The three appointments follow the expiry of the term for Board member William John CFP®, as well as the resignation of Angela Martyn CFP® in September 2025.

FAAA Chair David Sharpe CFP® said: “The appointment of Glenn, Ben and Jade to the FAAA Board come at a crucial time in the evolution of the financial advice profession.

“Each board member brings important skills and experience which will add to the depth of knowledge on the FAAA Board, and will play an important role in guiding our strategic direction as we navigate a challenging regulatory landscape.”

“I would like to sincerely thank this year’s departing directors.

“Angela has worked tirelessly on the Board and as the Chair of the Policy and Regulations Committee to bring about the best outcomes for members. For her three-year term she has been absolutely dedicated to the cause, and even before she was a Director was a great contributor.  Her work has ensured the highest quality of governance to the Board and the organisation.

“During Will’s six years on the Board he has been a passionate advocate for members with an unwavering commitment to ensuring the FAAA is always doing the right thing. Will has supported many committees for education, policy and standards during his term, and has volunteered extra time to special projects.

“On a personal note, it has been a delight to have worked with Angela and Will on the Board and their insight will be missed. Thank you for the amazing effort for the FAAA.”

More on the Board members elected:

Glenn Calder CFP® has been the Joint CEO and Executive Director at Viridian for the past 10 years, a public company that grew under his leadership from 15 staff to more than 400 across three countries, serving 8,000 clients. He has been a practising financial adviser for more than 15 years, supported by postgraduate study including an MBA, CFP and AICD Graduate, as well as specialist designations such as SMSF accreditation and ASX Derivatives Level 1 and 2. Glenn is currently completing further postgraduate study at the University of Melbourne. Most recently he has supported the profession through education and advocacy. Glenn is passionate about the importance of financial planning and its role in improving client outcomes.

Jade Khao (Tan) CFP® has been a member of the FAAA since 2002 and in 2007 became a CERTIFIED FINANCIAL PLANNER® professional. She holds a Bachelor of Business (Finance and Information Technology) and is also a Life Risk Specialist®, SMSF Specialist Adviser® and graduate of the Australian Institute of Company Directors (MAICD). Prior to joining the FAAA Board in November 2022, Jade spent 6 years on the FAAA Sydney Chapter including 4 years of being Chapter Chair. She is also an FAAA Women in Wealth Champion, a panellist at the last FAAA Professionals Congress, an Ambassador for Zen Tea Lounge Foundation supporting domestic violence victims and regularly attends local universities and TAFEs on behalf of the FAAA. Jade was also the NSW Gen Next Chair for the AFA and is a member of the ASIC Regional Liaison Committee advocating for the financial advice profession. Jade chairs the Major Events Advisory Committee, and is a member of the Board Finance, Risk and Audit Committee and the Board Conduct and Integrity Committee.

Ben Marshan CFP® is the Managing Director of Marshan Consulting and a director of the Future2 Foundation. Prior to this Ben led FAAA and CALI advocacy and standards teams resulting in tangible regulatory improvements, easing compliance and elevating professional standards. He pioneered member-focused guidance on retirement income, advice innovation, and digital SOAs—tools members use daily. Ben is also the Chair of the FPSB Regulatory Engagement Group helping shape global standards influencing local practice. His ongoing consulting work provides real-time insights into member needs, ensuring they inform board decisions. Ben serves on numerous advisory boards for social and fintech ventures. Ben is a CERTIFIED FINANCIAL PLANNER® and Life Risk Specialist®, with a Master of Commerce (Financial Planning) and MBA.

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Ms O’Neill is the managing director and principal of Godfrey Group, a boutique recruitment firm specialising in the financial services sector. She has a strong background in business management, strategic leadership and client engagement.

Mr Slovinec has been a board member of Future2 Foundation since 2023. He has over two decades of experience in the financial services industry, including seven years on the board of the Association of Financial Advisers, as national treasurer and state director. He is currently a risk specialist with Pride Advice.

These appointments follow the addition of Ben Marshan to the board in late 2024.

Mr Marshan has over 18 years’ experience in financial services, specialising in advocacy and government relations. He is the founder of Marshan Consulting and prior to this was head of policy, standards, strategy and innovation at the Financial Planning Association (now the Financial Advice Association) for eight years.

In addition to these appointments, Julie Berry CFP has been reappointed as chair for a further two years from June. Directors Olivia Maragna and Steve Thomson have also been reappointed, and Giles Gunesekera OAM continues as a director, having joined the board in 2020.

Ms Berry said the new appointments—along with the reappointment of experienced directors—add further depth to the Foundation’s governance and support its continued mission to help those in need.

