Firstly, a happy New Year to our No More Practice community. I hope you had a brilliant break. I must say, it was the first time in 18 years I have had a long break – which has been fantastic – reminding me of the joys of days without timetables, commitments and interrupted family time.
But it’s definitely time to get back to work. Our first editorial was scheduled to go out on February 7th. It will be full of detail on what subjects we will be focusing on for the year, and what projects we’ll be tackling to assist you and your clients.
However, when I read yesterday’s editorial by Aleks Vickovich of IFA magazine claiming the FPA has abandoned its members, I knew I had to respond. Perhaps I was encouraged by the millions of women who took to the streets in protest against the words and actions of someone influential, who threatens the perceived values, rights and contributions of women – but today is a day I have chosen to speak out.
It is not often that I use my voice in argument. I have worked in financial services for 23 years this year, both reporting on, and creating educational content for, the advice community.
With 26,000 people in our community, No More Practice talks often of the value of education. We spend our time working on creating high quality, interesting educational video content that is a stand away from traditional, static learning. We have always gone out of our way to share the learnings from educated, high quality financial services professionals.
It seems to me, that the scathing assessment of the FPA’s efforts to stand by their members feels a little too much like crying out for more of the status quo. Anyone who gets expelled for cheating on an exam deserves it. Quite frankly, if a medical student cheated on his exam to become a doctor, there would be public outrage. Why is cheating on an exam for CFP any different?
It is crucial for advisers to be as skilled, educated and professional as possible if they are to succeed in their mission to provide great advice for all Australians – advice that can change lives and long-term outcomes for hard working people.
The move by the FPA to send out a press release to its membership appears to be a deliberate move on the organisation’s part to say “this behaviour will not be tolerated”.
Gone are the days when we can stand by and say nothing when rules are broken, and shortcuts are taken. I believe that is a big part of the reason advisers have failed to give the right advice in the past.
It seems a big stretch to take it back to vertical integration again. You know what? We’ve heard it. And quite frankly, I find the focus that the large institutions put on education is of an incredibly high standard.
I know this, because No More Practice works closely with many of these groups. From my perspective, the focus put on making interesting, high quality and technical educational content is extremely strong.
The access the advisers of these groups have to tools, guidelines, educational materials and support is outstanding. Yes, they can afford it – but lucky for them! How about we focus on what’s good for the end investor regardless of the parent of the advisers?
Let’s focus on making advisers so good, so sharp and so educated that everyone receives the kind of advice that DOES make a material difference to their quality of life. This is a BIG and important job.
Finally, to say Mark Rantall has taken on a “cushy” insto job, is in my opinion, quite frankly offensive. Being the independent chairman for Total Financial Solutions, the largest Countplus member firm, whose largest single shareholder, Count Financial, is majority owned by the Commonwealth Bank of Australia, is significant. The years of his life which he has committed to making the financial advice industry better can never be ignored. Perhaps the author did not take into account the fact that a big four bank having someone as passionate and committed to doing what’s right for the consumer as an independent chairman of one of their member firms, is a VERY good thing.
But Mark is doing more than that. I was planning to announce next week, our new show, After Hours, hosted by Mark Rantall and myself. It is centred on getting to know some of the most interesting, accomplished and varied professionals in our industry. Their views, passions, concerns and focuses for making a better industry for the Australian public.
Mark has given his time for free, and has spent countless hours with us working to make sure that a variety of interesting voices be heard by the whole industry. The show will launch at the end of February, and you will be able to see why Mark Rantall needs to stay in the industry and continue lending his experience and talents to moving us forward.
This will be one of many announcements No More Practice will make this year to help drive the educational excellence of the advice industry forward – including material that can be used for end-clients as well. It’s why we also make our Nine Network TV show, The Investment Series every year, to help consumers understand the complexities and dynamics surrounding important parts of our industry – including the role of advice.
While I realise that everyone has the right to an opinion, I would also call to remind people that a bright future that sees more Australians receive quality financial advice, means better educated and more focussed industry professionals. This is something the FPA needs to police, militantly if necessary – for to have anything less is something Australians do not deserve.
The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice or its related entities. All content is intended for a professional financial adviser audience only and does not constitute financial advice. To view our full terms and conditions, click here.
