There is solid support from the majority of advisers to enshrine the term ‘financial planner/adviser’ into law.
In response to our latest poll, more than three quarters (77%) of advisers have said they support the formalisation of their title into statute. As we went to print, almost one in five (19%) are against enshrining the term into law, but they are out-numbered by the ground swell of advisers who support this prospect.
One of the possible arguments against the formal adoption of the term ‘financial planner’ is that all advisers may become labelled, at least in the eyes of the public, with a negative perception stemming from some of the more high-profile financial advice debacles of recent times, where many Australians were deprived of much or all of their retirement savings.
But another body of opinion argues that enshrining the term ‘financial planner/adviser would be a positive step. One adviser comment that seems to capture the mood of the meeting is:
… it is imperative for the success of the financial advice industry that the term is properly enshrined
“Like all professional services providers, a clear, definitive, law enshrined term for financial planner or financial adviser would best serve the interests of protecting consumers and enhancing the quality of advice. … I think it is imperative for the success of the financial advice industry that the term is properly enshrined…”
Is this your view? It appears to be the view of most advisers. Let us know what you think…
