Australia’s peak association for professional financial planning, the Financial Planning Association (FPA), has earmarked a September launch of a new national advertising campaign aimed at highlighting the professional credentials of its members and giving consumers a way of finding financial advice they can trust.
Today’s announcement comes at a critical juncture for the industry which is facing continuing criticism from consumers and a number of reform challenges. The FPA does not represent the entire industry, but only that segment comprising professional financial planners who work to the highest standards of ethics and qualifications.
“This campaign is an important means of talking to consumers and allowing them a way to find a much-needed trusted adviser to manage their financial affairs. It is also critically important to FPA members who deserve respect and recognition for the high standards they work to.
“The campaign serves a powerful message to the national interest while recognising the integrity, ethics and professional backbone of our members,” FPA CEO Mark Rantall said.
“Some might call this the long-awaited line in the sand for the financial planning profession. We do believe that our members must not be ‘tarred with the same brush’ as those who have run down the good name of a majority of financial planning professionals.
“FPA members are leading the way in rebuilding trust in their communities, and reinforcing the role of qualified financial planners to put their clients first, in every instance. FPA members take utmost responsibility for delivering on this core promise of professional and ethical behaviour.”
Mr Rantall said an alarming fact is that only two in five Australians seek financial advice.
“This in itself is a national crisis. And the FPA seeks to shed light on the way that our memberscan help create better long term outcomes for their clients.”
The professional association will launch the advertising campaign via national TV, print and online mediums. The campaign aims to raise awareness among all Australians of the importance of having a qualified professional manage your finances and positions the FPA brand as a mark of trust that denotes a financial planner who adheres to the highest professional standards.
“We are deeply committed to the view that professional financial advice is the single best step anyone can take to improve their long-term financial well-being and researchshows that consumers save significantly by seeking trusted, professional advice.”
The FPA has been urging the Government to use the Future of Financial Advice (FoFA) reforms to address the gap in Australians seeking professional advice.
“We have been encouraging the Government to expand its thinking on ways FoFA might be implemented to make a positive difference to consumers, but we are concerned that there are mixed messages emerging and we are eager to see the draft legislation,” Mr Rantall said.
As part of its ongoing push to rebuild the image and consumer trust in qualified financial planners, the FPA has called on the Government to restrict under law the use of the title Financial Planner to those financial planners who are members of an approved professional association, and governed by the highest ethical, educational and professional standards. This would make a significant contribution to one of FoFA’s aims of increasing consumer trust in the industry by narrowing and providing clarity in those who can call themselves a financial planner.