John Hewison How typical is this. The product manufacturers wanting to fund and control the advice profession. This rubbish nearly brought the advice profession to kits knees in the mid nineties but the FPA managed to win the day eventually moving to an adviser based professional association.
I absolutely support Mark Rantall's comments. The FPA has been at the forefront of driving professional standards and education in this country via the great work of the FPA over more than two decades. Australia is in fact seen as a leader in this field on the world stage.
Conflicts of interest, product sales driven advice, "sales" incentives and the absence of fiduciary duty are all the enemies of professional advice standards and all are products of a vertically integrated model where the major goal of the driver winning funds under management for its products.
The FPA has done the hard yards and is the only legitimate independent body that has the credentials and capacity to co-regulate. FPA rejects FSC blueprint for a new self-regulatory body
Ian Knox Interesting article and views about re-emergence of independent morality but the truth is every major breakaway has been sponsored with cheques exceeding a million dollars. Not certain but I think it would be fair to say this also happened with Meritum? if so its hardly a corridor of truth to what the options were at the time.
FoFa is having a direct impact on thinking because margin sharing at product level is being squeezed ( VB's for example ) and net rate cards are making it hard to explain why some clients are on one rate and new ones on another.....
Equally the instos are now saying you can use open architecture but if you do....the subsidies at Dealer level reduce and you pay more for licensing - so the practices get anxious about paying for something they haven't paid for in the past and then start looking around for better value.Not many move though > look at the facts not the emotional commentators. Why would you choose an institutional licensee over an independent one?
Rory Mooney Having been selected as an inaugural member of the Most Trusted Adviser Network I can attest to the rigour that went with the process. As a leading planning business in South Australia we have always sought to benchmark our selves against our peers in order to ensure we provide leading edge advice solutions to our clients. Historically we have ensured we were hitting the mark by soliciting confirmation from clients through a bi-annual client survey. We were the first practise in Australia to carry the FP9000 designation (the iso for planners) and one of the first Professional Practises (FPA).
I can support the comments made by Adam and compliment he and Rebecca for the enormous amount of work that has been required in pulling this together, at a time when 'trust' has been severely tested by a few Inside the Most Trusted Adviser Network: How to get there, and how to stay there
The Australian financial planning industry is evolving and going through lots of change.
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