The FAAA Masterclass Series has been designed by financial planners for financial planners to offer high quality professional development to support planners in building a sustainable business and deliver good and affordable advice for the benefit of their clients. This year we are offering two series of Masterclass.
The 2023 FAAA Masterclass Series 1 is now available on demand and covers the following in depth:
- Tax financial advice
- Aged Care
- Ethics and professionalism
The new FAAA Masterclass – The Business of Advice is now available to purchase and takes a deep dive into:
- Building a client-centred practice
- Building an ethical practice
- Building a sustainable practice
Format
- 15 virtual sessions across three streams presented from September 2023 to November 2023
- Each session is 1 hours.
- Watch live or on-demand – your choice!
- Masterclass available on-demand for 12 months afterwards for flexible learning.
Price
Register for the full package or purchase individual streams that suit your professional learning needs.
Full series package (15 sessions across 3 streams)
CFP Member – $199
FAAA member – $229
Non-member – $499
Price per individual stream
CFP Member – $89
FAAA member – $99
Non-member – $299
| Understanding what makes your client tick | This session draws upon leading research in psychology, neuroscience and behavioural finance to explore three critical ‘pillars’ of a client centric approach; communication, core values and beliefs and managing investment risk. We introduce you to four ‘financial personalities’, each one with its own unique set of attitudes, beliefs and behaviours to help you deliver a tailored advice experience. We outline the preferred communication style of each and the three primary communication channels (visual, auditory, kinaesthetic) for communicating with greater clarity and impact. Next, we discuss the important role of client values and beliefs, and how they inform both your portfolio construction and establish the foundation for a deeper and more resilient client relationship. And we explore the importance of understanding your client’s ‘risk appetite’ as one component in creating a risk appropriate portfolio, and ‘risk tolerance’ for managing your client’s emotions when markets are volatile. And finally, we explore the emerging role of behavioural finance and how biases undermine your client’s ability to make rational investment decisions. We unpack the top cognitive and emotional biases that can dramatically skew your client’s decision-making and how to mitigate their impact. |
| Tuesday 5 September 2023, 12pm-1pm AEST |
| StorySelling | Making the unknown known, by using the familiar. Highly persuasive financial professionals often engage clients by translating Wall Street jargon into Main Street values, using metaphors, analogies, anecdotes, and illustrations. This communication style may allow them to better serve their clients’ financial needs – and sell more effectively in the process. |
| Tuesday 12 September 2023, 12pm-1pm AEST |
| Priceless | How to better communicate your value to your clients, using research-based language. Invesco Global Consulting conducts ongoing research into the language used in financial services, with the goal of helping advisers have better conversations with clients. We conducted a 6-month language study on what investors think. What do they value and how should their advisers respond? Do they want low costs or high value? A financial plan or financial planning? Are they happy with their review meetings or dissatisfied? The study included advisor interviews, investor dial-sessions and a survey of over 1,000 investors. The research uncovered new “cries” from investors and resonating responses from advisors when defending, defining, and delivering value. |
| Tuesday 19 September 2023, 12pm-1pm AEST |
| The Referral Code | We have found that financial professionals often recognize that lawyers and accountants have clients that they would like to have themselves. However, cracking the code on how to build a strategic partnership that leads to a steady flow of referrals can be difficult and frustrating. “The Referral Code” is the culmination of years of research on how top financial professionals have succeeded at this process as well as our own field level experience coaching financial professionals on this topic. |
| Tuesday 26 September 2023, 12pm-1pm AEST |
| The Golden Hour | It’s not the clients you win, it’s the clients you keep. Losing a top client is never a pleasant experience. Worse still, research shows that 72.7% of advisers lose one top client per year. This makes everyone run harder just to maintain present production levels, and it hamstrings organic growth. However, research shows it does not have to be this way and that it is surprisingly simple and easy to maintain top clients—the very clients that form the foundations of the viability of advisers’ businesses. In fact, by breaking one bad habit and making another, advisers can easily maintain client relationships for their careers. |
| Tuesday 3 October 2023, 12pm-1pm AEDT |
| The ethics of advice documents | Join Cheyenne Walker, Managing Director of Australia Independent Compliance Solutions, as she dives into the significance of thorough file documentation at all stages of the financial advice process. Learn how comprehensive record-keeping enhances client relationships, ensures regulatory compliance, and guarantees practice efficiency. We will also explore the ethical considerations surrounding file documentation, ensuring client confidentiality, and maintaining professional integrity. Gain practical insights and best practice tips to streamline your documentation process while adhering to the highest ethical standards. |
| Thursday 14 September 2023, 12pm-1pm AEST |
| The ethical approach to CPD | In this session, Phil Osborne CFP® shares the best approaches for maximizing your ongoing learning in ethics. Learn how your duties relating to Continuing Professional Development (CPD) are not mere compliance checklist but rather a moral imperative. Explore practical strategies to integrate ethics seamlessly into your CPD journey and enhance your professional competence while maintaining the highest ethical standards. Don’t miss this opportunity to take your profession practice to new heights through responsible continuous learning! |
