Advice industry in ‘eye of perfect storm’

In an emotive message published on the association’s website, FPA CEO Mark Rantall said 2015 is the “year of opportunity” for restoring public confidence following the testing year that was.

“Over the past 12 months, our profession has been tested with ongoing uncertainty and more than a fair share of turbulence,” the message said.

“Yet, amidst this discomfort, we have a unique opportunity to shape the future of financial planning and advance our journey towards becoming a respected profession.

“Our profession is in the eye of a perfect storm, surrounded by external forces that could help us put the wheels in motion. Never before has there been a set of circumstances where the public, media and government have all called on the industry to support higher education and professional standards.”

Mr Rantall called on advisers to rally behind parliamentary joint committee recommendations to lift standards, including a minimum degree and compulsory professional association membership.

“Our support will ensure the evolution of financial planning into a respected and noble profession,” he said. “Together, we can stand proudly with Australians for a better financial future.”