DeakinPrime hosted a lunch earlier this week to discuss ‘professionalising the financial planning industry’. Simon Hann facilitated a panel which included:
- Chris Matlock, Executive Manager, Moneywise Personal Financial Management
- Adrian Raftery, Senior Lecturer in Financial Planning, Deakin University
- Clim Pacheco, former General Manager, Education and Knowledge Management at ANZIIF, Director at Business Transformation Solutions.
There was some great discussion and some of the points that were raised were:
- There is great support for the financial planning discipline/industry to move towards professionalism, however there currently isn’t a strong ‘leader’ in this space
- Education standards for entry into financial planning must be lifted; the FPA is on the right path by only granting membership to those who have a degree but more needs to be done.
- More information and better marketing is needed to attract the right entrants to the financial planning industry.
- More professional support should be provided to new entrants to the financial planning industry to ensure that they are properly trained before being ‘let loose’ on the clients.
- There needs to be greater respect/recognition of how other professions relate to financial planning, e.g. accounting, law, etc.
- There are always some bad apples in every profession. It’s unfortunate that the media has been focusing on the bad apples in the financial planning industry - we need to do more to shine a better light on this industry.
Panellist Chris Matlock said, ‘Increasing adviser training standards is one essential requirement if the industry is to reach the goal of becoming recognised by consumers and the community as a profession. A “whole of industry” effort is also required to promote financial planning as a career of choice for aspiring professionals, associations like the FPA and the AFA can’t do it alone, a quantum shift in attitude and leadership is essential from other key industry participants now.’
DeakinPrime is interested to see the direction ASIC takes in relation to professionalising the financial planning industry and what education requirements there will be for those providing financial advice.