Past, Present and Future: The Role of the Tertiary Sector in Supporting the Development of the Financial Planning Profession

Journal of Business Ethics and Education, Forthcoming

Posted: 19 Jun 2012  

Mark Brimble

Griffith University - School of Accounting, Banking and Finance - Nathan and Logan Campuses; Centre for Financial Independence and Education

Brian Murphy

Griffith University

Date Written: June 19, 2012

Abstract

The importance of financial advice for individuals is difficult to refute, however the degree to which the financial planning industry has been able to provide this to date is in debate. As a result, the industry, which is still in its infancy, has been subject to rapid growth, various controversies and regulatory intervention. The Global Financial Crisis (GFC) has contributed to the pace of this change with increased client, regulatory and self scrutiny as a result of the heightened dissatisfaction with advice outcomes. The coalescence of these factors has led to significant internal and external changes within the industry, resulting in the apparent commitment to becoming a profession. This paper will examine the implication of this agenda for tertiary education in relation to the role it could play to support the development of the financial planning profession. The paper achieves this by reviewing the background to the financial planning industry and the move towards professionalism; discussing current developments in the industry; establishing the role of tertiary education and assessing the role that tertiary education has played in supporting the financial planning sector. We argue that tertiary education has a critical role to play, however it is yet to achieve this. This study will be useful for those in both the managerial and operational/academic elements of tertiary education in terms of providing considered avenues for engagement in this discipline. Indeed, if the paper provokes debate and discussion in tertiary education around the nation then we would consider our task complete.

Keywords: financial planning, profession

Suggested Citation

Brimble, Mark and Murphy, Brian, Past, Present and Future: The Role of the Tertiary Sector in Supporting the Development of the Financial Planning Profession (June 19, 2012). Journal of Business Ethics and Education, Forthcoming . Available at SSRN: https://ssrn.com/abstract=2087249

Mark Brimble (Contact Author)

Griffith University - School of Accounting, Banking and Finance - Nathan and Logan Campuses ( email )

University Drive
Logan, Queensland 4131
Australia
(07) 373 55311 (Phone)

Centre for Financial Independence and Education ( email )

Brisbane, Queensland 4111
Australia

Brian Murphy

Griffith University ( email )

170 Kessels Road
Nathan, Queensland QLD 4111
Australia

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