| Thursday 21 September 2023, 12pm-1pm AEST |
| Ethical dilemmas | Join Michael Miller CFP®, James Cotis CFP® and Claire Mackay CFP® as they unpack a series of ethical scenarios from actual cases & real-life dilemmas submitted by FAAA members. Explore complex themes, including the delicate balance between professional and personal relationships, and your professional duties to multiple counterparties. Witness how these experts navigate through challenging situations while upholding the highest ethical standards. Gain invaluable insights and practical strategies to confront ethical quandaries in your own practice. Don’t miss this interactive session to enhance your ethical decision-making skills and elevate your ethical practice to new heights. |
| Thursday 28 September 2023, 12pm-1pm AEST |
| The ethics of conflicts – case studies and Q&A | As a continuation of A guide to navigating conflicts in 2023 Masterclass Series 1, we delve into the complex world of conflicts in financial planning, exploring ethical principles guiding their resolution. Join Phillip Davies, Deputy Chair of the FAAA Conduct Review Commission, as he unravels in-depth case studies and illustrates real-life scenarios, shedding light on the challenges faced by financial advice practitioners. Join us for a thought-provoking and interactive session to gain practical tools for your practice and learn how to apply effective conflict management principles with integrity and professionalism in your practice. |
| Thursday 5 October 2023, 12pm-1pm AEDT |
| Developing an ethical philosophy for your practice | Join two seasoned leaders as they share their journey crafting an ethical philosophy for a financial advice business. Discover practical steps to integrate ethics, unlock trust, and navigate challenges with finesse. Witness the tangible benefits that arise from embracing an ethical approach. Don’t miss this opportunity to revolutionize your financial practice for a brighter and more responsible future! |
| Wednesday 11 October 2023, 1:30pm-2:30pm AEDT |
| Resilient Advice Business Strategies for 2024 | The most successful advice firms in the future will be those who are able to balance working in their business, with working on their business; and taking advantage of the tremendous opportunities today while continually evolving for tomorrow. Great in theory, but with all of the complex issues facing advisers, it can be a challenge to know where to focus your time for the best ROI. In this interactive workshop, learn about business strategies that have proven to result in greater success for advice firms, as measured in both EBIT and owner satisfaction. |
| Tuesday 10 October 2023, 1pm-2pm AEDT |
| Effective pricing models | Despite the fact that fee for advice has been the norm for many years, pricing remains one of the most challenging elements of running a successful advice firm. Join Elixir Consulting as they share the key highlights from the sixth edition of their Adviser Pricing Models Research Report. In addition to learning how much your peers are charging for a variety of client case studies, you’ll also discover the qualitative elements of a sustainable pricing model. Structure, timing, variables, underlying charge-out rates … you’ll discover what’s working for other firms, and pick up a host of ideas to help refine the right model for your clients and your firm. |
| Tuesday 17 October 2023, 1pm-2pm AEDT |
| How to attract and retain your dream team in a competitive market | Resilient advice firms recognise that their staff are not only their biggest cost in the business, they are also their biggest asset and pose their biggest risk. Just as your Client Value Proposition (CVP) defines what your clients will pay you for, your Employee Value Proposition (EVP) is what will attract and retain quality people. In the midst of a global skills shortage, applying a conscious focus to invest in your biggest asset and build your EVP is imperative. In this session, we’ll explore a host of successful strategies to help you build your firm’s EVP, then create your recruitment plan to find and inspire the best talent to join your team. Once you’ve found them, you’ll then need a plan to induct them, reward them, and keep them inspired and satisfied for the long-term, as you build your business together. You’ll discover a host of tips in this insightful session, to help you at every stage of building your dream team. |
| Tuesday 24 October 2023, 1pm-2pm AEDT |
| The Secret Sauce of high-performing back-office teams in advice | One of the biggest challenges in every advice firm is how to get their ‘engine room’ operating at maximum efficiency. With the increased administrative burden hindering productivity and increasing the cost of advice, Elixir Consulting conducted the first research into Advice Support in 2023. In this session, we’ll explore how successful advice firms have broken through their efficiency barriers, reduced the cost of advice, and increased the quality and quantity of services each adviser can deliver. Leverage the collective wisdom of leading firms and discover what combinations of techniques and practices will contribute to operational improvements and heightened productivity. |
| Tuesday 31 October 2023, 1pm-2pm AEDT |
| Implementing practice policies for vulnerable clients | In this Masterclass, we cover how we can implement policies that can assist those suffering financial and economic abuse. In the past, advisers may have been able to ‘walk away’ from these tricky situations, but we do a deep dive here on what are our obligations and what does AFCA expect? We look at how to recognise the signs and what we need to include in our practice policies to combat economic abuse. Most advisers ‘just want to help people’ and recognising and responding correctly for vulnerable clients means we can do just that. |
| Thursday 9 November 2023, 1pm-2pm AEDT |
Speakers
Robert Kimberley
Jacquelyn Mann
David Peake
Phil Osbourne CFP®
Michael Miller CFP®
James Cotis CFP®
Claire Mackay CFP®
Sue Viskovic
Graham Burnard
Lana Clark
Phillip Davies
Amanda Cassar
The 2023 FAAA Masterclass Series 1 is now available on demand.
