Despite a recent focus on advocacy, consultation on the Financial Advice Association’s policy platform has highlighted the ongoing professionalism of financial advice as a priority, according to the latest FAAA member feedback.
But amidst canvassing member views for the policy platform through to 2030, FAAA government relations senior manager George John said it was a surprise that professionalism was considered the highest priority.
“One of the categories that we hadn’t even thought about was the ongoing professionalisation of financial advice and how do we make sure that the adviser that you hire in the year 2030 is better than the adviser a client would go into today,” John said during day two of FAAA Congress in Adelaide.
“Already out of those consultations and out of the survey we know a few things. We know for members…professionalism is their highest priority. The conversations that we’re having preface the idea that any adviser you go to should be the best adviser fit for you.”
Consultation commenced in early October and John said members have been direct about what they want from the association and the broad range of topics covered has been “astounding”.
“That’s why we thought we would walk away with probably about 17 different initiatives to focus on and we came up with 39,” John said. “We were shocked about where some of our blind spots had been.”
While professionalism may begin regaining some attention, advocacy remains a priority, with John and FAAA head of policy Phil Anderson updating members on the association’s advocacy work.
The association remained confident in the government’s approach to the Quality of Advice Review reforms, despite concerns action isn’t taken fast enough.