The Financial Planning Association (FPA) has launched its national advertising campaign promoting its members. 

The campaign has been developed by Sydney advertising agency Banjo and compares the qualifications and experience of financial planners with doctors, lawyers, pharmacists and pilots.

It will have the tagline “Not all financial planners are the same – always look for a member of the FPA”.

The advertisements will appear in free-to-air metropolitan and regional TV, mainstream and regional newspapers and online during September and October.

FPA CEO Mark Rantall says about 45,000 authorised representatives are licensed to provide financial product advice. Out of this figure, approximately 16,000 are financial advisers.

“Of these financial planners, only half of them are FPA members and approximately 2000 are members of professional accounting bodies,” he said.

“This means there are 5000 to 7000 financial advisers – more than a third – providing financial advice to consumers without a requirement to comply with the additional standards of ethics, conduct and education.”

Mr Rantall says the advertising campaign will help consumers find a financial adviser they can trust.

“Now, more than ever, it is critically important to have a qualified professional manage your finances and the FPA brand represents a mark of trust for consumers,” he said. 

“This is far from an empty promise when you consider that in 2010, of the 112 investigations undertaken and 20 individuals banned by the Australian Securities and Investments Commission, not a single one of these [involved] FPA members.”