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Members should be aware that clients will be contacted directly if they hold investments in funds that did not meet the superannuation performance test benchmarks. We encourage you to check the detailed APRA results, which include Trustee Directed Products for the first time, to ensure the investment continues to be in the best interest of your client. By 28 September 2023, fund members in failing products will directly receive a prescribed notice from their fund setting out the fact that their fund/option has failed and encouraging them to consider moving.   The key outcomes of this year’s results include:  1 of

The Financial Advice Association Australia (FAAA) has launched its inaugural FAAA Awards program, encouraging nominations to recognise members who deliver the highest standards of professional and trusted advice to Australian consumers, as well as those who are going above and beyond to support their local communities.    FAAA chief executive officer Sarah Abood said: “Now more than ever, we want to shine a light on the positive, life-changing advice that financial advisers give to their clients.    “These awards are a fantastic opportunity to share great stories about the value of financial advice. By supporting the FAAA Awards, you can help us celebrate commitment,

We are very saddened by the loss last Friday of Dugald Mitchell OAM at the age of 89. Dugald was a former President of the AFA, an AFA life member and the 2018 Michael Murphy Award winner. Dugald was the President of the AFA in 1987 and 1988, however he was also a long term contributor to the AFA, having played an important role as a member of the National Education Committee and the Policy Advisory Committee. Dugald was a key player in the lobbying over FSR and CLERP 6, and helped drive advocacy campaigns with local members. Dugald was

The Future2 Foundation is now accepting applications for the 2023 Make the Difference! Grants process, open from 1 August to 10 September 2023. In a nod to the activity of the former Association of Financial Advisers (AFA) Foundation, Future2 has broadened its eligibility criteria for community grants, supporting programs for Australians of any age, not just for those between 12-25 years. Furthermore, Future2 has expanded its scope to be the foundation of the financial services profession, encouraging all financial services professionals to nominate a community cause for funding. From 1 August 2023, all financial services professionals are encouraged to nominate

The Financial Advice Association Australia (FAAA) has appointed Ben Rutherford to lead its marketing and communications team. Mr Rutherford has over 19 years of marketing experience in the entertainment, media, and financial services sectors across the business-to-business (B2B) and business-to-consumer (B2C) segments. He has also worked with hospitality and entertainment companies such as EVT (including Event Cinemas and Moonlight Cinema) and Southern Cross Austereo. In addition to developing and executing the launches of new brands and services into competitive marketplaces, Ben recently delivered an award-winning company rebrand and extensive website relaunch. Mr Rutherford will be responsible for FAAA marketing and

The Financial Advice Association Australia (FAAA) Congress in Adelaide from 20 to 22 November will be its first as a unified professional body. Under the theme, ‘Grow together’, the congress will host a range of sessions designed to inform and update financial planners on the issues facing the profession as well as provide practical tools and information enabling them to work more closely with clients and their changing needs, particularly in the post-pandemic environment. Early bird registrations have opened, priced at $1,150 for members and $1,850 for non-members. Members are encouraged to register for early-bird pricing, which closes on 1

The Financial Advice Association Australia (FAAA) has already achieved over 8,700 membership renewals, with more to come, says FAAA chief executive officer Sarah Abood. “The end of the financial year is the first big milestone for membership. This year it was the critical date for windup of the AFA, and many of our members prefer to pay in the previous financial year in any case, for tax reasons. “By 30 June 2023, over 8,700 members, including over 80 per cent of eligible practitioner members, had renewed across both organisations. “That such a large percentage of advisers have transferred or renewed

Late on Wednesday 28 June 2023, ASIC released its estimate of the levies that will apply for the 2022/23 financial year. This comes after the Minister, Stephen Jones, confirmed that the ASIC funding levy freeze, which has been in place for the past two financial years, will not be continued. Ms Abood, CEO of the FAAA, said “The levy freeze for the past two financial years was achieved as a result of strong advocacy on the need for fairness and equity in the way the levy is calculated. This resulted in substantial savings for the financial advice profession in the

The Financial Advice Association Australia (FAAA) notes the passage of The Treasury Laws Amendment (Financial Services Compensation Scheme of Last Resort) Bill 2023 and associated bills (CSLR) through both houses, and continues to have some reservations about the effectiveness of the scheme. “An effective CSLR will promote trust in financial advice among consumers – by ensuring that if retail consumers have lost money due to poor advice, there is a compensation mechanism available. However the legislation has not changed substantially from previous drafts, and many of the concerns we expressed previously remain,” says FAAA CEO Sarah Abood. “A major source

  The Financial Advice Association Australia (FAAA) has presented Kristine Pham of Lipman Burgon and Partners with the Gwen Fletcher Memorial Award for semester one of 2023. Named after the late ‘First Lady of Financial Planning’, the award recognises the highest performing student in the CFP Certification Unit (CFP C) for each semester, with demonstrable dedication to providing high-quality financial advice. Ms Pham is a financial adviser at Lipman Burgon and Partners, based in Sydney.  She joined the firm in 2021 and has seven years experience in financial planning. She completed a Bachelor’s Degree in Commerce at the University of New South