BTFG moves unilaterally on adviser register
BT Financial Group has moved ahead of the broader planning industry and the regulators by establishing its own adviser register with capacity for consumer feedback.
The initiative was announced by BTFG chief executive, Brad Cooper today along with confirmation of the implementation of higher education qualifications for planners employed by the group and its affiliated planning practices.
The BT adviser register will be capable of being folded into any register established by the Australian Securities and Investments Commission (ASIC).
Discussing the initiative with Money Management, BT's general manager of Advice, Mark Spiers described the register, Adviser View, as "an important and immediate step that lifts the visibility of our advisers and their qualifications".
"Finding a financial adviser is ultimately about finding a professional who can help you bring your goals and dreams to life," he said. "It is a highly personal relationship. The power to search, share and compare financial advisers and feel comfortable with them before you have even met them, gets this relationship off to the best possible start."
The BTFG announcement detailed the new minimum educational qualifications expected by the company stating that by, by the end of 2019, all advisers employed in the Westpac, St.George, Bank of Melbourne and BankSA networks would have to hold a Certified Financial Planner (CFP), Fellow Chartered Financial Planner Practitioners (FChFP) or Masters of Financial Planning (MoFP).
It said that for those who do not already have this, they would be required to achieve a minimum qualification of Advanced Diploma of Financial Planning, or the equivalent, by the end of 2015.
"Professional membership is now compulsory and these advisers are all now members with either the Financial Planning Association or the Association of Financial Advisers," it said.
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