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Financial Planning Association accepts first salaried advisor firm
Mercer has become the first salaried advisor firm to be accepted as a Financial Planning Association (FPA) Professional Practice. The membership comes after Mercer announced the appointment of its six financial advice officers and 40 Strategic Financial Advisors as accredited Professional Practices of the Financial Planning Association FPA.
The FPA is Australia’s peak professional body for financial planners and is designed to recognise financial planning practices of the higher calibre. A rigorous screening process is in place to ensure financial planning practices qualify for FPA membership.
Mercer’s Financial Advice Leader for the Pacific market, Michelle Smith, said she was pleased Mercer had qualified.
“We’ve been accepted by the FPA due to our level of highly qualified advisors, our remuneration structure and the fact that our advisors are all members of a professional body.”
Ms Smith went on to say that Mercer was committed to raising the industry standard. “Sixty-five per cent of Mercer’s advisers are Certified Financial Planners (CFPs) compared to the 45% industry certification level and 95% of our advisors have a University degree,” she said.
FPA CEO Mark Rantall said the FPA Professional Practice program reinforced the need for high-quality financial advice in Australia.
“With only two in five Australian seeking financial advice, we are working hard to address this gap by increasing consumer trust in financial planning. Consumers don’t know where to turn for advice they can rely on. If they look for an FPA Professional Practice, this is a perfect place to start,” he said.