The incoming chief executive of the Financial Planning Association of Australia, Mark Rantall (pictured left), has vowed to be an effective and passionate advocate for the association and its members, as they face a period of unprecedented change and upheaval.
Rantall, a veteran of the financial planning industry, says the Government’s Future of Financial Advice proposals represent a great opportunity to improve the public standing of financial planning – but the FPA will have to fight hard, and fight effectively, to make sure its members’ interests are properly protected.
Rantall takes up his new role on July 1, succeeding Jo-Anne Bloch, who left the FPA on April 1. Deen Sanders has been acting CEO, and will remain with the FPA in his former capacity as deputy chief executive and head of professionalism.
Most recently, Rantall was Dean of Advice at The NAB Academy, and is a former managing director of Godfrey Pembroke, a NAB-owned dealer group.
“I’ve been in the industry for 25 years,” Rantall says.
“I am absolutely passionate about advice, and I have an unswerving belief that most clients, or most people who go to a financial planner, are better off for the experience, and the vast majority of financial planners do a fantastic job.
“A lot more people should be seeing financial planners, and would be better for it, and we have a huge underinsurance problem in Australia. The untold story is what happens when people do not see a financial planner and have inadequate cover when something goes wrong.”
Rantall acknowledges that the financial planning industry is not squeaky clean and accepts the need for a regulatory overhaul to eliminate conflicts – both real and perceived.
“There are always problems, in any profession,” he says.
“But the fact is that the majority of the time people have a great experience and are better off for seeing a financial planner.”
Even so, the changes being wrought by the Government have been prompted by widespread public perception that the industry has issues that need to be addressed.
“Now more than ever, financial planners need an advocate and I intend to take that role – but also to be very strong around anyone who steps over the line,” Rantall says.
Rantall says his background in the industry has prepared him well to lead the FPA and its members
“I think I’m ideally suited to the role, as I understand intimately how the financial planning business works, the engagement planners have with their clients, and the interactions they have with their clients,” Rantall says.
“In addition to that, I understand dealer groups and licensees, where you have to take a macro view and you have to take a look at a number of your constituents and look at how they are working and help them to develop their businesses.”
Rantall says that far from the looming changes to the industry being overwhelming, they are something that the industry should strive to embrace.
“The first thing I would say is that I think it’s a fantastic opportunity,” he says.
“We’ve got this time and place and opportunity to work with the regulators and toe Government to build a better system for all.
“Ultimately, clients’ interests have to come first. The FPA has been a leader, in terms of setting the agenda – on issues like ‘client first’, education standards, and the remuneration debate.
“It’s a debate that I have been part of for many years, and which I believe in. My view is that we have a great opportunity to build on that.”
Rantall says the timing of his appointment is ideal, with the industry and the fPA poised for significant changes.
“I think it’s the best time,” he says.
“A lot of the hard work has already been done by the FPA. Members of the FPA are wanting to see the FPA acting as their advocate.?“To be honest, I see my first two priorities as firstly getting to the membership in a number of different forums, but preferably face-to-face where possible, to find out what they are thinking. I want to engage with the membership.
“Secondly, [it is] to work with Government to ensure an appropriate outcome four our membership and clients.”