“Dave’s longstanding commitment to the Future2 Foundation, along with his deep knowledge of the advice profession, makes him an excellent choice for deputy chair. I look forward to working closely with him as the Foundation continues to grow.

“On behalf of the board, I also welcome Olivia, who is a passionate advocate for financial literacy and believes that improving access to financial knowledge is key to empowering individuals and communities across Australia.

“Ben’s indepth understanding of the issues facing financial advisers, and experience in policy and advocacy, will strengthen Future2 Foundation’s role with the financial services industry and its work supporting financial knowledge and understanding.

“These appointments will help position the Future2 Foundation in its mission to support grassroots programs that improve financial wellbeing for Australians in need,” Ms Berry said.

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What is the CAR and the importance of balancing clarity and compliance when communicating and documenting advice?

Introduction

The forthcoming replacement of Statements of Advice (SOAs) with Client Advice Records (CARs) has once again shone a spotlight on the vexed issue of client communication within financial advice.

As a key pillar of financial consumer protection, adequate disclosure in areas such as advice outcomes, tax, fees, performance, risk, and product limitations, are clearly important enablers of informed decision making – and the avoidance of financial harm – by advice clients.

But, with a prevailing ‘compliance first’ culture among many licensees, critical advice processes and documents, such as the SOA, have been seen by many primarily as a tool to improve the defensibility – rather than client comprehension – of financial advice.

This issue has caught the attention of regulators, policymakers, and industry stakeholders, many of whom have lamented that – paradoxically – longer, more information-dense, advice documents undermine client comprehension, and rather than offering advisers more protection in the event of a complaint, actually offer less.

The 2025 re-election of the Federal Labor government has cleared the path for it to continue to legislate Tranche 2 of the Delivering Better Financial Outcomes (DBFO) reforms, including the replacement of SOAs with CARs. This change represents a pivotal juncture for advice. What was intended to represent a broader cultural shift towards client communication that was more clear, accessible, and client-centric, risks being dismissed as a mere tweak to current document formats – a change in name only. Of all the stakeholders who will determine the success of this transformation, advisers themselves will be the most influential.

This article explores the rationale behind advice document reform, its regulatory underpinnings, implementation challenges, and the importance of ensuring a balance between compliance and clarity in client communications. It also considers how these reforms align with consumer protection objectives and what role AFCA and ASIC will play in shaping expectations.

Information asymmetry – a risk to be mitigated

The SOA is an unloved child. Advisers see it as a costly burden, and clients don’t read them.

But to understand the context for the SOA it is important to understand the concept of information asymmetry – those situations where one party has more information about a particular subject than the other.

The highly  specialised, complex nature of financial services means that in almost every scenario, the adviser has far more information, knowledge, and understanding than the client. This can put the client at a distinct disadvantage and makes it much harder for them to judge the quality and appropriateness of the advice being given.

Of course, information asymmetry isn’t limited to financial advice. Every time we engage an electrician, motor mechanic, or countless other experts who have specialised knowledge that we don’t, there is a danger we will be taken advantage of. Could you tell if the spark plugs on your car really needed to be replaced? And would you be able to tell they actually had been? If a mechanic gave you a detailed diagram of an engine to explain the problem, would that be helpful, or confusing?

In financial advice, correcting this asymmetry – as a form of consumer protection – and building the trust crucial when one party is so disadvantaged from a knowledge perspective, rests on the quality of the communication between the client and their adviser. This communication includes various regulatory disclosures, advice documentation (including the SOA), and verbal exchanges.

Michelle Levy, having recognised that information asymmetry was a central issue within advice – and believing that overly long and complex SOAs were reinforcing rather than correcting this asymmetry – specifically included an associated question in one of her various stakeholder consultations for the Quality of Advice Review (QAR), asking:

“How successful have SOAs been in addressing information asymmetry?”

SOAs get out of control

There is no shortage of experts who have bemoaned the evolution of SOAs into the big, bloated documents they have become today. In answering Levy’s question above as part of their submission to the QAR consultation, the Australian Financial Complaints Authority (AFCA) observed the following^[1]:

“It is AFCA’s experience that SOAs are of limited value in addressing information asymmetry. Many retail clients do not read or comprehend SOAs in full (as they are lengthy, use financial / legal jargon and contain information that does not assist their decision making).

AFCA’s experience is that SOAs also are primarily drafted with an eye to legal requirements and the needs of the advisory firm’s compliance department, rather than a consumer-centric document drafted to assist a client to decide whether to take up particular advice.  

Many SOAs seen by AFCA in financial advice complaints still exceed 50 or more pages, are difficult to navigate, contain irrelevant information and do not use plain English to explain the advice, or its benefits and risks.”

Fear as a driver

Another problem sensed by Michelle Levy was the extent to which the problem of overly long SOAs was driven not by strict legislative requirement, but by the industry’s own interpretations and attitudes. This prompted her to pose a further question as part of her consultation process:

“To what extent is the length of the disclosure documents driven by regulatory requirements or existing practices and attitudes towards risk and compliance adopted within industry?”

Fear – of both Professional Indemnity (PI) insurer scrutiny, and the defensibility of advice in the event of a client complaint – is undoubtedly a key driver of both ‘scope creep’ in SOAs and the broader industry culture of ‘compliance first’. Arguably, that fear is not unreasonable, especially given that AFCA themselves will place a great deal of weight on the contents of the SOA when assessing any complaint against an adviser.

But importantly, AFCA will focus on the clarity and content of an SOA – not its length – as part of its investigation. And, as they made clear above, they often equate longer documents with those that are harder to navigate and full of technical jargon.

A fear-based tendency to ‘throw the kitchen’ sink into the SOA, just to be safe, can therefore backfire. Clients overwhelmed by length and complexity may miss key information or make poor financial decisions—undermining the core purpose of the SOA.

Clients have had enough too

The quality of communication is one of the key areas of complaint amongst advice clients. 2025 Research by compliance firm Assured Support – reported in Money Management^[2] – found that clients feel most frustrated when they are “confused, misled, overcharged or ignored” by their adviser.

According to the firm, while advisers often view compliance through the lens of ticking regulatory boxes and staying off ASIC’s radar, clients have a very different idea of what compliance means.

“Clients don’t read RG175 or keep a copy of the Corporations Act on their bedside table. Their version of non-compliant is when they feel confused, misled, overcharged, or ignored. This misalignment creates a nasty little trap. Advisers may believe they’ve done everything right yet still face complaints that AFCA upholds because the client experience didn’t match the paper trail.”

The comments echo the findings of research released by Morningstar^[3] in May 2025 that revealed clients’ biggest frustrations. In addition to being irritated by advisers who took more than a week to complete a task, or who suggested investments without going into detail, many of the clients’ biggest bugbears were around communication. Clients particularly disliked not being given a detailed breakdown of fees charged, and an overuse of jargon by the adviser. Lengthy reports and documents also came in for extensive criticism, being disliked by 79% of clients surveyed.

Enter the CAR: A regulatory pivot

One of the final acts of the former Financial Services Minister Stephen Jones was to introduce draft legislation for Tranche 2 of DBFO, which included the replacement of SOAs with CARs.

What is a CAR? The Government perspective

While some critics have complained that the CAR and SOA are virtually indistinguishable, policymakers believe there are significant differences.

Explanatory notes^[4] accompanying the draft legislation outline that the main difference between the new CAR and SOAs is that record-keeping and proof of compliance with statutory requirements can be detailed elsewhere:

“While the circumstances in which a CAR must be provided to a client remain the same as under the current SOA requirements, the presentation and content requirements are modified to ensure the CAR supports the client to make an informed decision about the advice provided.

 In line with the current arrangements for an SOA, a CAR may be the means by which the advice is provided or a separate record of the advice. This obligation is separate to the record-keeping and proof of compliance obligations…”

Treasury also articulated their expectations that the CAR be proportionate and appropriate – in terms of length and format – to the complexity of the advice involved.

The Exposure Draft Explanatory Materials included the following^[5]:

“The type and format of information provided in the CAR is expected to vary depending on the specifics of the situation, such as the complexity of the advice, to reduce the compliance burden on the provider. For example, a written document may be appropriate when providing comprehensive advice with complex client circumstances to support the client’s ability to understand and act on the advice. It may be appropriate to provide an audio recording or email when providing relatively simple limited or single-issue advice that is easy to implement with minimal client considerations.”

Practitioner perspectives: Hope, scepticism, and early adoption

The critics

There has been no shortage of critics who believe the differences between the CAR and the SOA are so small as to be inconsequential, and the hoped-for opportunity to significantly reduce the red-tape and cost burden associated with these documents has therefore been squandered.

One such critic is Ben Marshan, former FPA policy lead, who described the change as “disappointing”, saying that “outside of rejigging the numbering and slightly tidying up the language” not much has changed^[7].

The FAAA were similarly underwhelmed, noting in a media statement^[8]:

“Analysing the requirements for the new ‘Client Advice Record’ or CAR, we haven’t found a material difference between these obligations and those for Statements of Advice, in the legislation,” FAAA chief executive Sarah Abood said.

“We were hoping for a much lower level of prescription, and greater recognition of professional judgement, as well as indications as to how the other areas of prescription (notably the impact of ASIC interpretation) would be dealt with.”

