Financial Planning Association
of Australia Limited
ABN 62 054 174 453
8th July 2009
Level 4, 75 Castlereagh Street
Sydney NSW 2000
GPO Box 4285
Sydney NSW 2001
Mike Ticher
Letters Editor
Sydney Morning Herald
letters@smh.com.au
Tel: 02 9220 4500
Fax: 02 9220 4580
Member Freecall: 1800 337 301
Consumer Freecall: 1800 626 393
Fax: 03 9627 5280
Dear Mike,
fpa@fpa.asn.au
www.fpa.asn.au
For the second time in a matter of weeks, Sydney Morning Herald journalist Stuart
Washington has written disparaging articles, one of them bordering on defamation, about
the Financial Planning industry.
The article on SMH.com.au today (8th July 2009), “The dirty secrets of financial planners”,
makes a number of ill-conceived and misleading generalisations about the financial
planning industry.
The article suggests the entire Financial Planning industry is plagued by five “dirty little
secrets” and that financial planners are dishonest and deceptive.
Mr Washington’s article fails to acknowledge that every other profession and industry which
recommends products – has targets to meet. If they didn’t no one would be in business.
The Herald’s own circulation department, and editors and the Board have targets to meet.
The implication that targets leads to poor advice and ‘churning’, poor products being
recommended, poor outcomes and poor professionalism is unsupported, and simply
unfounded.
His story today threatens to tarnish an entire profession based on accusations that an
industry is hiding something. The regulatory environment in which financial planners
operate is regarded as one of the toughest in the world, and one that is emulated in many
other jurisdictions.
While bad apples may exist in the financial planning profession, as they do in any other
industry and profession, the vast majority of financial planners are honest individuals who
offer valuable, tailored advice and full disclosure about products and fees.
The Financial Planning Association is working hard to raise the bar in the financial planning
profession, and articles like this discredit honest, hardworking financial planners who put
their clients first.
This is a significant setback for an industry working hard to improve its credibility and
dispel negative perceptions.
Regards,
Jo-Anne Bloch
Chief Executive Officer
Financial Planning Association of Australia Limited
New South Wales / ACT
GPO Box 4285
Sydney
NSW 2001
Ph: 02 9220 4500
Fax: 02 9220 4580
nsw@fpa.asn.au
Queensland
433 Logan Rd
Stones Corner
Qld 4120
Ph: 07 3394 8288
Fax: 07 3394 8289
qld@fpa.asn.au
NT / SA / Tas / WA
Suite 20, Carrington House
61-63 Carrington St
Adelaide SA 5000
Ph: 08 8237 0520
Fax: 08 8237 0582
sa@fpa.asn.au
Victoria
PO Box 109, Collins St West
Melbourne
Vic 8007
Ph: 03 9627 5200
Fax: 03 9627 5280
vic@fpa.asn.au