Right now the media and other industry talking heads are claiming that we’re all professionals, that financial planning has become a profession.
ASIC and FASEA have imposed new administrative, ethical and education standards on financial advisers but this isn’t what happens in the recognised professions. Can you imagine the Hippocratic Oath including a statement “I promise to do the minimum required by law”?
Professional standards aren’t dragged into line with community expectations by law-makers. The recognised professions are the experts. They set the standards. The public gets this which is why they hold the professions in such high regard.
Although being part of a recognised profession doesn’t come for free, it does bring significant benefits …
- Immediate recognition of expertise – you are standing head and shoulders above the pack because you are holding yourself to a higher standard than the rest of industry.
- Immediate trust – because you hold yourself to a higher standard (rather than begrudgingly accept standards forced on you by legislators) you are immediately more worthy of trust.
- Less risk – one of the risks of being in a white collar business is the risk of liability arising from the advice you provide … professional standards legislation caps legal liability.
- Lower costs – the knock-on effect of caps on legal liability are greater availability of professional indemnity insurance and lower premiums for recognised professionals.
… to name a few.
So what is the cost of becoming a professional? What is the price that one must pay in order to become recognised as truly different?
Join us for an in-depth view of what standards you are committing to when you ‘take the oath’ to join the ranks of recognised professionals. Part one in this series starts next week …