Steve Gazzard, who was acting CEO before the merger with the CISI a year ago, said the perception of the public and youngsters looking at careers was important for the future of Financial Planning in the UK.
Financial Planning needs to become preferred as an alternative to accountancy and law among graduates, he said.
Mr Gazzard, director of S J Gazzard Consulting, has begun a series of talks giving his views on the path ahead for Financial Planning.
He spoke to hundreds of delegates at the PFS Symposium in Wales last week and will talk again on Wednesday in Edinburgh, before presenting at the last two of the events organised by the professional body. Nearly 2,500 are expected to attend the four days.
He said: “We are not a profession until consumers see us as one, and until students choose Financial Planning as preferred alternative to accountancy and law – we’re not there yet.”
He said: “Education is important in improving practice by consumers both young and old, but educating the young has a bonus for the profession recruitment.
“Advisers can play a vital part in helping schools delivery and accountability, as a parent, volunteer or governor. Our professional bodies can also impact the development of the curriculum if messages are coordinated.”
Mr Gazzard, who set up his own consultancy firm after leaving the IFP, said: “A key element of being seen as a profession is trust, and there are two measure that some of the major trust indices use: ‘Trusted to do what you say’ – Banks do fairly well, and ‘trusted to always act in the client’s best interests’ – i.e. a Fiduciary Standard.
“In order to operate to the higher fiduciary standard, we must disclose effectively the cost, scope, and restrictions of our proposition but we must also understand the conflicts of interest, for example, a firm where fees are based on percentage of AUM can be conflicted when having the decumulation conversation with clients.”
He cited the FAMR final report that suggested that post-RDR trust in advisers operating to a fiduciary standard had fallen from 2010 to 2014 and a PFS study in June showed perception of unadvised customers has remained static at 18% trusting the sector.
He said: “Clearly the professionalism messages will take time to reach all consumers, especially those currently not engaged with an adviser.”
Mr Gazzard will be speaking at the remaining three PFS Symposiums and delegates attending these can hear more of his views on the future of Financial Planning and professionalism there.