Benjamin Marshan

The Financial Planning Association of Australia (FPA) has released its FPA Fintech Buyers Guide and Checklist at the 2018 FPA Professionals Congress.

The package includes a Technology Assessment Checklist and a guide for assessing the fintech needs of a financial planning practice and tips for selecting the right technology partner to help improve financial advice delivery.

The release follows on from last year’s highly successful Fintech Report: Mapping Fintech to the Financial Planning Process and raises the fundamental question: should financial planning firms be buying a technology solution in the first place?

Dante De Gori CFP®, CEO of the FPA says, “Technology must solve problems, not create more. As a practical first step, financial planning practices need to understand their unique service offering, business processes and the problems to be solved before they choose a technology solution.

“Last year’s Fintech Report identified the issues faced in the financial planning process and solutions available. This year’s Fintech Buyers Guide and Checklist is designed to help financial planning practices select the best fintech partner for their specific service proposition and client base. Going through the checklist will help prevent wasting time and money on technology which won’t meet their needs, or those of their clients.”

Benjamin Marshan CFP®, Head of Policy and Standards at the FPA and lead of the FPA’s fintech projects, explains, “The 2018 Fintech Buyers Guide is the result of countless conversations with our members, consultants and fintech solution providers over the last 12 months. We know business models from the past are not working efficiently in an environment of increasing costs, rising consumer expectations, and regulatory obligations; but it is equally clear that if technology investment doesn’t align with the financial planning process and business outcomes, it leads to inefficiency, duplication and additional cost.

“The Fintech Buyers Guide and Checklist includes a case study focusing on the issues to consider when selecting a customer relationship management (CRM) system. The step-by-step process can be replicated when introducing any new software to a business or advice process,” he says.

The guide includes important questions to ask software providers, and a Technology Assessment Checklist for easy vendor comparisons to help increase the likelihood of selecting the right fintech partner or system for a financial planning practice.

The FPA Fintech Buyers Guide and Checklist is designed to be read by those responsible for buying financial planning software, and fintech providers who want to better understand the unique challenges and opportunities for automating financial planning practices in Australia.

An update to the FPA’s 2017 Fintech Report on “Why fintech is not a threat,” and a companion tool built in collaboration with the YTML Group, are slated for release later this year.

The FPA Fintech Buyers Guide and Checklist is now available.

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Dante De Gori

The Financial Planning Association of Australia (FPA) former General Manager of Policy and Conduct, Dante De Gori, has officially taken over as Chief Executive Officer (CEO) of the FPA.

Mark Rantall, CEO since 2010, will remain on the FPA Board as a non-executive director.

An internal appointment, Mr De Gori has been integral in representing the financial planning profession through key reforms including the Future of Financial Advice (FoFA), raising of education and professional standards and the enshrinement of the term financial planner into law, due on 1 July. Mr De Gori led policy at the FPA from 2010 and becomes thesecond CEO in the FPA’s history to hold the CERTIFIED FINANCIAL PLANNER® designation after Mr Rantall.

Commenting on his transition to CEO, Mr De Gori said: “I am honoured to be appointed as FPA CEO. As we transition into a respected profession I’ll continue to work with our members, Government and other key stakeholders towards a better financial future for all Australians.

“In many ways it’s business as usual at the FPA. Our focus, dedication and drive to secure the right outcomes remains the same. Building consumer trust is a high priority and something I am personally passionate about.

“Building consumer trust is not a short term challenge but it is key to financial planning as a profession – and in the best interests of the many Australians who need financial advice.

“Less than one in five Australians access financial advice despite the fact that financial advice contributes positively to those who receive it. In my view, this is far too low.

“The year ahead will undoubtedly bring regulatory challenges, particularly around the implementation and transition process of the new education requirements. I am very aware of the concerns our members have about current proposals. The FPA will continue to work closely with Government, to ensure that collectively, our voice is heard.

“With so much uncertainty, one of my key priorities is to ensure FPA members are supported through the changes. We will continue to do this through timely updates, practical resources, events such as the FPA National Roadshow, webinars and social media.

“I will be encouraging more feedback from members, with a view to using this feedback to get better and better at what we do.

“I want to thank Mark Rantall for his dedication and leadership. Mark has been instrumental in driving the positive changes taking place in our profession. I look forward to building on his legacy,” said Mr De Gori.

The FPA Policy team continues to expand, with the appointment of Benjamin Marshan CFP® as FPA Manager of Professional Standards and Advocacy and Dimitri Diamantes CFP® as FPA Policy Manager.

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