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
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
