BT Financial Group Chief Executive Brad Cooper today called for a radical overhaul of consumer access to information on Australia’s financial planners.
“We think all Australians should have access to as much information as possible to help them make informed choices about the quality of financial planners across the country,” Mr Cooper said.
“We believe there are a range of factors that determine whether a financial adviser is right for them. Education is critical but assessed in isolation does not provide a full picture of the quality and suitability of an adviser.
“For some time we have advocated that access to meaningful information on financial planners will help improve the transparency that Australians deserve. We have long supported the creation of a public register that would encompass the education, years of experience, employment history and areas of expertise and annual certification results for every financial planner in Australia.
“Most importantly we would like to see a customer rating for all advisers that would be widely accessible by all Australians.
“A common industry standard covering advice audits is also required to support the register.
“It was especially pleasing to see the Government’s initiative to establish a working group to examine the creation of such a register.”
Mr Cooper said he was pleased to see other industry participants supporting elements of this agenda.
“To be effective, our aim is to have a collective effort from across the industry for this initiative.”
Media release (PDF 354KB)
Information current as at 18 July 2014. BT Financial Group - A Division of Westpac Banking Corporation. This document provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such. This information does not constitute financial advice. It has been prepared without taking account of your objectives, financial situation or needs. Because of this, before acting on this information, you should consider its appropriateness having regard to your objectives, financial situation and needs. Information in this blog that has been provided by third parties has not been independently verified and BT Financial Group is not in any way responsible for such information.