Sarah Abood

The United Association Roadshow, hosted by the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA), will take place in May and June 2023, following the successful vote on the merger of the two associations.

This will be the first major event run under the new associations’ brand of ‘Financial Advice Association of Australia’, which will take effect from 3 April 2023.

The official theme for the united roadshow is ‘Policy, Practice, People – A united pathway for members’.

The United Associations Roadshow will travel to 10 cities across Australia: Hobart on 5 May, Newcastle on 11 May, Sydney on 15 May, Brisbane on 16 May, Melbourne on 18 May, Bendigo on 19 May, Adelaide on 23 May, Perth on 25 May, Canberra on 31 May and Townsville on 2 June.

The event will be an opportunity to hear from the FPA CEO Sarah Abood and Chair David Sharpe, and AFA CEO Phil Anderson, on upcoming changes following the merger, as well as the policy and advocacy activities taking place.

Ms Abood says that this roadshow will be a great opportunity for members of both organisations to enjoy a full day of quality CPD content as well as plenty of opportunities to network with fellow practitioners and colleagues over lunch and post-event drinks.

“We are looking forward to being able to meet and chat with members of the AFA and FPA, share updates on policy and advocacy efforts, as well as the progress on the implementation of the merger.

“The events are designed to keep members up to date with current trends and industry knowledge.

“Most of all it’s a great opportunity for peer-to-peer learning and acquiring new ideas and best practices,” says Abood.

During each event, attendees will hear from keynote speaker Mark ‘Squiz’ Squirrell OAM who has served with the Australian Special Forces as well as working across the globe as an International Aid Worker, including escorting food convoys through the Gaza Strip.

“Mark has a story-telling ability that will capture the audience and links into the themes of leadership, resilience, communication, trust and problem solving under pressure, providing practical tips for financial advisers,” says Abood.

Members who attend the roadshow and the CPD workshops focused on Regulation, Ethics and Client Care will earn up to an estimated 5 CPD hours.

Early bird tickets for the roadshow are now available online. Enter the discount code EARLY23 at registration to access early bird prices.

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David Sharpe

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 consultation phase – the Merger Summary, and the proposed Constitution of the merged association.

Eligible voting members will be able to vote either in person, during the live stream, or via appointing a proxy at any time until 48 hours before the commencement of their EGM.

Members can submit questions about the proposed merger of the FPA and AFA, which will be addressed during the respective EGMs. These questions can be asked either in person at the EGM, or in advance of the meeting via the portal.

David Sharpe, chair of the FPA, said the EGM offers eligible voting members an historic opportunity to vote for a united voice for the profession.  

“A merger of the FPA and AFA will provide our profession with a stronger policy and advocacy voice to government as well as a stronger voice on the value of financial advice for consumers.  

“We encourage all members to take part in the vote and ensure their voices are heard,” he said.

Members have also been notified of the proposed name for the merged association. The full legal name will be the Financial Advice Association of Australia Limited. The Association will generally be known as the “Financial Advice Association” or “FAA” for short. 

This follows a consultation period where members of the FPA and AFA provided their feedback on what was important to them in a name.  

Sam Perera, president of the AFA, said there was a high level of engagement by members, with over 500 responses received.

“During the member consultation process, we received strong and consistent feedback that the name for the merged association should be simple, reflect professionalism, honour the heritage of both organisations, and promote unity. It should also make clear the role the organisation will play in supporting financial advisers and planners.

“The new name represents the coming together of the profession of financial advice in Australia, now and in the future,” he said.

The proposed merger of the FPA and AFA will take place if 75 per cent of the votes cast by eligible voting members are in favour of the merger.

Additional background:

https://fpa.com.au/afa-fpa-merger/
https://www.afa.asn.au/a-united-voice-for-the-profession

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David Sharpe

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 proposed merger.  We want to ensure the voices of as many members as possible are heard during this process.

“We have had some very valuable conversations with members so far, and we hope that everyone who has a view on the merger has taken the opportunity to provide it,” Mr Sharpe said.

Sam Perera, president of the AFA, said there have been a couple of key areas of focus during the consultation period, including culture and a new name.

“Community and culture are critical issues for the members of both the AFA and FPA.  We have already established a committee to make recommendations on how to retain the best of both associations.

“As well, members are very interested in the selection of a new name, and we have received lots of feedback that we need a name that is practical, forward-looking, descriptive and professional,” Mr Perera said.

