The AFA has issued a call to the financial advice profession to ‘… stand strong and united…’ in its quest to send the adviser message to consumers about the nature and value of the services they provide.
This call by the AFA for one collective voice follows the announcement earlier this month of the formation of a new body called the Australian Financial Integrity Network (AusFIN).
AusFIN comprises representatives from the Australian Council of Trade Unions, CHOICE, the Finance Sector Union of Australia, the Industry Super Network and other consumer and small business groups.
AusFIN has launched a Charter that it says should guide the Government and the industry in implementing changes to banking and finance that will make sure the industry delivers to consumers, workers and the broader community.
In presenting its message to the public, the AFA points to the ‘Back to Basics’ research it conducted with CoreData earlier this year, in which consumers who receive services from financial advisers rank them in the top three most trusted professions in their lives.
… the profession needs to work collaboratively to better articulate the real value of what they deliver to consumers
AFA CEO Richard Klipin said “… the profession needs to work collaboratively to better articulate the real value of what they deliver to consumers. Collectively we have the resources to demonstrate that advisers are open, honest, really care about their clients and provide enormous value to them,” said Mr Klipin, adding “Our profession is part of the solution to some of the major financial and demographic issues facing the Australian community.”
In 2011, the AFA will be delivering a message to consumers about the importance and value of receiving sound financial advice. The AFA’s ‘Make-a-Plan’ media campaign aims to:
- Create an overarching positioning that the profession as a whole delivers great advice
- Provide a platform for a more consumer-focused profession
- Create a framework for future specific messaging around important issues, such as Australia’s inadequate savings and retirement savings levels, and chronic levels of under-insurance
“There is a clear need to deliver a consistent message to Canberra and to consumers about the value of the work we do helping consumers address the critical issues they currently face, including savings and retirement savings inadequacy and chronic levels of underinsurance,” said Mr Klipin.
