Lambert calls for breaking of CFP and FPA nexus

CountWealth Accountants’ managing director Barry Lambert has called for certified financial planners (CFPs) to separate themselves from theFinancial Planning Association(FPA) while confirming the group may rejoin the industry association.

The comments were made at theResnikTax Strategies Conference in Sydney last week with Lambert stating the financial services industry has no chance of making headway while the CFP was tied to the FPA.

Lambert says the FPA cannot take a real stand on issues facing the industry because it is essentially a trade association, sponsored by groups which are often part of the problem.

“I can understand why the FPA can’t speak up, but the elite, professional body in the industry should be able to,” he says.

“CFPs should speak out on issues like aggressive tax schemes and misleading loans. These issues go on and the FPA won’t speak to them because they are their members. An elite group should be able to say these things are a rip-off.”

Lambert also says CFPs as a group should have spoken out on the findings of the ACA/ASICreport .

“I suggest the ACA/ASIC report had little to do with measuring good advice and more to do with presentation and sales skills. It was loaded to gain maximum publicity.”

Lambert says the FPA could become the over-arching industry association, under which the CFP mark would exist.

“The FPA is the overriding industry body but under that should be CFPs, dealer groups and other industry participants. These various groups could unite to lobby as a group on issues like FSRA,” he says.

Lambert has confirmed toMoney Managementthat Count will rejoin the FPA after more than five years away, if the FPA makes changes which recognise CPA qualifications.

Lambert says Count has had several discussions with the FPA and the ball is now in its court.