Australian consumers should check the qualifications of their financial planners to ensure they are receiving the highest levels of ethical and professional advice, says Financial Planning Association (FPA) CEO, Mark Rantall.
The Certified Financial Planning (CFP®) designation is the only qualification for financial planners that is recognized worldwide, requiring financial planners to adhere to higher professional and ethical standards than any reforms proposed by the Federal Government in the Future of Financial Advice (FoFA) legislation.
In recent years the CFP designation has been characterised by increasingly stringent requirements in addition to a comprehensive final examination. Those requirements include three years’ industry experience and a degree, advanced diploma, or diploma in Financial Services.