Planners should be benchmarked to market

financial-planning/federal-government/

21 October 2016
| By Malavika |
image
image
expand image

The Federal Government's move to establish an independent standards body as part of its legislation to mandate professional standards for financial advisers should go further and set benchmarks on how financial planners should perform.

Such was the opinion of Wizard Home Loans co-founder and Echofied founder, Paul Ryan, who said it was necessary to track how the market was performing and cross check that benchmark to how individual planners had performed.

"You can have all the qualifications in the world, but it doesn't necessarily mean an individual is competent in their day-to-day duties and how they perform for their clients," Ryan said.

Ryan added planners should exercise transparency with answering clients' questions that would allow clients to get to know them, how they communicated and the types of advice they provided.

"What is also very important is that the financial planners employed by the banks should have the same legislated requirements as the independent financial planners operating their own businesses," Ryan said.

"This isn't the case between mortgage brokers and bank managers."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 6 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 4 days ago

TOP PERFORMING FUNDS