"There is always a danger of focusing on one silver bullet as opposed to a holistic approach; there is a danger of becoming too singular in focus," BT Financial Group (BTFG) general manager advice Mark Spiers told InvestorDaily.
"It's not to say the code [of conduct] isn't important, it's critical; but we believe that it's 'pathways' to professionalism rather than 'a pathway'," he said.
Mr Spiers said he believes that the industry is on the cusp of a new paradigm but that the shift can only come about if the whole industry, not just planners, makes the change required to lift professional standards.
"Then there are some other opportunities. If we have lifted the standards in terms of those joining the industry and those in the industry, [and] we have a strong code that supports the standards and ethics, [then] we can be in a position to enshrine the term financial planner in legislation," Mr Spiers said.
"Then you can move to the consumer element of being trusted by having an open database accessible to consumers and all planners that can show their education, their standards and enrolment membership of the code and any complaints or litigious background," he said.
He explained that ultimately, a consumer should be able to search for a planner by postcode, click on the name and see their history, education and information, giving the ultimate level of professional transparency.
"[In future] the industry will have one voice. The demand for high-quality trusted financial advice is only going to increase so it's a tremendous opportunity and responsibility," Mr Spiers said.
