Financial planning industry also needs to lift its game: AFA
Despite remaining critical of aspects of proposed Future of Financial Advice (FOFA) legislation, it is up to the industry to collectively lift its game to improve its image regardless of what reforms are brought upon it, according to Association of Financial Advisers (AFA) chief executive Richard Klipin.
"As an industry, as a profession, the people providing financial advice, all the way through the value chain to licensees and product providers, we've got to get on this pathway of excellence and improvement because ultimately what's at stake is our relationship with the Australian consumer," Klipin said at the AFA GenXt roadshow in Sydney yesterday.
The financial advice industry needs to get better as a profession at protecting its brand and its reputation, he said.
Part of that, he said, is being part of a professional body and also being an active part of the debate around raising standards.
But it also means getting better at standing up and saying something when the wrong thing is being done so that the situation doesn't blow up into another Storm Financial-type scenario that damages everyone's reputations, Klipin said.
He said the AFA's soon-to-be-launched Principles of Practice series, aimed at improving the industry's image to consumers, was one way of addressing those issues.
"Until we have a meaningful dialogue with the Australian community we won't be able to get our message across," Klipin said.
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