Fee for service pioneer wins industry recognition

A passionate advocate for fee-for-service financial planning has become only the 35th person to be awarded a fellowship by the Financial Planning Association (FPA).

CFP Tim Marshall, principal of Brisbane-based financial consultants Berkley Group Riverside, was presented with the award by Brisbane chapter chairman Kym Marriott earlier this month.

Marshall’s commitment to “enhancing the perceived professionalism” of financial planners since beginning his career as a planner in 1983 made him “thoroughly deserving of the award”, Marriott said.

She said Marshall was a regular participant and speaker at FPA national conferences and Queensland public seminars on various topics, including “advocating an industry change to fee-based services over brokerage and commission”.

An active FPA board member, Marshall had brought the same passion for the industry’s wellbeing to building a highly successful planning practice.

Berkley Group was named 1988 FPA Financial Planner of the Year runner-up, while Marshall was named Money Management Queensland Financial Planner of the Year in 1989 and 1993.

Marshall said he felt “humbled and privileged” to be one of only 35 recipients of the FPA fellow award from an industry of about 14,000 planners.

“I guess it means I’ve survived a few storms over my time in the industry,” he said.

He was particularly proud that the success of his fee-based practice, which has funds under advice of $200 million, had also contributed to the award.

“We were one of the first fee-based industry practices to start up years ago, and since then we’ve grown a really strong practice, targeted at a limited number of high-net-worth individuals.

“A lot of planners say they cater for high-net-worth individuals, but we’ve really done it.”