FPA calls for regulatory control of use of term 'financial planner'
The Financial Planning Association (FPA) is calling for tighter regulation of the use of the term ‘financial planner’ to distinguish it from the term ‘financial product adviser’.
Chief executive Jo-Anne Bloch has made the call in a submission to the Parliamentary Joint Inquiry into Agribusiness Managed Investment Schemes.
She said the term ‘financial product adviser’, which encompasses risk advisers, brokers, financial planners, and in fact, any financial intermediary, was a “significant concern” for the FPA.
The term allows “too many underqualified professionals providing clients with ‘financial advice’ under the guise of being a financial adviser”.
“Financial planning is about wealth creation and protection and it is akin to a long-term coaching relationship (for clients).
“The skill set is specific and broad, and it is not evident amongst many of the thousands of (underqualified) people out there who call themselves ‘financial advisers’, she said.
Recommended for you
Adviser losses this week are quadruple the same period a year ago, with the industry falling into negative territory for the last 12 months.
Colonial First State has announced the latest manager to join its Edge managed accounts menu, focusing on providing investors with a strategic income.
Rising advice fees has prompted Radar Results to increase its price guide to a minimum of $3,000 per client to reflect the changing shape of the adviser landscape.
Investment consultancy Ascalon Capital has appointed a new partner, who joins from 20 years at Zenith Investment Partners, as well as a new chief executive amid a “bold new chapter” for the firm.
