"Celebrity" Financial Advisor Sam Henderson (right) arrives at the Federal Court in Melbourne

This is the second instalment in a two-part series on the professionalisation of the financial planning industry. Read part one here.

For the financial planning industry, there is a simple choice around professionalism: either stop using the word, and give up pretence that the industry can ever be professional -- adopt some nomenclature that reflects quality, while avoiding the independence, expertise and focus on clients' interests that forms the core of professionalism -- or make hard decisions to properly professionalise. Those involve: