Clients come first: FPA
Thursday, 20 November 2008 11:30am
The Financial Planning Association of Australia has unveiled a new code of ethics that endeavours to place clients first in every aspect of a financial planning business.
Jo-Anne Bloch, chief executive of the FPA, launched the new code at this morning's opening of the FPA 2008 National Conference in the Gold Coast.
"We have… committed to streamline all of our nine codes, rules, principles into one Code of Professional Practice.
"It will be one reference point to our members, one reference point for the community, so that everyone understands just what the bar is for FPA members, and what we actually undertake to do as members," said Bloch.
The new code was introduced in a bid to improve the image of the financial planning industry while developing the relationships between planners and their clients.
New research conducted by CoreData brandmanagement indicate that financial planners service an average of 382 clients, but only see 40 per cent of them regularly.
Bloch stressed that today's turbulent market environment has made the financial planning industry more important than ever - and that it was past time planners engaged their member base fully in a bid to allay investor fears and aid them with their financial matters.
"This is going to be a big area to focus on going in the next year and beyond, because of a range of issues including the need to engage clients in difficult times… and the fact that if you're earning an ongoing income stream, your client expects you to provide a service."
Bloch also outlined another key issue - climate change - which has been swept under the mat due to the market fallout.
"Most financial advisers don't see climate change on the radar, but when the dust settles, there's another tsunami [climate change] on the way.
Climate change is an issue that won't go away as easily, said Bloch, and financial advisers should pay more attention to the sector as governments, clients, and industry groups turn their eyes on the long term effects of escalating global warming.
Ruth Liew
