The association formerly known as the Association of Independently Owned Financial Planners (AIOFP) has removed ‘planner’ from its title to set its advisers aside from the rest of the pack. So what’s wrong with calling yourself a financial planner?
According to AIOFP chairman Peter Daly, the association has replaced the word ‘planner’ with the word ‘professional’ in order to differentiate the AIOFP from the general planning market.
“Our members are highly qualified and experienced individuals, who run successful independent financial planning businesses. We want to demonstrate we provide more than just planning advice,” he said.
“In addition, it is also very confusing for consumers to initially know whether they are dealing with an institution or an independent adviser in the market. We are content for the institutions to have the term ‘planner’ and we will embrace the word ‘professional’. It provides consumers a clear choice.”
The name change was ratified at the AIOFP’s recent conference in Adelaide, after a unanimous vote, said Daly.
“The AIOFP is now in its fifteenth year as an association, and during this time there have been many ups and downs for the industry. It was time we took higher ground as a profession and this move is just the first step in our own internal measures,” he said.
“We see the independently-owned sector having greater scope for increased services to the community. As such, we want to show users of financial advice that we see our members in the AIOFP as the pinnacle of the professional financial services market.”
Should you scrap the term ‘planner’?