FPA commits to small dealer focus
TheFinancial Planning Association(FPA) has foreshadowed a greater focus on the needs of small dealer group after it announced a series of initiatives today aimed at supporting boutique dealers in the areas of licensing and compliance.
The initiatives, which will be put into place over the next 12 to 18 months, will involve the establishment of specialised forums for boutique members, allowing them to come together to discuss their business issues.
The FPA will also develop risk management tool for small dealers, as well as a compliance manual and a user tested financial services guide as part of the initiatives.
The new program will result in a dedicated staff member appointed within the FPA as a specialist advocate for small dealers.
According to the FPA, 75 per cent of its members fall into the small dealer category.
The chief executive of the FPA, Ken Breakspear, announced the moves today in a speech where he also committed the association to conducting a review of its code of ethics and a campaign to encourage members to disclose fees and commissions.
Breakspear said it is "intolerable" that there are instances of non-disclosure as clients had a "fundamental right to know what they are paying for".
The move comes in response to the results of the recent Australian Consumers' Association (ACA) andAustralian Securities and Investments Commission(ASIC) report into financial planning advice quality.
"We do mean business. We do have a code of ethics and we do have accountability," Breakspear said.
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