Association: Why we scrapped the term ‘planner’

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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.” 

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Should you scrap the term ‘planner’?

  • John on 13/11/2012 9:42:00 AM

    if it looks like a duck, and sounds like a duck....

  • Brian on 13/11/2012 9:47:36 AM

    You are confusing the client even more, an adviser is the lowest qualification, followed by planner, then CFP, then Masters in Financial planning. Professional is a generic term that will confuse many clients. You don't see other professions calling themselves "profession" e.g. a Doctor professional, or Accountant professional or Lawyer professional

  • Michael on 13/11/2012 12:12:39 PM

    With the increasing focus on non-planning issues, particularly the responsibilities of SMSF trustees, there is a need for far more than simply advice on what might be invested in. Having a professional adviser who can discuss different investment options and any related issues has got to be a better position.
    Especially if they are paid by the client and not the source of the investments.

  • david m on 13/11/2012 1:01:46 PM

    What a load of rubbish. I think this is all about having access to a white label with dealer fees. Nothing more, nothing less.

  • Raj on 26/11/2012 9:52:27 AM

    Agree with Brian Post, that is definitely more confusing. The idea should be to lift the bar and take the "Finanical Planner" term to a level where consumers have confidence in them and repect them like a proessional. Looks like deterring from the aim.

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