Aged Care
| Aged care landscape and living options | Aged care is undergoing a transformation, largely driven by the Baby Boomer’s demand for quality. Innovations are seeing aged care being delivered in different forms and creating new opportunities. This session will focus on how financial planners can support clients with planning for their future needs, including: · Separating decisions on where to live and how to access care · Accommodation decisions: advice implications for granny flats, joint ownership (parent & child), retirement communities and residential care · Care decisions: navigating the differences with out-of-hospital-care, transitional care, Commonwealth Home Support Program, Home Care Packages and NDIS · The future of dementia care · Creating support within the community · The role of the financial planner and what advice covers |
| Available On Demand |
| Home Care Packages Program | In the 2021-22 Federal Budget, the Government announced it would spend $7.5bn on home care as part of the 5 pillars over 5 years aged care reform plan. 80,000 additional home care packages will be released, support for informal and family carers will increase and there will be more pricing transparency through My Aged Care. Considering the expected growth of home care, in this webinar we will look at the structure of home care, the process to receive a home care package and strategies to fund aged care services at home. By the end of the webinar, attendees will be able to: · Understand the structure of subsidised home care in Australia · Explain the process to apply for and receive a home care package · Understand the funding available from a home care package · Implement strategies to fund aged care services at home |
| Available On Demand |
| Giving Advice to clients | This is a technical strategy session, focussing on key advice strategies for funding residential aged care. These strategies include: · Borrowing and equity release · Managing the former home · Impacts for clients with structures e.g., family trusts, private companies, and farms · Strategies for higher net wealth clients. |
| Available On Demand |
| Mistakes we see advisers make | This session shares our experiences in working with financial planners. We analyse and explore some of the common mistakes we see, and outline steps that advisers can take to minimise falling into the same traps. Common mistakes to be explored include: · When couples both need to move into residential care · Implications faced by low means clients · Changes in protected person status · Decisions made after a person moves into residential care. · Other cases we have seen. |
| Available On Demand |
Tax Financial Advice
| International Tax Toolkit | This session will address international tax knowledge and will emphasise the importance across a broad range of advice issues including residency of individuals and super funds, CGT, treatment of income streams and the impact of DTAs. |
| Available On Demand |
| Tax technicalities and practicalities | This session will help participants to understand the important differences between business structures and how they each provide tax opportunities, but also how they also present potential pitfalls advisers need to be wary of. |
| Available On Demand |
| Tax and small business CGT concessions | Given the large number of small businesses in Australia and the growing number of advisers running their own business, this session will outline the complexities of the various concessions including what’s available, who qualifies for them, exemptions, how discounts are applied, file notes, lodgements, and elections. |
| Available On Demand |
| There’s nothing more sure than death and taxes | With proper planning, tax on death can be significantly minimised, yet, in many circumstances it simply can’t be avoided. This session will outline the plethora of issues advisers should be aware of and how at death, accountants and advisers working together provides great comfort to clients. |
| Available On Demand |
Ethics & Professionalism
| Ethical Leadership – how to model ethical behaviour | As professionals, financial advisers and planners are often called to take the lead in their practice and profession as a whole. In this session, we will introduce the ethical responsibilities that arise from leadership and learn how we can all take responsibility for creating a culture that supports ethical conduct, with practical tips to assist with this. Join Rhett Das, Managing Director of Integrity Compliance, as he delves into the complexity of ethical decision-making, the difference between ‘business ethics’ and ‘professional ethics,’ and extrinsic motivations for ethical conduct. Explore the psychology of wrongdoing and the impact of environmental factors on ethical decision-making, through a variety of case studies and examples. |
| Available On Demand |
| Professional Judgement 101 | ‘Professional judgement’ is a core skill that is exercised every day by practices and their planners, but what exactly defines ethical practice? Join Robert Kimberley, Head of Professional Standards at the FAAA, as he dives deep into the relationship between professionalism and judgement, and shares how we can make ethically informed decisions in our professional practices. |
| Available On Demand |
| An ethical lens on AFCA decisions | This session will delve into the role of the Australian Financial Complaints Authority (AFCA) and explore the importance of applying an ethical lens to their decisions. Join Thomas Cavanagh, Special Counsel at Wotton + Kearney, as he discusses AFCA determinations and case studies, and which Code standards are applicable in different situations, in areas such as life insurance, risk, and retirement savings. |
| Available On Demand |
| A guide to navigating conflicts | Encountering conflicts of interest or duty is an expected experience within financial advice, but appropriate management is a critical part of ethical practice. This session, we will define the concept of conflict and explore its two types – manageable and unmanageable conflicts that should be avoided, as applied against Standard 3 of the Code of Ethics. Join Phil Davies, as he discusses ways to identify and differentiate between the two types, examines the consequences of not managing conflicts effectively, and provides various management strategies for effective ethical practice. |
| Available On Demand |