Consumers need access to scaled advice in effort to improve financial literacy, the Financial Planning Association (FPA) said.
FPA chief executive Mark Rantall said financial services consumers are losing confidence in the industry as the global financial crisis persists because they fail to see the value of financial advice.
"We think there is a real need to be able to provide scaled advice for consumers," Rantall told InvestorDaily.
"That's a way that consumers can get one-off pieces of advice in a cost-effective and understandable manner. Having said that, it probably should be part of an overall plan.
"This is the number one question that needs to be answered so that is what we are looking for in any regulatory guidance," he said.
As part of its role to improve financial literacy, the FPA plans to try to engage consumers more in ways that they understand.
"We're seeking, through financial planning week (20-26 August) to debunk some of the myths, unbundle some of the concepts, put things into plain English and create a consumer website that people can come in to and learn about finance and also just to put their toe in the water in getting some simple advice," Rantall said.
He explained this will help consumers understand what a financial planner does and experience what it might involve.
The FPA is also developing professional guidance and standards to provide scaled advice that meets professional obligations.