Following the end of the member consultation period, the final merger summary document and the new constitution, as well as the proposed new name of a merged association, will be sent to members of both associations on 6 February 2023.

This will also include details of the Extraordinary General Meetings for both associations, at which the vote will be held. Both EGMs are scheduled for Tuesday 28 February, and will be held at different times at the same Sydney CBD venue.

Members will be able to attend and vote in-person or digitally. They can also vote early by giving their proxy.

If the vote is in favour of the merger, then the new association is expected to legally commence in early April.  A new name and new constitution will be finalised, and the transitional board will start.

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In the next stage of consultation, drafts of key documents will be sent to all members in early December.

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 to all members in early December. An extended consultation period will follow, with members providing feedback on the drafts. 

Final versions of the documents will be issued to members and voting will open in early February 2023, closing in late February at separate Extraordinary General Meetings (EGMs) of the AFA and FPA. 

Both EGMs will be hybrid events, held at different times, to maximise members’ opportunity to attend. For the proposal to succeed, 75 per cent of members who vote will need to vote in favour. 

Mr Anderson said: “The AFA and FPA strongly believe there are substantial benefits to members from a merger, providing a united voice for financial planners and advisers.” 

Ms Abood said: “We are determined that a merged association would honour the heritage of both the FPA and AFA. This is clearly important to members of both associations, in particular recognising the AFA’s proud 76-year history as well as the FPA’s background of providing the globally recognised Certified Financial Planner (CFP) designation.” 

AFA members are also invited to attend the FPA Congress on 23-24 November in Sydney, at the FPA member price (registration details have been sent to AFA members via email). Both FPA and AFA directors will be attending, and there will be opportunities to engage with leadership, to participate in the high quality congress sessions and to network with colleagues, while the FPA celebrates its 30^th birthday. 

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Dante De Gori

In the aftermath of the recent bushfire disaster, financial planners across the country have come together to offer the Financial Planning Bushfire Pro Bono Program to help those impacted by the bushfires to rebuild financially.

The program – open and ready from today – is a joint initiative from the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) and is a collaborative response from the financial planning profession to support communities affected by the bushfires.

Eligibility criteria includes:

1. you or an immediate family have been seriously injured
2. your immediate family member has died
3. your principal place of residence has been destroyed or seriously damaged; or
4. you operate a small business which has suffered serious damage to its premises, plant and/or equipment.

Impacted Australians who are eligible for assistance will be matched with a financial planner. The amount of assistance provided under this program will be decided by the financial planner based on your needs and their capacity to provide pro bono support.

Typically, the types of financial advice would include:

• Accessing Centrelink payments and other government benefits
• Considering claims on any of your existing assets or personal insurance
• Debt management
• Accessing superannuation (and/or accessing insurances within superannuation)
• Options for your existing investments and superannuation
• Replacing lost income
• Rebuilding financially and getting your future plans back on track
• Estate planning

Dante De Gori CFP^®, Chief Executive Officer of the FPA, said: “We expect those affected will face significant financial pressures requiring the support and expertise of a financial planner.

“To address this, we put a call out to financial planners to volunteer their professional expertise and time in the aftermath of the bushfires in early January and have been overwhelmed with the response we received from our members across Australia. Many of these planners live and work in the bushfire affected areas and are deeply concerned about the wellbeing of their communities.”

He further added, “The Financial Planning Bushfire Pro Bono Program is all about offering guidance to help individuals affected by the disaster to consider their options and recover financially from these traumatic events.”

Echoing his views, AFA’s Chief Executive Officer, Philip Kewin, said: “People impacted by fire are having to make financial decisions at an extremely emotional time, and for many, these decisions can be much less intimidating with the right guidance and support.

“Financial advisers are in a unique position to lend their support to these families and small business owners alike. Particularly during the stressful process of filing insurance claims, having to navigate digital self-service platforms can be overwhelming. Advisers offer an invaluable human touch and can provide tailored support appropriate to individuals’ circumstances.

“This no-cost service will help those in need to work out how they’ll manage the immediate impact of the fires on their finances, and plan for their future,” Mr. Kewin added.

People who have been directly affected by the 2019-20 bushfires should call 1800 560 685 or visit the website to apply for assistance under the Financial Planning Bushfire Pro Bono Program.

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