Advisers Split on Question of Compulsory Association Membership

Our latest poll has revealed a divided view within the adviser community as to whether they should be required to join an approved adviser association in order to have the right to be called a financial planner/adviser.

As we go to print, 52% of those taking our poll support the notion that the term ‘financial planner/adviser’ should be restricted only to authorised representatives who are members of an approved adviser association.  47% disagree and 4% remain undecided.

This poll is in response to the impending passage of legislation through Parliament that will enshrine the term financial planner/adviser into law, and comments we have received reveal the polarity of thought surrounding this question.

While the voting is quite close, the comments we have received are mostly from those opposed to the notion of compulsory membership:

 “Qualifications earn you naming rights… not forced membership!”

“Whilst the desire to be seen as a profession and have a governing body to be the public face has a strong argument, this is nothing but unionism in another name.”

On the other side of the coin, this response supports compulsory membership as a plus for the sector:

“Compulsory membership of a professional association would go a long way towards meaningful self-regulation.”

We have received a large number of responses to this poll, reflecting the importance of this question for advisers.  If you have yet to do so, we invite you to make your voice heard as we leave our poll open for another week…