{"id":19207,"date":"2013-02-19T15:32:22","date_gmt":"2013-02-19T05:32:22","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=19207"},"modified":"2013-02-20T06:16:04","modified_gmt":"2013-02-19T20:16:04","slug":"to-be-or-not-to-be-a-financial-adviser","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2013\/02\/19\/to-be-or-not-to-be-a-financial-adviser\/","title":{"rendered":"To Be, Or Not To Be… A Financial Adviser"},"content":{"rendered":"

\"Vote<\/a><\/p>\n

Our latest poll is asking all advisers to consider whether their own best interests will be served if the term ‘financial adviser’ becomes\u00a0a legally-defined term.\u00a0 Our question is:<\/p>\n

Do you support the term ‘Financial Planner\/Adviser’ being enshrined into law?<\/strong><\/em><\/p>\n

There is a clear logic associated with the value of enshrining the term ‘financial planner’ and\/or ‘financial adviser’ into law.\u00a0 It\u00a0will assist in\u00a0protecting consumers from receiving financial advice from those who are not qualified to hold this significant responsibility.\u00a0 Yet, there are counter arguments that also need to be considered, which relate\u00a0to the potential of all eligible ‘financial advisers’ being tagged, in the mind of the consumer, with a negative perception, based on well-documented advice failures of the recent and distant past.<\/p>\n

Tony Vidler<\/strong>, Chairman of New Zealand\u2019s Institute of Financial Advisers, said that advisers who represented themselves by a commonly-known title, such as \u2018financial adviser\u2019, could find this to be detrimental to their business, because it can deter potential clients.<\/p>\n

Speaking to attendees at the recent AdviserEdge Social Advice Summit, Mr Vidler said clients immediately associated the words \u2018financial planner\/adviser\u2019 with what they read in the mainstream media, which was generally quite negative.<\/p>\n

I see the use of generic titles as a huge mistake for the industry<\/h6>\n

\u201cI see the use of generic titles as a huge mistake for the industry,\u201d said Mr Vidler, who added that consumers may have already formed a negative opinion on what that title means, and the message it conveys.<\/p>\n

The two sides of the argument are clear: enshrine the term ‘financial planner\/adviser’ into law in order to better protect the consumer and\u00a0enhance the path to professionalism for all financial advisers; or step away from associating with a term that, at least for the time being, generates an often\u00a0negative perception in the minds of the public.<\/p>\n

Where do you stand on this question?\u00a0 Tell us what you think…<\/p>\n

\"Vote<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Our latest poll is asking all advisers to consider whether their own best interests will be served if the term ‘financial adviser’ becomes\u00a0a legally-defined term.\u00a0 Our question is: Do you support the term ‘Financial Planner\/Adviser’ being enshrined into law?<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49],"tags":[],"class_list":{"0":"post-19207","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-compliance-regulation","7":"category-polls"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/19207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=19207"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/19207\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=19207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=19207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=19207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}