With the Financial Planning Association’s (FPA) television commercials set to begin screening next week, the association has gone into warm-up mode, with chief executive Kerrie Kelly distributing a statement to the mainstream press that debunks 10 commonly held myths about the profession.
A spokesperson for the FPA confirmed the television, print and internet advertising campaign designed to promote the value of seeking financial advice was on track, adding that a series of television commercials had already been shot. Industry representatives and the media will preview them this week.
He said the first advertisements would hit television screens in the first week of October.
In her statement, Kelly debunked what the FPA sees as perceived misconceptions about the industry by Australians who had not yet seen a financial planner, including that:
n all financial planners receive commissions and very few operate on a fee-for-service basis;
n financial planners push the products of the financial institution that owns them because they get a higher commission and other kickbacks;
n financial planners are only interested in individuals who already have assets;
n financial planners don’t do anything else but push investment products; and
n financial planners are not well qualified and are no more than second-hand car salesmen.
The FPA said these are a taste of some of the issues that will be addressed in the advertising campaign, which is being funded by a range of the association’s principal and practitioner members. It is scheduled to run for three years.
