The FPA and AIOFP have released details of the remuneration of their most senior officials, following calls from financial advisers to embrace greater transparency.
ifa can exclusively reveal that FPA chief executive Dante De Gori has a package of $335,000 and a potential bonus of 25 per cent for the financial year ending 30 June 2017.
FPA chair Neil Kendall confirmed the detail, explaining that Mr De Gori’s salary is reviewed and approved each year by the association’s remuneration and governance committee, on which two practitioner members sit.
ifa can also reveal that AIOFP executive director Peter Johnston has a salary package of $165,000 including GST. Mr Johnston is not an employee of the association but an independent contractor, which he says has additional benefits for members such as not burdening them with superannuation contributions.
Meanwhile, the AFA declined to provide specific details of individual CEO salary, with boss Philip Kewin telling ifa that the board of the association has opted not to provide this information publicly as a matter of policy in the past and that, were that policy to change, it would be announced in the form of an annual report to members.
The most recent AFA annual report indicates total staff expenses of $2.2 million across 13 individual staff members, up from $1.7 million in 2015.
The revelations come as an ifa straw poll with more than 450 responses found that 94.7 per cent of advisers believe professional associations should disclose their salaries.
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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