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.”
The Chairman would say that, wouldn’t he? I prefer to read the comments above and agree with all of them, but would add one more stipulation: the FAAA MUST engage a permanent political lobbyist, trolling the corridors of Parliament House every day!!!!
David Whiteley of ISA fame did exactly that for over five years and annoyed the hell out of his ideological enemies – the Coalition government.
Now, our ideological enemy is the industry superfunds and their undue influence on this government. We have to be hammering our adviser message out EVERY DAY in a proactive manner, not act as a bunch of reactive troglodytes. Good generals develop strategies based on enemy intelligence and get in early with appropriate resources.
That the Fed Gov has proposed a ‘qualified adviser’ title & function as part of the QAR recs is beyond comprehension and is a very significant example of how the Associations have little to no traction with the authorities. It is a spectacular fail. Once again, the parasitic product manufacturers hold the narrative, the dollars & the Gov’s attention. Despite the Associations rhetoric, nothing has changed. No fierce & persistent determination to right what is wrong. Just diplomatic & political niceties. The profession (I use that term loosely) is well on target to replicate the grime of the past. Congratulations.
FAAA, allow CFP advisers to retain their CFP qualification without mandating ongoing membership and then you’ll see how many advisers actually see value in your membership…
Your membership would drop by half overnight. This is the true feedback about how you’re doing.
A decade of lobbying for our profession and the only decent policy to come through was the lifting of education standards and you even let that get watered down.
I’m sick of being told the value is “in the wins behind closed doors” and “it would be worse with out us”.
How about get some actual tangible runs on the board you can point to as being definitely a result of us all giving you $1,000 every year.
FAAA new name, but still same FPA attitude. Members are sick and tired of being told that a win is the bad outcome could have been worse.
Yes it is an united voice, however it is an united voice that the politicians, bureaucrats, treasury, regulators, special interest groups, the media etc ignore. Just look at the rubbish that has been introduced to parliament from QAR. The FAAA had a seat at the table to give input and still the outcome is a negative for the FAAA members and all clients. I agree there is a lot of work to be done, but it would be fair to say what has the work over the past 12 months achieved anyway.
I see a lot of talk and zero action.
Can you not at least talk tough and call a spade a spade ?
As I see it, the QAR results to date and anticipated results into the future are nothing short of an unmitigated disgrace, both for the public and the profession.
Maybe I am missing something ?
No, you’re work is not over, it’s barely started and has not effected the change we need. Please be more vigilant and less “concerned”. Because playing nice has not worked at all and made it as bad as it’s ever been to provide advice in australia
We work in a profession that gets to see positive and meaningful change in the lives of our clients and the FAAA board (see below) is absolutely united and committed to serving and supporting our members and our profession.”
Blah! Blah! you’ve banging on like that (AFA and FPA) for years and the only thing that has changed is the continual ass kicking of advisors by ASIC and the Government has gotten worse; I mean Jesus, look at Jones and QAR who can’t sense the stich up, coming on that one?
Quite right. The associations do not know how to play the political game. Totally inept.