Financial planners have been the recipients of an inordinate amount of ‘broad brush’ criticism over the last few years – some justified, some not so. Consumer surveys seem to regularly, painfully, suggest that all planners are held in low esteem by many in the community. Wave after wave of problems get enormous amounts of oxygen through the mainstream media and it would be really easy for planners to become pessimistic about the future prospects of professional acceptance by the broader community.
Yet, I’m continually refreshed in my outlook on the future of financial planning in Australia. I’m convinced the majority of planners are well intentioned people who genuinely care for their clients and can only conclude that successful financial planners are incredibly determined individuals who can ‘weather’ the storms of criticism. As much as anything in their business lives, they thrive on the personal satisfaction of helping to improve the financial lives of their clients.
But that’s not to live in denial because there have been problems (and continue to be so) around education, compliance and supervision, conflicts of interest and remuneration methods. That said, on the whole, progress is being made and in ten years we will look back at a decade or so of growing pains.
The most recent Suncorp Life Confidence Index result which shows a drop in overall financial confidence by consumers points to two key issues. More Australians need the comfort and piece of mind which comes from having a professional financial planner in their lives and secondly, it falls to financial planners to deliver the standards expected of professionals of all persuasions in order to underpin what in time will be demand which outstrips supply.
This really is a noble profession and it deserves to succeed in the Australian community.