The optimists

Despite the underwhelming reception given to CAR in some quarters, there are many who have pointed out the positives, including Marshan himself, who noted the apparent eradication of the requirement to provide the client with the CAR unless asked for by the client.

“The bits that have to be in the Client Advice Record don’t necessarily have to be provided to the client. What you could provide to the client after every meeting and every time you make a recommendation is a summary document,” said Marshan^[9].

Some licensees are already viewing CARs as an opportunity, allowing advisers to separate the advice provided to clients from the compliance record kept internally.

One – IFM Securities principal Lionel Rodrigues – told an industry audience the new CAR is more client-centric and separates the advice from compliance record keeping.

“The Client Advice Record is about the client. It’s not about compliance, it’s not about ASIC, it’s not about the adviser. This is a big step forward and I think that’s not been appreciated.”^[10]

Rodrigues noted that the CAR consists of short form documents which is supported by other information the adviser keeps on record. On the topic of complaints to AFCA, he noted:

“[AFCA] want to see that the client has an informed document to make an informed decision. The compliance thing comes secondary.”

The Timeline for CARs

In addition to the SOA change, DBFO Tranche 2 also included reforms around targeted ‘nudges’ by superannuation funds, and the controversial ‘New Class of Adviser’. While the consultation process for the legislation closed in May 2025^[11], Treasury will likely need some time to consider the many different perspectives received and reflect this in final draft legislation.

With the legislative agenda for the re-elected government not yet clear, it is hard to predict the priority the proposed legislation will be given. And even when the legislation is passed, the CARs won’t come into being until 12 months after Royal Assent is received.

Meaning SOAs are still very much around for a while yet.

And while some forward-looking licensees and institutions may start to plan ahead and experiment with new templates and processes, the vast majority will undoubtedly wait until the legislation has passed, the details are known, and ASIC guidance has been issued.

And given how much advisers and licensees already have on their plate, it’s hard to argue this isn’t a sensible approach.

In summary

This article examines the persistent tension between regulatory compliance and effective client communication in financial advice, using the evolution from Statements of Advice (SOAs) to the proposed Client Advice Records (CARs) as a focal point. While SOAs were originally intended to support informed client decision-making, a prevailing culture of fear has seen them have become long, jargon-filled documents designed more for defensibility than clarity—often failing to mitigate the information asymmetry that underpins client vulnerability. The CAR, part of the government’s Delivering Better Financial Outcomes (DBFO) reforms, aims to address these shortcomings by promoting shorter, client-centric records that vary in format and complexity based on the advice provided.

However, industry sentiment is mixed. Critics argue that the proposed CAR regime changes little, and risks becoming SOA 2.0 if licensees and advisers simply rebrand existing documents without meaningful simplification. Others see promise in the flexibility CARs offer, particularly the potential to separate compliance record-keeping from client-facing communication. The article explores these perspectives while highlighting the role of regulators, licensees, and advisers in ensuring the reform’s intent of clearer, more accessible advice is realised in practice.

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———–

References:
[1] https://treasury.gov.au/sites/default/files/2022-06/c2022-259464-afca.pdf
[2] https://www.moneymanagement.com.au/news/financial-planning/confusing-and-misleading-advice-among-biggest-client-bugbears
[3] https://www.moneymanagement.com.au/news/financial-planning/are-you-annoying-your-clients
[4] https://storage.googleapis.com/files-au-treasury/treasury/p/prj344d0591b29014c92eccb/survey/c2025_637814_em.pdf
[5] Ibid
[6] https://www.assuredsupport.com.au/articles/when-everything-old-is-new-again-understanding-the-new-client-advice-record-requirements/
[7] https://www.professionalplanner.com.au/2025/03/new-cars-stalled-as-soa-reform-offers-little-change/
[8] Ibid
[9] Ibid
[10] https://www.professionalplanner.com.au/2025/03/new-advice-record-a-big-step-forward/
[11] https://www.kwm.com/au/en/insights/latest-thinking/delivering-better-financial-outcomes-tranche-2a-a-missed-opportunity.html

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Benjamin Marshan

The government should give farmers financial assistance to access financial planning services to help facilitate a proper recovery from the significant disruption caused by droughts, says the Financial Planning Association of Australia (FPA). 

In response to the Department of Agriculture, Water and the Environment’s call for feedback on the current National Drought Agreement, FPA Head of Policy, Strategy and Innovation, Ben Marshan drew attention to the existing National Drought Agreement, in particular section 11 on ‘Shared roles and responsibilities’

It says the Commonwealth, states and territories are responsible for the provision of rural financial counselling services (among other responsibilities).

Marshan says that when considering financial counselling support during times of drought, on a practical level, farming families often have complex financial arrangements that go beyond the areas of advice that a rural financial counsellor could provide at a time of crisis.

