In a bid to raise the standard of professionalism and advice in the financial planning industry, the industry’s peak association has released a tool kit covering relationships with clients, terms of engagement, fee disclosure and the establishment of risk management systems. It also includes information for licensees’ on supervising and monitoring representatives.

The Financial Planning Association (FPA) says the initiative is part of the group’s Professional Partner Program – an initiative introduced earlier this year following a damning the Australian Securities and Investments Commission and the Australian Consumers Association report into industry practices.

FPA’s Acting CEO June Smith is encouraging members to ‘embrace these business tools in their business and day-to-day dealings to counter some of these perceptions’ and says the tool kit is part of the Association’s bid to ease its members into the new environment that will be created by the Financial Services Reform Act. 

She said the two significant benefits for members were “the implementation of cost-effective systems and processes to meet their legal obligations in providing quality financial planning advice” and “increased consumer confidence”.