by Susan Edmunds
Bruce Cortesi said the lack of public awareness about the good that advisers did was one of the key issues that his organisation wanted to tackle in 2014.
Stories such as that of David Ross have dominated news about financial advice in 2013.
“We need to spend more time promoting the value that advisers give and bringing that into the public space. It’s not there, it’s very absent. The stories that are in the public space are not always the ones that we would want people to hear. The public doesn’t get to hear about the claims settled or the goals we’ve achieved for clients.”
It was important for the industry to work together, he said. “I feel we have an industry that is a bit disjointed, we have some players pulling in one direction and some in the other. When you have a tug of war, there’s no growth and it’s difficult to move forward.”
Advisers also needed to drop their perception of the FMA as a “big brother” organisation that should be avoided, he said. “There’s great value for the industry in engaging with the FMA.”
A key part of that would be to help advisers get back some of the efficiencies in their business that might have been lost with the advent of regulation, he said.
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