“When considering what assistance would be most appropriate to facilitate farming communities’ recovery from the significant economic disruption caused by drought, the FPA believes that it would be beneficial to include the provision of financial planning services,” Marshan says.

“Such support would also assist in the development of farmers, farming families and farming communities’ resilience in the face of future droughts.”

Marshan says the FPA strongly supports the National Drought Agreement and the crucial support all levels of government provide to farmers, farming families and farming communities during these periods of natural disaster.

“We also believe this review is an important opportunity to ensure that adequate and coordinated support across a broad continuum is provided in an efficient and effective fashion to those affected by drought, particularly when they most need it,” he says.

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Benjamin Marshan

The Financial Planning Association of Australia (FPA) has released a new video toolkit to guide members in creating a video Statement of Advice (SOA) that efficiently services clients while also complying with all the necessary regulations.

Called the Statement of Advice Project (SOAP) Box Set, the series of 14 videos are designed to equip financial planners with the required tools to provide an SOA via video format, covering topics such as the ease in which they can create a video of their advice meeting which can be provided as an SOA, as well as real-life examples of video SOAs covering various scenarios such as pre-retirement planning and life risk advice.

The SOAP Box Set is the result of an extensive consultation process between the FPA and members, consumers, regulators, lawyers, compliance experts, and technology providers to work on a paperless SOA aimed at reducing compliance costs, increasing efficiency, while also delivering advice that clients can better understand.

The series features discussions led by the FPA’s head of policy, strategy and innovation, Ben Marshan, and founder of The Cyber Collective Australia, Fraser Jack.

FPA chief executive Sarah Abood, says that she has seen first-hand the amount of work that goes into an SOA.

“A lot of what drives up the cost of financial advice is the amount of background work, information investigation and time spent by the financial planner on what is required to be included in the SOA,” Abood says.

“Not only that, the SOA ends up becoming a document that clients find difficult to read and ends up clouding the actual advice being given to them. Any efforts made to make advice more efficient and usable by clients is a critical step forward for the profession.

“Through the SOAP Box Set, Ben and Fraser have put in an incredible amount of work towards making this a reality, and speaks to their tireless passion in making advice more accessible and affordable for clients.”

Marshan says the SOA requirements came during a time when paper was the only option available to planners. With video conferencing now a normal part of daily life, he hopes the series will showcase alternative avenues of providing a compliant SOA under the current legislation.

“We are still seeing financial planners put together paper-based SOAs that stretch between 80 to 100 pages long,” Marshan says.

“The idea behind the Statement of Advice Project is to push the boundaries of finding the most effective way of providing advice to clients while also keeping within ASIC’s regulations.”

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Kathryn Creasy

The Financial Planning Association of Australia (FPA) has announced the winners of the 2021 FPA Awards.

Now in its ninth year, the FPA Awards recognises exceptional financial planners, paraplanners, university students and FPA Professional Practices from across Australia.

The awards also celebrate the individuals and businesses who go above and beyond to deliver outstanding results for clients and give back to the community.

The winner of the coveted “FPA CERTIFIED FINANCIAL PLANNER® Professional of the Year Award” is Kathryn Creasy CFP® of Capital Partners in West Perth. The award acknowledges Kathryn’s outstanding approach to providing comprehensive financial planning advice to her clients but also her passion for mentoring those within her team and the broader profession.

FPA CEO Dante De Gori CFP® said: “Kathryn exemplifies our FPA membership as a modern professional financial planner. She is a shining example to all those that are considering a career in financial planning and the life-changing difference our work can make with a client.”

The winner of the “FPA Professional Practice of the Year Award” is Sydney-based Apt Wealth (NSW). The judges commented that it’s not easy to establish and be recognised as one of the 2021 AFR BOSS Best Places to Work in financial services.

Winning the “FPA Financial Planner AFP® of the Year Award” for 2021 is Leanne Bielik AFP® of 2020 Wealth PTY LTD (VIC). The judges noted that Leanne has paved the way to help those in need in the community get the help and support only a professional financial planner can provide them throughout the pandemic. Leanne also spends time in online communities supporting single mothers and clients who have had previous poor advice outcomes to get back on track.

The winner of the “FPA Advice Innovation Award” is Daniel Thompson AFP® of FINNACLE (NSW). The award was introduced last year to recognise members who have automated their advice process or used technology in new ways to engage with clients and/or deliver advice. Daniel has taken a blank piece of paper approach and an agile mindset to create a novel subscription based advice service. Through testing and improving constantly, Daniel and his team have created an innovative, affordable and easily accessible advice business for the benefit of his clients.

