Time to Reward and Recognise Professional Behaviour

SYDNEY - Jan. 30, 2014 - PRLog -- The financial advice industry must recognise and reward its best advisers running professional sustainable businesses, in order to ensure a viable profession into the future, said Suncorp Life Head of Dealerships Simon Harris.

Mr Harris said it was unfortunate a small share of rogue advisers had been the focus of industry attention.  These advisers are the exception, and not the rule, and don’t deserve all the headlines.

“We need to turn this out-dated paradigm on its head and recognise the many business-owners that run professional growth-focused practices,” he said.

“The Government’s amendments to the FOFA reforms have been released for public consultation, and the future of commission structures remains uncertain. Despite the uncertain regulatory environment, many industrious businesses in our profession are thriving in these trying conditions and delivering exceptional service to clients.

“Consequence management has been used as a stick in the past, but it’s about time we rewarded advisers who run their business based on professional conduct and sustainable business practices”.

“In order to drive a positive message to consumers about the value of advice, we need to highlight good news stories more regularly.

The key attributes shared by sustainable advice businesses were:

·         Membership to professional associations

·         Professional education and development beyond mandatory requirements for advisers

·         Building sustainable revenue streams, including the use of hybrid & level commission structures for Life Insurance

·         Leveraging compliance as a business enabler rather than a chore

·         Commitment to providing positive financial outcomes and advice to more Australians.

Guardian and Suncorp Financial Planning has set its sights on recognising its advisers whose businesses are built on providing professional sustainable advice, and rewarding those behaviours with incentives including:

Lower professional insurance premiums
Recognition by their industry peers and colleagues
An accreditation certifying their professionalism and commitment to sustainable quality advice