The campaign, developed by Sydney advertising agency Banjo, compares the qualifications and experience of financial planners with doctors, lawyers, pharmacists and pilots with the strap line “not all financial planners are the same, always look for a member of the FPA”.

The advertisements will appear on national free-to-air metropolitan, regional and national TV, mainstream and regional newspapers and online throughout September and October.

The current advice landscape in Australia comprises around 45,000 authorised representatives who are licensed to provide ‘financial product advice‘, as defined under the Corporations Act. These include bank tellers, product advisers and approximately 16,000 financial planners.  Of these financial planners, only half of them are FPA members and approximately 2,000 are members of professional accounting bodies.

This means there are 5,000 to 7,000 financial planners – more than a third – providing financial advice to consumers without a requirement to comply with the additional standards of ethics, conduct and education.

“Consumers don’t know where to turn for advice they can rely on. Our advertising campaign will help consumers find a financial planner they can trust while providing recognition for the high standard and professionalism of our members,” FPA CEO Mark Rantall said.

“Now, more than ever, it is critically important to have a qualified professional manage your finances and the FPA brand represents a mark of trust for consumers. This is far from an empty promise when you consider that in 2010, of the 112 investigations undertaken and 20 individuals banned by ASIC, not a single one of these were FPA members.”

As the peak professional body for financial planners in Australia, the FPA has a number of initiatives underway to support its members in applying its world-leading Code of Professional Practice in their businesses. In September, the FPA will launch a new 2-hour online training program on the Code of Professional Practice to help financial planners to validate and embed their understanding of the Code. The course is offered free to FPA members and will earn 2 CPD points. The FPA expects all its practitioner members to complete the free program. Non-members can undertake the course for a fee.

“Through all of our initiatives with members and the public, connecting consumers who are looking for advice they can trust with Australia’s professional financial planning community is essential and will ultimately provide peace of mind to thousands of consumers and make a significant contribution to the financial future of Australians,” Mr Rantall said.

The FPA has been at the centre of discussions urging the Government to use the Future of Financial Advice (FoFA) reforms to increase consumer trust in financial planning and address the gap in Australians seeking professional advice. Currently only two in five Australians seek financial advice.

“The FPA has led calls for the ban on commissions, elimination of volume payments and the introduction of a fiduciary duty,” Mr Rantall said. “We have also raised the bar in terms of education and experience with all new members required to have an undergraduate degree as a minimum FPA membership entry requirement from 1 July 2013 onwards. These standards are far higher than any legislated requirements.

“We hope the Government will use the FoFA legislation to provide further certainty for all consumers and we believe our national advertising campaign will offer clarity and a simple way for consumers to make sure they are getting the best advice from the right planner.”

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