News

Laws around financial product advice are the wrong way around and should change to focus on what consumers want rather than what financial planners need to do, says Michelle Levy, chair of the Quality of Advice review. During a Q&A session at the FPA Professionals Congress with CEO of the FPA, Sarah Abood, Ms Levy said that the regulation of financial advice is one of the most complained about areas she has come across. “It is clear that the law is too inflexible and we need to make it easier to apply.  Current regulation focuses on disclosure, the processes that

Ever-increasing longevity means that financial planning is more important than ever before, but planners need to take into account a new range of factors when working with their clients, said Professor Andrew Scott during his keynote address at the FPA Professionals Congress on Wednesday 23 November 2022. His session, RETHINK: The 100 year life, looked at the latest research on longevity, the broader economic, financial and social implications, and what it means for financial advice. “There is a major shift in human existence underway and we need to find ways to adapt to it – if we don’t, people will

The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have provided an update to members on the merger proposal, with the vote timing confirmed to be in late February 2023. Since the proposal was announced in September, consultations have been taking place around Australia, with FPA CEO Sarah Abood and chair David Sharpe, and AFA CEO Phil Anderson and National President Sam Perera, meeting with FPA and AFA members responding to questions and feedback. In the next stage of consultation, drafts of key documents including the proposed information memorandum, resolutions, and constitution will be sent

The Financial Planning Association of Australia (FPA) has re-elected William Johns CFP® to its Board and welcomed Angela Martyn CFP® and Jade Khao CFP® as new Board members. All three positions are for a term of three years and will start at the Annual General Meeting on 22 November 2022. The three appointments follow the expiry of the terms for Board members Alison Henderson CFP®, David Sharpe CFP® and William Johns CFP® in November 2022. Mr Sharpe has been appointed by the Board as an additional director and continues as FPA Chair. Ms Henderson has served two terms on the

The Financial Planning Association of Australia (FPA) welcomes tonight’s federal budget, in particular measures to improve access to housing. FPA CEO Sarah Abood said: “Home ownership is one of the cornerstones of retirement planning and one of the best lead indicators of a comfortable retirement.  Measures such as the National Housing Accord, the Regional First Home Buyer Scheme, and steps to target homelessness and improve crisis housing, as well as reducing the age for people to make downsizer contributions to their superannuation (as previously announced), should support more security in retirement for Australians. “We also welcome initiatives such as cheaper

The Financial Planning Association of Australia (FPA) has announced the finalists of the 2022 FPA Awards, which spans across four professional categories. Now in its 10th year, the FPA Awards recognise individuals and businesses across Australia who deliver the highest standard of professional and trusted advice to Australian consumers. The awards also highlight the outstanding university students who are the future of the financial planning industry. The finalists in the 2022 FPA Awards for each professional category are:   FPA CERTIFIED FINANCIAL PLANNER® Professional of the Year Award – finalists Paul Benson CFP® – Guidance Financial Services (VIC) Naomi Mee-Martino

The Financial Planning Association of Australia (FPA) has called on the Federal Government to broaden its proposed Compensation Scheme of Last Resort (CSLR) as well as extend the freeze on the ASIC levy for another year, in the upcoming Federal Budget. In its pre-budget submission, the FPA has also called for all financial advice to have tax-deductible status; and for the Australian Taxation Office and Centrelink to improve their online access arrangements to ensure financial planners are able to act on behalf of their clients. Sarah Abood, CEO of the FPA, says the CSLR and ASIC levy are two issues

The Financial Planning Association of Australia (FPA) will join the Financial Planning Standard Board (FPSB) and its global network of financial planning professional bodies to host the sixth annual World Financial Planning Day (WFPD) on Wednesday, 5 October, to promote global consumer financial literacy and resilience. WFPD occurs during Financial Planning week, which runs from 3-9 October 2022. FPSB CEO, Noel Maye, said “This World Financial Planning Day, we want the public to know how financial planning can help them feel more confident and in control of their finances, keep them on track with goals, and live their today while

Australians with an active relationship with a financial planner are not only financially better off than unadvised Australians – they also have a better quality of life, according to new research from the Financial Planning Association of Australia (FPA). The study, conducted by research consultancy MYMAVINS, moves beyond the financial benefits of advice with the launch of the FPA’s inaugural Value of Advice (VoA) index. The VoA compares perceptions of unadvised and advised Australians, measuring their quality of life, financial confidence and satisfaction. In the future it will provide a year-on-year comparison as to how Australians value financial advice. The

The 22nd Financial Planning Week will take place in Australia from 3 – 9 October 2022, and the Financial Planning Association of Australia (FPA) has commissioned research to highlight the difference in quality of life between advised and unadvised Australians. The research, being undertaken by MYMAVINS, will be launched during Financial Planning Week and will look at the quality of life, financial confidence, and financial satisfaction of those who receive financial advice and those who don’t. Financial Planning Week will also coincide with the seventh annual World Financial Planning Day on 5 October, hosted by the global Financial Planning Standards