‘Work isn’t done by any stretch’: A year of the FAAA

On the first anniversary of the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) completing their merger to form the Financial Advice Association Australia (FAAA), the chair of the combined entity, David Sharpe, took to LinkedIn to reflect on the past year.

“Today marks the first anniversary of the FAAA, formed with the overwhelming support (and votes) of members of both heritage organisations,” Sharpe said.

The combined association has, he said, boasts 10,700 members, including nearly 9,000 practitioners. The FAAA also has almost 1,000 student members, with the association continuing to “focus on the now, but also the future of our profession as well”.

“We now have a unified credible voice speaking for the lion’s share of professional advisers in this country,” Sharpe said.

“Policy and advocacy has been busy with 34 submissions made in the last 12 months and we have [seen] some wins.”

Among these wins, he pointed to the reduction in the Australian Securities and Investments Commission (ASIC) levy, which was dropped by around $400 from the initial figure, though noted that it was still too high.

He also said that the recognition by the Australian Taxation Office (ATO) of broader deductibility of financial advice fees and the recognition of the advice profession with the Australian and New Zealand Standard Classification of Occupations (ANZSCO) were also positives for advice, adding that the first tranche of Quality of Advice Review (QAR) legislation represents a start to reducing the unnecessary burden on financial advisers.

“I acknowledge it’s early days and the work isn’t done by any stretch, but the signs of engagement from both sides of politics and regulators is heartening,” Sharpe said.

He added that the inaugural FAAA congress in Adelaide was a “smash”, with more than 1,300 delegates attending.

“Our communities have come together and created grassroots events and connections for members right across the country. A massive thank you to all community/chapter leaders right across the country,” Sharpe said.

“I should at this point acknowledge the herculean effort of Sarah Abood, Philip Anderson and the whole Financial Advice Association Australia team for making the above happen.

“To execute the merger in a matter of months which included massive updates to IT systems, policy changes, membership renewals and not to mention speaking directly to thousands of members around the country during roadshow. On behalf of the board (and members) a massive thank you.

“I’d also like to acknowledge the work of Sam Perera and my predecessor at FPA Marisa Broome CFP for their incredible contribution to the merger’s success.”

Looking to the future, Sharpe said the FAAA would release its new policy platform at its roadshow and the new strategic vision will be released at the congress in Brisbane in November.

“We continue to advocate fearlessly for our members, not the least of which is continued reduction of red tape with QAR (and beyond), the opposition to current CSLR implementation and importantly a focus on rebuilding numbers in financial advisers as this represents future staff members to support business growth, succession and the overall health of our profession,” he said.

“Yes, there will be challenges and frustrations, but so too is there much to be optimistic about. We work in a profession that gets to see positive and meaningful change in the lives of our clients and the FAAA board is absolutely united and committed to serving and supporting our members and our profession.”