The “FPA Paraplanner of the Year Award” was given to Andrew Mann CFP® of Tupicoffs (QLD). The judges commented that Andrew is an example of what it is to excel in one’s craft. This award is a celebration of Andrew’s career and excellence in paraplanning, particularly his ability to be engaging, pulling complex threads together in such a way that embraces the client’s capacity to absorb information, and deal with matters that are important to the client.

The winner of the “FPA University Student of the Year Award” is Nicole Gardner of Kaplan Professional (VIC). Nicole has forged successful careers in journalism and in the banking sector. Inspired by the financial hardship that a close relative endured, she was determined to become a financial planner and to work hard to ensure that women and those entering aged care are financially educated and set up for success. She is now achieving a high standard of academic achievement whilst working in the financial planning profession and supporting a family.

The winner of the “FPA Community Service Award” supported by the Future2 Foundation is Peter O’Connell CFP® (VIC). The judging panel said that Peter has been a strong supporter of the Aboriginal Literacy Foundation in the Ballarat and Western Victoria area. For the past 15 years he has provided financial literacy education advice to the Indigenous community. He also supports the Aboriginal Literacy Foundation with their accounting and financial planning requirements.

The FPA gratefully acknowledges the time and expertise provided by the 2021 FPA judging panel:

Certified Financial Planner of the Year
Alison Henderson CFP®
David Sharpe CFP®
Marisa Broome CFP®

Financial Planner AFP of the Year
Michelle Tate-Lovery CFP®
Ben Marshan CFP®
Nat Daley AFP®

FPA Professional Planner of the Year
Diana D’Ambra
Julie Matheson CFP®
Neil Kendall CFP®

FPA Advice Innovation Award
Ben Marshan CFP®
Andy Marshall
Fraser Jack

FPA Paraplanner of the Year Award
William Johns CFP®
Vicky Ampoulos
Mark O’Toole CFP®

FPA University Student of the Year
Anne Palmer FPA
Diana Bugarcic – TAFE NSW
Vicky Ampoulos

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Benjamin Marshan

The FPA welcomes the Treasury’s announcement of further updates to the DDO regime by removing the requirement for financial planners to report nil complaints or nil information to product manufacturers.

Given this would have been the vast majority of reporting required by financial planners in relation to target market determinations (TMD), this administrative relief by the Government is a welcome outcome for the financial planning profession.

However, based on these proposed updates, the FPA calls on ASIC to remove formal reporting periods which create unnecessary and unworkable record keeping and reporting requirements for financial planners and instead move to an “as required” reporting requirement.

There is an opportunity for ASIC to create an alignment between dispute resolution and TMD reporting to remove further layers of unnecessary regulatory burden, duplication and costs on our members and the profession.

The FPA also remains concerned with the lack of clarity or definition from product manufacturers in relation to significant dealing reporting. The FPA encourages ASIC to take action against products who have failed to clearly define what a significant dealing is in relation to their specific product.

The FPA will put forward a submission in response to the consultation paper and looks forward to continuing the conversations with the Government.

By Ben Marshan CFP®, Head of Policy, Strategy and Innovation

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Dante De-Gori

FPA CEO Dante De Gori CFP®, and FPA Head of Policy, Strategy and Innovation Ben Marshan CFP®, appeared before the House Economic Committee yesterday, to provide an update on current issues impacting financial planning, including the cost of advice, increasing gender diversity and further scope for innovation in the profession.

Responding to questions regarding the 340 per cent increase in the ASIC levy, Mr De Gori, reinforced the FPA’s position that the current formula for the levy is not equitable or sustainable and will cost the industry.

“In any industry, if a cost or a fee was to increase by 340 per cent over four years that industry would be unsustainable,” Mr De Gori said, adding that the levy ranked highly in the concerns of financial planners.

He acknowledged that while the fee was borne by the licensee the costs were ultimately passed on to the individual financial planner.

Mr De Gori again called for the Government to review the implementation of the levy and its impact on the profession. “We don’t believe the way the formula is calculated and the way it is dispersed is equitable and fair.

“We want that [the levy] to be reviewed. There are activities that we’re aware ASIC undertakes that have nothing to do with financial planners, yet they are placing that cost on financial planners through his levy.”

Towards the digital statement of advice (SOA)

Senate Committee member Jason Falinski highlighted the “absurdity” of the current approach to statements of advice that are now 100 pages, adding that 92 pages were just to satisfy the lawyers.

The FPA will continue to advocate for digital SOAs to help develop more accessible, personalised and meaningful client experiences during the advice process. Mr Marshan highlighted that the current regulatory framework required lengthy SOAs. While ASIC’s sample SOAs are only eight to 12 pages, the financial planning profession is overseen by eight different regulators.

“We have numerous complaints and disciplinary systems and processes that financial planners need to comply with,” Mr Marshan said.

