Clients more discerning of advisers
Clients are becoming savvier and asking their financial advisers more questions following the extensive coverage of advisers in the media.
That is the opinion of Commonwealth Financial Planning adviser, Andrew Vacopoulos, who said clients are paying more attention and putting their advisers under the microscope.
"They're talking about it more and they're asking ‘what are your qualifications, how are you qualified to look after my money and my investments, are you the right person for the job'," he said.
Kaplan Professional chief executive Brian Knight agrees, saying the publicity advisers have received means consumers now expect increased education standards, along with licensees, the media and industry groups.
Kaplan saw a 400 per cent increase in enrolments in trimester three last year compared to trimester two, coinciding with the announcements by the Commonwealth Bank, National Australia Bank/MLC, and AMP to lift their education standards.
Meanwhile, Knight said that while he does not see planners dismissing the new educational requirements, he has seen some concern and nervousness from planners.
"There aren't too many that are ringing me and saying this is ridiculous. The general feedback is that they want to study," Knight said.
"But they're asking ‘how long will it take, if I have something come up at work can I defer it? Can I get another extension?'".
Planners may be apprehensive about having to study while working, but once they get into the studying, they are fine, Knight said.
AUTHOR
Malavika Santhebennur
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