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Financial planner consolidate their lead as the preferred source of financial advice to Australian

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F i n a n c i a l P l a n n i n g A s s o c i a t i o n OF AUSTRALIA LIMITED ACN 054 174 453



Financial Planners were considered to be the preferred source of advice by almost one in every three Australians who would seek personal financial guidance, according to the latest market research conducted by Roy Morgan for the Financial Planning Association of Australia (FPA).

“More and more Australians are recognising that Financial Planners can provide advice on a wide range of personal financial matters including investing, superannuation, budgeting, savings, retirement planning and tax,” says Mr Michael McKenna, FPA chief . executive officer.

“Financial Planners, particularly Certified Financial Planner practitioners, are able to provide Australians with balanced, personal financial advice that meets their specific life goals”

Over 30 per cent of respondents in the survey indicated they would approach a financial planner/adviser for financial guidance. This represents a substantial increase during the period June 1997 to February 1999 from 27.1 per cent to 30.5 percent.

During the same period the percentage of respondents nominating accountants as a source of advice has decreased from 28 per cent to 24.5 per cent. Managers of banks, credit unions and building societies has also decreased from 28 per cent to 22.1 per cent.

An even larger proportion of people said that they had actually approached a financial planner/adviser when they needed advice. Over 38 per cent of respondents indicated a financial planner/adviser was their main source of information. The next most popular

choice was accountants at 29.7 per cent, followed by family at 24.6 per cent and manager of a bank, credit union or building society 22.3 per cent.

These trends were consistent across most categories of age, sex, education, occupation, income and whether the respondent lived in the city or the country.

Awareness of superannuation as a key financial planning service had increased from 16.9 per cent to 22.9 per cent, indicating increasing consumer interest in this issue.


“The survey results are excellent news for Australians, who can gain access to high quality professional financial planning advice by calling the FPA,” said Mr McKenna.

The FPA is the professional body for the financial planning industry in Australia, with over 10,000 members. All practitioner members must be licensed, experienced and qualified to provide financial advice. They are required to adhere to a stringent Code of Ethics and Rules of Professional Conducts as well as undertaking compulsory continuing

education each year to keep up to date on new policies, legislation and products.

Certified Financial Planner (CFP) is the highest international standard in financial planning, and the FPA promotes CFP to the investing public. By 2003 all practitioner members of the FPA must hold the CFP designation.

By calling the freecall number, 1800 626 393 consumers will be sent free copies of the booklets “Don’t Kiss Your Money Goodbye”, “Understanding Risk to Achieve your Financial Goals” and an FPA member directory for their state.


Media Contacts;

Sue Coffey, Public Affairs Manager Margaret Sullivan, Public Affairs, Sydney 0413 757 206 02 9224 0846

The Financial Planning Association of Australia Limited

The Financial Planning Association of Australia (FPA) is tine professional association for financial planning in Australia, with around I0:000 members on a national basis, and Offices in each capital city.

The FPA is a non- profit organisation whose vision is to ensure Australians have access to professional financial advice, which enhances their financial wellbeing. The FPA promotes improved quality of financial advice, and high standards of ethical and professional behaviour among its members.

fPA members manage the affairs of 3.7 millien Australians with an investment value of over SI 18 billion and active annual investments of $36 billion.