As one of the highest-profile financial planning licensees in the country, Commonwealth Financial Planning (CFPL) more than most acts as a proxy in the public mind for the entire financial planning industry.
Commonwealth Bank executive general manager of advice Hugh Humphrey says the organisation is acutely aware of the scrutiny the financial planning industry is under.
He says the volume of work CBA has done to address its own past failings may not be immediately obvious to outsiders, but it will show its value over time.
“The industry is in a large part going to be defined by how well CommBank responds to all the issues of the past,” Humphrey says.
“And I do feel like it’s incumbent on us to drive it harder than anyone else would. It’s going to be a long time before people appreciate the nature of the changes that we’ve made in the business, but we’re confident about what we’ve done.
“Everyone is energised about getting there.”