Advisers FoFA’d out

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Hundreds of advisers gathered this week to network, collaborate face-to-face, and to discuss any issues or concerns they may have.

At the FPA inaugural congress, FPA CEO Mark Rantall said that there were a number of recurring concerns, such as grandfathering, fee disclosure statements and the allowance of scaled advice under best interest duty.

However, Rantall says that advisers will probably start focusing on these reforms less and less.

“Many financial planners are probably FoFA’d out and they’re looking at what’s next,” he says. “And what’s next is really focusing back on the client.”

Rantall says that the congress aimed to do precisely that, bringing together clients and advisers to tell their stories. Planners will also continue to focus on professionalism, where the profession is going, and the importance of certification, according to Rantall.

“That’s the way that planners will get the professional recognition they deserve by the general public, and that’s something that financial planners have been wishing for, for a long time.”

Watch Rantall’s full interview here, and stay tuned for his follow up interview, regarding the Financial Planning Standards Board panel.