CFP qualification means client satisfaction: State Super
Hiring certified financial planner (CFP) qualified financial advisers has led to a less than 1 per cent client attrition rate per annum, State Super Financial Services said.
State Super managing director Michael Monaghan said having well-educated planners on board who are on top of complex material to give advice contributed to high client satisfaction.
His comments come after a study released by the Financial Planning Standards Board (FPSB) that showed CFP professionals are more profitable, productive and professional compared to financial planners without certification.
“We’re in a very complex business, giving very complex advice around defined benefit superannuation schemes in the public sector,” Monaghan said.
“Someone who can demonstrate that they’ve got solid qualifications, like a university degree as well as a CFP qualification for financial planners, that’s clear evidence that they are able to deal with complex matters.”
Monaghan said the industry is trying push for financial planning to become a profession. He said all professional groups have their own educational standards and requirements that have to be met.
“I think that as the financial planning profession in Australia moves to become a fully-fledged profession, then having these clear educational standards is mission critical in order to demonstrate that professionalism.”
Seventy per cent of financial planners are CFP-qualified at State Super Financial Services. The firm insists that planners gain a university education, join the Financial Planning Association, and attain a CFP qualification.
Recommended for you
New York-based firm CC Capital has bumped up its offer to stay ahead of rival bidder Bain Capital.
In a tight race against Morgans, AMP Financial Planning has won back its position as the largest individual licensee in Australia, according to Wealth Data.
Learning to delegate authority and relinquish a hands-on approach is a critical step towards building a self-sustaining financial advice practice, says Assured Support.
Private wealth management company Stellan Capital has appointed a new chief executive, who brings over three decades of experience in the global financial services industry.