“The only way that a financial planner and its licensee can be comfortable that they’ve got a defensible position against a complaint is, if they have a document that ensures every warning, every consideration and every recommendation documented. That is why SOAs are 100 pages long,” he added.

The FPA is working with ASIC to create a digital SOA which will reduce the cost and time to deliver the SOA to the client.

Supporting greater female participation

The FPA outlined its plans to boost more women in the profession as the Senate Committee expressed concerns that financial planning was a male dominated profession.

The FPA plans to boost female membership from its current level of 27 per cent to 50 per cent, supported by peer networking programs as well as being a recipient of the Government’s $1.5 million Women in Finance and Economics scholarships program.

“As a recipient of the Women in Financial and Economics grant program, we are able to drive that female membership goal further. The FPA will be undertaking the delivery of 38 scholarships over the next two years to help women advance their careers in financial planning,” Mr De Gori said.

Continued support for the profession

Mr De Gori acknowledged that financial planning has gone through an unprecedented period of change highlighting a myriad of challenges confronting the profession.

These include significant new reforms that brought rapid and exponential regulatory costs, as well as inaccessible and increasing client documentation requirements, which impact client engagement with the advice process.

Further, Mr De Gori urged the Committee to remain vigilant with increasing regulation in the profession.

“The FPA’s view is that, in its approach to regulating financial services, the Government needs to consider the totality of these changes and how they are affecting the long-term viability of the financial planning profession, and the cost and accessibility of financial advice for consumers”, he added.

“Affordable advice, a key objective in the FPA’s five-year strategic roadmap remains front and centre. Making financial advice more affordable for all Australians starts with making financial planning more affordable to practice”, added Mr De Gori.

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Zacary Leeson

The Financial Planning Association of Australia (FPA) has announced the winners of the 2020 FPA Awards.

Now in its eighth year, the FPA Awards recognises exceptional financial planners, paraplanners, university students and FPA Professional Practices from across Australia.

The awards also celebrate the individuals and businesses who go above and beyond to deliver outstanding results for clients and give back to the community.

The winner of the coveted FPA CERTIFIED FINANCIAL PLANNER® Professional of the Year Award is Zacary Leeson CFP® of HPH Solutions in WA. The award acknowledges Zacary’s positive impact on the lives of his clients, as well as his inspirational work in the community through the charity, Leading Youth Forward.

FPA CEO Dante De Gori CFP® said: “Zacary exemplifies our FPA membership as a modern professional financial planner who is client dedicated, university educated and an experienced CFP professional.  Zacary’s passion for the value of advice and his confidence shone through his presentation to the FPA Awards judges. He’s an incredible role model for young financial planners.”

The winner of the FPA Professional Practice of the Year Award is WA-based HPH Solutions (WA). The judges commented that the team at HPH Solutions embody the essence of a true FPA Professional Practice and said that the leaders and staff should be congratulated for the valued work they undertake for their new and loyal clients.

Winning the FPA Financial Planner AFP® of the Year Award for 2020 is Nat Daley AFP® of Hard Line Wealth (NSW). The judges noted that Nat demonstrated his premise of health, love and wealth in everything that he does – from the advice he provides his clients to the way he has established and developed his business with his partners.

This year, the FPA introduced a new FPA Advice Innovation Award to recognise members who have automated their advice process or used technology in new ways to engage with clients and/or deliver advice. The inaugural winner of this award is Corey Wastle CFP® of Verse Wealth (VIC). Corey and the team at Verse Wealth foster a culture of continual innovation, an incredible focus on attention to detail and a drive to continuously improve their business by removing inefficiencies and pain points in their advice process.

The FPA Paraplanner of the Year Award was given to Emma Zwaan of Capital Partners Private Wealth Advisers (WA). The judges commented that Emma’s Statement of Advice (SOA) submission showed an ability to adapt the communication style towards the client’s situation and articulate how the client is put in a better position as a result of the advice.  Emma also demonstrated technical, research and strategic skills in all areas.

The joint winners of the FPA University Student of the Year Award are Miles Kitt of Charles Sturt University and Anthony White of TAFE NSW. Miles showed an outstanding commitment to academic studies and a wide perspective on current issues, as well as a passion for helping people improve their situation. Anthony served as an officer in the Royal Australian Air Force for many years, and as a part of his counselling responsibilities, he became aware of the impacts that financial stress can have on individuals. Now a veteran, Anthony is focused on becoming a financial planner and supporting wounded veterans through the Department of Veteran Affairs system, entitlements process, and Military Super program, as they enter civilian life.

