Research in Australia shows that people are turning to financial planners as their first choice for financial guidance.
The Financial Planning Association's (FPA) twice yearly survey shows that 31.3% of people would consider financial planners or advisers as their lead source of financial guidance if required, ahead of family (29.6%), accountants (20.7%), and managers at banks, building societies or credit unions (19.3%).
Since the survey started in 1997 financial planners and advisers have consistently increased their lead as the key intended source of financial guidance.
The number of people who consider accountants as their lead source of financial guidance has fallen 7.2% since the last survey in February. Likewise the number of people who consider banks, building societies and credit unions as their lead source of financial guidance has fallen 8.6 per cent.
FPA chief executive Ken Breakspear says financial planning is consolidating its position as the trusted provider of financial advice.
"Financial planners, who barely figured in the financial landscape a decade ago, are now the dominant force in the personal finance and investment sector."
While financial planning has been making big inroads into the market, the news about the awareness of the Certified Financial Planner (CFP) designation is mixed.
According to the survey 55.8% of people had heard of the term CFP, yet only 15% understood that the term meant "the most experienced financial planner - an expert."
The FPA has 12,500 members. Of those about 2500 are licenced to use the CFP designation.
In the past year the association spent more than $1.2 million promoting financial planning.
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