CFPL reveals all planners to join an industry association by 2015

All financial planners employed by Commonwealth Financial Planning (CFPL) will be required to join an “approved” industry association by July 1, 2015.

An email to bank staff from Marianne Perkovic, executive general manage of advice for Commonwealth Bank, says the requirement will also extend to the managers and supervisors of CFPL’s financial planners.

CFPL will establish a shortlist of as-yet-unnamed associations, and provide those associations with an opportunity to pitch to its planners.

“We acknowledge the fundamental role that industry associations play in defining what it means to be a financial planning professional,” the letter says.

“To support our dedication to professionalism, we are committing to making membership of a relevant financial services industry association a minimum standard required of all our financial advisers.”

Extended to team members

The email, seen by Professional Planner, says that membership will also be extended to team members with direct responsibility for managing and supervising financial advisers.

“Advisers and team members will have the choice to select from an approved list of industry associations. Your membership fee will be funded by the business, and we plan to have this initiative in place by 30 June 2015,” the email says.

“To support you in your decision on which industry association to join, we will enable time and opportunity for the relevant industry associations to put forward their proposition to you at your Professional Development Days.”

Compensation

The bank’s announcement coincided with the announcement that a former High Court of Australia judge, Ian Callinan, will lead its compensation assessment panel.

Further details on the make-up of the panel are yet to be released, and the bank has not yet responded publicly to an offer by the Financial Planning Association of Australia (FPA) to assist with the process.