The winner of the FPA Community Service Award supported by the Future2 Foundation is Shane Hayes of Family Aged Care Advocates (NSW). The judging panel said that Shane’s dedication to the profession and his support of the Future2 Foundation is inspirational.  Shane displays an amazing amount of humility and passion when he speaks of how our profession can make a difference to everyday Australians.

The FPA gratefully acknowledges the time and expertise provided by the 2020 FPA judging panel:

• Mark Alexander CFP®
• Naomi Alletson AFP®
• Vicky Ampoulos
• David Andrew AFP®
• Jason Andriessen CFP®
• Jason Andriessen AFP®
• Marisa Broome CFP®
• Diana Burgarcic
• Susie Erratt CFP®
• Giles Gunesekera
• Andrew Harris CFP®
• Alison Henderson CFP®
• Fran Hughes CFP®
• Fraser Jack
• William Johns CFP®
• Gary Jones AFP®
• Todd Kennedy CFP®
• Andy Marshall
• Ben Marshan CFP®
• Mark O’Toole CFP®
• Anne Palmer
• David Sharpe CFP®
• Michelle Tate-Lovery CFP®
• Sharon Taylor
• Phillip Win CFP®.

Photographs and a video reel featuring the 2020 FPA Award winners are available on the FPA website visit

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Pat Garrett

A new white paper (Is it red tape or is it me? Deniers, devotees, and the digital advice revolution) commissioned by online investment manager Six Park has revealed that COVID-19 has increased the pressing need for affordable and accessible financial advice in Australia, but the need can’t be effectively met until perceived red tape is cast aside.

The increasing and changing demand for advice is driven by a range of factors including the royal commission, the diminishing number of financial advisers, changing client demographics and, most recently, the impacts of COVID-19.

The pandemic, subsequent economic downturn and looming opportunities during the recovery phase mean that more Australians need advice than ever before, says Six Park co-CEO Pat Garrett.

“The white paper reinforces that there simply aren’t enough advisers in Australia to meet the current and future anticipated demand for advice,” said Garrett.

“Meanwhile, the pandemic has triggered an increased interest in investing amongst Australians and the lockdown has made digital interaction and service provision the new norm. All of these elements are combining to provide the final push for the industry to transform in a way that meets today’s client needs.”

Who the client is and what sort of advice they need was also a topic explored in the white paper by contributors including Investment Trends Research Director Recep III Peker, Netwealth CEO Matt Heine and FPA Head of Policy, Strategy and Innovation Ben Marshan, with agreement that the definition is changing – and fast.

“The increase in the number of Australians needing financial guidance, the rise in millennial and female investors and the immense generational wealth transfer we’re about to see means the nature and needs of the broad consumer market are becoming much more diverse. This is the opportunity for those advisers ready for this transformation,” said Garrett.

“Many of these Australians don’t have huge budgets for advice, they have no desire for full-scale service, and they don’t want to engage with advisers in the same way their parents did – so ‘best fit’ advice is not what it used to be.

“Anything that allows advisers to better engage with these Australians today is a very attractive proposition and that’s where digital solutions come in. Today’s digital advice client could be tomorrow’s wholesale investor.”

The white paper explores a number of myths and perceived ‘red tape’ that is hindering some in the industry when it comes to embracing digital, scaled advice. These includes the misguided belief that this type of advice is not compliant with best interest duties, that ASIC doesn’t approve and that digital solutions like robo advice are competing with traditional financial advisers.

“There is no competition there – in fact, when a human element is added to a service like robo- or digital- advice, the conversion rate of customers who actually implement the advice drastically increases – and the paper provides insights from Australian financial planners who are already in the process of successfully transforming their offering and broadening their appeal with digital solution partners.

“It’s both an exciting and challenging time for the industry. There is a lot for advisers to work through – there is no denying that – but there is certainly no red tape that’s blocking their way and some aspects of going digital could actually be much easier than first perceived.

“We all need to work together to create the vibrant, successful and sustainable wealth management industry – to benefit clients and advisers alike, now and into the future.  That’s the driver behind this paper – to generate discussion, collaboration and contribute to the knowledge bank around the digital transformation of wealth management in Australia.”

Commenting on the Financial Services Council’s Future of Advice Report, released earlier this week, Mr Garrett said the report provided some interesting proposals, specifically around recognising more explicitly that consumers’ needs vary in scope and complexity.

“While there is still room for policy improvement in Australia’s financial advice landscape, regulators have already recognised that there are differences in consumers’ advice needs. Their response has been to reiterate that scaled and digital advice should play a prominent role in providing services for the simpler needs of the mass market. Scaled advice services already have regulatory guidelines supported by ASIC and the federal government, and the good news is that scaled advice is working right now. There is no need for advisers to wait for the kinds of changes the FSC is advocating to take a step towards the future of advice.”

Download the whitepaper.

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