In a member communication on Wednesday, the AIOFP said it had formed a strategic alliance with Tax and Super Australia (TSA), the association formerly known as Taxpayers Australia, which represents tax and super professionals.
The association said the new alliance would provide “wide-ranging benefits for members of both entities”, including the ability for AIOFP members to join TSA subsidiary TAI Practitioners and Advisers, a recognised tax agent association that is TPB compliant.
This would ensure AIOFP members do not need to be members of the FPA or AFA to retain their TPB registration, which would provide “a significant saving for members”, the association said.
“Other key benefits include the creation of a strong network of independent professionals enabling introductions and business opportunities between members through AIOFP’s highly successful conferences and TSA’s discussion groups and other events,” AIOFP executive director Peter Johnston said.
“The convergence of tax, super, accounting and the financial services sector strongly suggests a relationship of this kind will benefit all stakeholders.”
Mr Johnston added that the close working relationship between the two bodies would also help to facilitate referrals, joint ventures or purchase opportunities between advice and accounting practices within the associations’ memberships.
“There is a very compelling mutual benefit – accountants want to protect their client base from outside influence by establishing a relationship with an adviser, and advisers want new client referral sources,” he said.
Great work.
Keep up the great work Peter.
Good comment Peter
I’ve seen the AIOFP do more for the financial planning industry in the last 18 months then the FPA has done in the 20 years I was a member. It just shows how conflicted the FPA is and how being a puppet of large super funds, banks and insto’s resulted in a lack of representation. This conflict ultimately placed us in a position of such over regulation, where ordinary Australians cannot afford advice. FPA + CBA = FASEA. Well done AIOFP keep standing up for Financial Planners and ultimately all Aussies.
Why is AIOFP spending time and effort on TPB registration issues for financial advisers? Surely all of their focus in relation to the TPB should be to remove financial advisers from its control altogether??
The TPB is one of many unnecessary layers of regulation for financial advisers, which creates unnecessary cost and complexity for consumers.
I sort of enjoyed the two full days I went back and forth with the TPB to get my registration through. Perhaps I need three degrees ?
“This would ensure AIOFP members do not need to be members of the FPA or AFA to retain their TPB registration, which would provide “a significant saving for members”, the association said.”
This isn’t true surely ? I’m not a member of FPA of AFA and I have TPB Registration?
yes, me too…..
The majority of FPA Members are handcuffed to the FPA as they meet TPB based on industry experience. and don’t meet the education requirements. Many members I speak to tell me there only members of the FPA due to TPB requirements and or CFP brand. Personally a large risk and so I went and did the required Education spending $1,500 on some course and left the FPA. Unfortunately not all have the time to do that.
It depends on your quals. If you can be registered directly with the TPB you don’t need to belong to an industry body. If not, you have to be a member of an industry body.