On Thursday, the industry body confirmed that vice president Sam Perera will step into the position effective immediately.
Meanwhile, treasurer Matthew Hawkins will also resign after a seven-year stint on the board.
“I would like to offer my heartfelt thanks to Mike and Matt, who have been long-serving members of the AFA board,” Mr Perera said.
“Mike has served for nine years, three of those as president, and Matt for seven years, a year as treasurer.”
Mr Perera paid tribute to Mr Nowak’s efforts as AFA president on the back of royal commission reforms and the impacts from the COVID-19 pandemic.
“As vice president, I had a unique insight into how the passion and absolute commitment Mike has for the AFA translated into a huge workload as president on top of his family and business commitments,” he said.
“The AFA board fully supports Mike’s decision to share the load and allow somebody else to take on the presidential responsibilities.”
Michelle Veitch has been confirmed as the new vice president, while Samantha Robinson will move into the treasurer role.
AFA CEO Helen Morgan-Banda added: “Mike has been an inspirational leader for the AFA, and I want to thank him and Matt for supporting me and my team during a period of challenge and change.”
Mike is an absolute legend who lives and breathes financial planning, and is a top bloke to boot.
I know he has worked so very hard over the past 12 months to make changes for all of us. Time for him to relax and re-group. Big shoes to fill.
Well said “perplexed”, its why I dumped membership for AIOFP, they are the only ones with the guts to shake the tree.
The Liberal Party are a pathetic excuse for small business advocacy and support, it will hit them hard at the ballot box.
Libs cozy up to the banks to roll out robo-advice and bingo the banks get rewarded even after the tongue-lashing they received from the Royal Commission. Its rather ironic that misinformed senior Libs have disdain for our remuneration model as they detest the word ‘Commission’, how Royal is that?
Congratulations Sam Perera and the new office holders at the AFA. Both Mike & Matt have made significant contributions to the Association & the broader Industry and I wish them well.
Shuffling the deck chairs on the Titanic is the way I see it. Like the FPA, the AFA have struggled to have any real impact with legislation changes and like most of our Associations, if they don’t provide any real relevance to our industry, members will choose to abandon them and face the battles on their own or seek alternative representation. Hope this shake up provides greater leadership in a time Advisers need it the most.
How do you make the politicians listen if they don’t want to?
Mike is one of the good guys and gave it everything. Congrats to him, big shoes to fill for Sammy.