Andrea Slattery
The Federal Government’s statement that it is committed to ensuring that the promised register of financial advisors will have to include their qualifications and professional association membership is welcomed by the SMSF Professionals’ Association of Australia (SPAA).
SPAA CEO/Managing Director Andrea Slattery says: “It’s reassuring that the Minister for Finance, Senator Mathias Cormann, has reiterated the Government’s decision to have the register in place by March 2015, and that it must include advisers’ qualifications and professional association membership.
“It has always been SPAA’s contention that for a register to fully benefit consumers then they must be able to identify advisers who have the requisite skills and professionalism.
“An obvious benchmark for consumers is knowing what qualifications and professional association membership an advisor has because it’s these two areas – education and professionalism – that are the key to quality financial advice.
“It’s only when a register includes all the relevant information will consumers feel confident they are getting the best possible advice.”
Slattery says the ongoing lifting of professionalism in financial advice greatly depends on increasing educational standards and improving the personal accountability of financial advisors.
“Having the register record educational qualifications and association membership will encourage advisers to improve their qualifications and become professional members of the relevant associations.”