Activities of the Financial Planner

This assigned study describes the relevance of financial planning for clients as useful tools of financial services guide &amp. skills requirement, Client Financial Fitness Assessment and its use as a useful strategy. The role of three companies, like Colonial First State Investments Limited and Professional Investment Services Pty Ltd related to providing financial planning services have been sorted out in the assigned study.
The Financial planning in Australia begun in the years the 80s, as during those years there were no Financial Planners as they were not existing then. This occurred due to the fact that as there were no prerequisites for the clients within the Marketplace to enable them to get efficient financial advice. It was only a network of insurance that existed during that period under review. The Financial Planning Association of Australia (FPA) is the peak professional body for Australia’s financial planners, representing approximately 12,000 individuals and businesses (The Financial Planning Association of Australia (FPA). However, (Cowen, Blair, Taylor, 2006, p 4) reveals that “In the early 1980s, a leading Australian financial planning industry stalwart Gwen Fletcher visited the United States intent on pursuing discussions with the U.S. industry association, the International Association for Financial Planning (IAFP). These discussions related to the creation of either a new industry body for Australia or the establishment of an affiliated chapter of the IAFP. At a later meeting of dealers conducted by the Department of Corporate Affairs (the then-regulatory body issuing licenses to dealers of securities), the affiliation model was proposed but rejected. However, a new industry body consisting of an elite group of independent advisors was formed, the Association of Independent Professional Advisors (AIPA). It is important to note that this group excluded all banks and insurance companies from membership”.&nbsp.&nbsp.