A survey of mortgage brokers under 30 by the publication the Adviser has found a significant increase in the number of brokers wanting to become RG146 compliant.
The results from the survey found that 47 per cent of respondents now offer financial planning services, highlighting a 27 per cent increase from 2012. It also found that 13 per cent of young brokers who do not currently offer financial planning services wish to undertake the necessary qualifications in the next 12 months.
In light of the survey’s result Chief executive of the Financial Planning Association (FPA) Mark Rantall has said that although he welcomed new entrants into the market he reiterated that the proper qualifications were necessary. “It’s great to see new entrants coming from all walks of life, but what’s important is that people moving into financial planning aren’t viewing RG146 as the requisite for providing competent and holistic financial planning advice,” Rantall has said.
Rantall has also encouraged mortgage brokers interested in entering the market to become fully certified through the CFP process and warned of brokers using the title of financial adviser too flippantly prompting operators who provided scaled or minimal advice to refrain from calling themselves financial advisers. “There are a lot of people who call themselves investment advisers, financial advisers or financial planners right from the property sector to the mortgage broking sector to the full advice sector – which I think can be very confusing for consumers. “It’s important from a consumer’s perspective to know what they are getting – truth in labelling is important, the FPA Chief Executive reiterated.