News

Members of the Financial Planning Association of Australia (FPA) and Association of Financial Advisers (AFA) will vote on a proposed merger of the two associations at Extraordinary General Meetings (EGMs) for each association to be held on Tuesday 28 February 2023. The AFA EGM will be held at 11am AEDT and the FPA EGM will be held at 2pm, both in Sydney, and will be accessible by live stream for those members unable to attend in person. Members have received the Notice of Meeting as well as the final copies of documents that have been reviewed by members during the

The SMSF Association has joined forces with the Financial Planning Association (FPA) to launch an express pathway for the valued SMSF Specialist Advisor (SSA®) designation. The pathway applies to FPA members holding the Certified Financial Planner (CFP®) designation, who will be exempt from completing the nine standard education modules. Instead, they will receive comprehensive learning materials and have access to optional virtual drop-in sessions after enrolling in the program, as well as being able to sit the on-line SSA exam at a time that suits their schedule. They will also receive a 50 per cent discount on the enrolment fee,

The Future2 Foundation has awarded $149,000 to 15 not-for-profit organisations in its 2022 funding round, bringing the total of grants awarded to programs supporting young people to more than $1.6 million since 2007. Future2 supports programs that assist young Australians aged 12-25 years experiencing social, financial or physical hardship. This could include living in poverty, homelessness, at risk of juvenile justice, intellectually or physically disabled, socially isolated or fighting substance abuse. Members of the Financial Planning Association nominate causes around Australia that are close to their heart for receipt of a grant, and each state is judged by local committees.

The member consultation period on a proposed merger between the Financial Planning Association of Australia (FPA) and Association of Financial Advisers (AFA) is due to close on 31 January, with members encouraged to provide their feedback before then. Members of both associations have been asked for their views on two key documents – a merger summary which includes draft resolutions, and a draft constitution that would form the new constitution of the merged entity. David Sharpe, chair of the FPA, says the next stage will be to incorporate member feedback, and finalise the draft documents. “Member feedback is essential to

The Financial Planning Association has welcomed Michelle Levy’s handing down of the final report of the Quality of Advice Review to the Government, and eagerly awaits its findings by the Financial Services Minister, Stephen Jones. FPA CEO, Sarah Abood, said it is crucial the Minister moves quickly to reduce the regulatory burden that financial planners are under, which has seen significant cost added to the profession over the past 10 years. “The Review is a critical opportunity to reduce the cost of providing advice in Australia and improve the ability of Australians to get access to high quality professional financial

The Financial Planning Association of Australia (FPA) says yesterday’s decision by the Australian Taxation Office (ATO) to update its guidance on the tax deductibility of financial advice fees is very welcome. The ATO’s move comes after two years of advocacy and engagement by the FPA, in conjunction with Tangelo Advice Consulting. FPA CEO, Sarah Abood, says the ATO’s consultation process could be a gamechanger. “The FPA has long been advocating for broad tax deductibility of both initial and ongoing financial advice fees. One of the quickest and easiest ways to make quality financial advice more affordable for consumers, would be

The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have entered the second round of consultation with members on the proposed merger of the two associations. The FPA and the AFA agreed in principle in September 2022 to explore a merger between the two associations, with a goal of creating a united voice for the financial advice profession. Recently, members have been invited to complete a survey to help guide the development of a new name for the proposed merged association.  And this week, members have also received a merger summary document and a draft

In its latest submission to the Australian Law Reform Commission’s (ALRC) Review of the Legislative Framework for Corporations and Financial Services Regulation, the Financial Planning Association of Australia (FPA) has suggested financial advice regulations are prioritised for transitioning to the ALRC’s proposed structure of the legal requirements based on thematic rulebooks. The ALRC package of proposals aims to improve navigability of the law and remove duplication under a new legal hierarchy of: Principles-based legislation Scoping order – consolidated exclusions and exemptions; and Thematic rulebooks. FPA Chief Executive Officer, Sarah Abood, says: “The proposal is in line with FPA’s long-held position

The Financial Planning Association of Australian (FPA) has wrapped up its first in-person Professionals Congress in three years, with over 1,200 delegates attending the two day event in Sydney last week (22 and 23 November). Under the theme, ‘Reunite, Reset’, the FPA Professionals Congress hosted a range of sessions designed to help members better understand the issues facing the profession as well as provide practical tools and information enabling them to work more closely with clients and understand their changing needs.  It also celebrated the FPA’s 30th anniversary. Sarah Abood, CEO of the FPA, said the most common feedback from

The Financial Planning Association of Australia (FPA) has announced the winners of the 2022 FPA Awards and the Gwen Fletcher Memorial Award at the FPA Professionals Congress in Sydney. Now in its tenth year, the FPA Awards recognise individuals and businesses across Australia who deliver the highest standard of professional and trusted advice to consumers. The awards also acknowledge outstanding university students who represent the future of the financial planning profession. The winner of the FPA CERTIFIED FINANCIAL PLANNER® Professional of the Year Award is Andy Reynolds CFP® of EFS Advice. The award acknowledges Andy’s commitment to the profession, and