSLs), these planners could ill-afford to underestimate the obligations the holding of an AFSL imposed.
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