Top 10 Most Influential: Tom Collins
IF Tom Collins, principal of the Tom Collins Consultancy, has been one of the most influential players through 2003 it is probably because the industry has, finally, come to terms with the message he has been trying to sell for most of the past three years — the need to adapt to the new Financial Services Reform (FSR) regime.
By his own assessment, his influence can be measured in terms of the industry’s preparedness to accept his argument that FSR means the adopting of a client focus rather than the traditional industry focus.
He says he began to realise he was making an impact when, while addressing the recentFinancial Planning Association(FPA) convention in Adelaide, on the topic ‘Will the real financial planner please stand up?’ he encountered little resistance to the arguments he was putting forward.
“I was quite surprised by the level of acceptance that existed to the arguments I was putting on the need for a consumer-friendly environment,” he says.
Collins says he’s equally pleased by the apparent acceptance of his argument that FSR, while it may impose considerable compliance obligations, also gives rise to opportunities that should be pursued by the financial planning industry.
AUTHOR
Mike Taylor
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.
