New Financial Planning Association (FPA) CEO Mark Rantall says it’s too early to consider applying the fee-for-service model to risk insurance.

Mr Rantall, who has been Dean of the National Australia Bank’s Advice Academy since 2008, was named last week as the association’s choice to replace Jo-Anne Bloch, who resigned in February.

Acting CEO Deen Sanders will remain with the FPA in his former role as Deputy CEO and Head of Professionalism.

Mr Rantall is a former MD of NAB financial planning subsidiary Godfrey Pembroke. He will take up the FPA job in July, and says he’s looking forward to assisting the sector through an unprecedented period of change.

With more than 25 years in the financial planning sector, he brings a wealth of relevant experience to the role as the FPA gears up to move to its new fee-for-service policy for financial advice by 2012.

He says his outlook on insurance is in line with the FPA policy excluding risk insurance from its ban on commissions.

“I think insurance is a different product and I don’t know that we are ready to make that move [from commissions to fees] just yet,” he told insuranceNEWS.com.au. “I don’t see that the Government is looking to push that agenda.”

During his time as MD of Godfrey Pembroke Mr Rantall managed the company’s transition to a fee-for-service model in 2006.

“In terms of moving to fees, I think it is a matter of managing that process so that both clients and financial planners can have a smooth transition,” he told insuranceNEWS.com.au.

“It is not as onerous as most people think, but it does require you to look at your value proposition and how you charge for your services. So certainly there is some change, but it is change that is easily managed.”

He says another priority in his new job will be improving the professionalism and reputation of the financial planning sector, which has been harmed by high-profile corporate collapses such as former FPA member Storm Financial.