Planners have it in numbers
Financial planners are now the “dominant force” in the personal finance market, according to Financial Planning Association (FPA) chief executive Ken Breakspear.
Breakspear says financial planners are consolidating their position as trusted providers of advice ahead of other sources of advice such as accountants and bank managers.
"Financial planners, who barely figured on the financial services landscape a decade ago, are now the dominant force in the personal finance and investment sector.
Breakspear's comments follow the release of the latest Roy Morgan research on how Australian seek financial advice at last week's FPA Convention.
The research found that financial planners are considered the first source of financial advice by 31.3 per cent of those surveyed, well ahead of accountants (20.7 per cent) and bank managers (19.3 per cent) but only marginally ahead of family members (29.6 per cent).
The survey showed a huge decrease of the number of people turning to accountants as their first source of advice, down from 27.9 per cent in February to 20.7 per cent when the survey information was gathered in September.
More good news for the FPA, who commission the survey every six months, came in figures on the recognition of the Certified Financial Planner (CFP) designation. According to the Roy Morgan research, more than half the population (55.8 per cent) has at least heard of the CFP mark.
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
