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Now with a proposal put to members to merge with the Association of Financial Advisers (AFA), the FPA Congress will be the first major industry event held after the result of the vote is known. Whether members vote ‘yes’ or ‘no’, congress will be a critically important venue to discuss the implications for members and the profession.

With early-bird pricing closing soon, members are encouraged to register before 30 September.  AFA members are also invited to attend the FPA congress at FPA member rates.

Under the theme, ‘Reunite, Reset’, the congress will host a range of sessions designed to help financial planners 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, particularly in the post-pandemic environment.

Sarah Abood, CEO of the FPA, says since the last in-person FPA Professionals Congress in 2019, there has been huge change both in the financial planning profession and also in the broader community.

“As a profession we have seen a bewildering range of ongoing and proposed legislative change , and grappled with a substantial fall in the number of financial planners.  We’ve experienced a pandemic, a change of government, and a volatile broader macroeconomic environment which have all impacted how financial planners go about their work with clients.

“As well, the ways that clients think about their finances, their life goals and their priorities, have changed following the pandemic.

“The Congress provides an opportunity for an update on all these changes, and to learn from peers as well as benefit from global best practice.  As we mark our 30^th birthday as an association, and contemplate a new start joining our colleagues at the AFA, the theme of Reunite, Reset is enormously relevant,” Ms Abood says.

FPA Chair, David Sharpe, says the FPA Congress will provide an opportunity for members to connect in person with their peers at a time when the profession continues to transform.

“As someone who runs my own practice in Perth, I see the FPA Congress as a great opportunity to reunite and share with colleagues so we can collectively improve the way we run our businesses and serve our clients.

“With a wide variety of sessions across the two days, there is something for everyone within the profession, whether you’re a principal, a paraplanner, an aged care specialist or an SMSF adviser,” Sharpe says.

The keynote presentation will be delivered by Professor Andrew Scott from London Business School who will discuss the latest thinking on longevity, what it means for us all as individuals and as financial planners, and what the broader economic, financial and social implications are.

In addition there will be plenary sessions from:

• David Sharpe and Sarah Abood on The Bright Future
• Matt Jones from Four Pillars on Grow Your Brand – business ideas from outside our industry
• Adam Spencer will lead a Q&A style discussion on “what will financial advice look like in 2030?” with the Hon. Bernie Ripoll, Professor Pamela Hanrahan, Sarah Abood and Tim Townsend
• Take Charge of your Future with Ben Crowe of Mojo Crowe – who has worked with with legends such as Ash Barty and Dylan Alcot

Breakout sessions will include:

• Quality of Advice review update from Michelle Levy
• The future of advice delivery
• How to ensure all clients are profitable
• Is technology the saviour of advice?
• Connecting with your clients in a post pandemic world
• Aged care advice – pricing, tips and profitability
• Helping to unpack ‘disability’ and its implications for clients
• Cyber attacks: prevention, protection and post-attack plan
• How your clients voted in the last Federal Election may impact how they now choose to invest
• How to ethically exit a client
• Legislative updates in financial planning from ASIC and Treasury
• Client engagement skills for a post-COVID world
• How to build life insurance portfolios
• Redefining financial planners of the future
• How to identify genuine SMSF needs for clients
• Delivering the advice of tomorrow
• How to convert more business through curiosity
• How beliefs can influence a client accepting your advice

A networking event on the evening of Wednesday 23 November will provide an opportunity for attendees to catch up with old contacts and make new connections, as well as help celebrate the FPA’s 30th anniversary as a member association.

Register for the FPA Professionals Congress.

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Hamilton, who joined the board in February 2011 and was Chair from February 2012 to February 2014, takes over from Robin Bowerman, who will remain on the board as Deputy Chair.

Bowerman assumed the Chair in September 2019 after Professor Deborah Ralston stood down (her term was due to end at this conference) to avoid any perceived conflicts of interest after being appointed to the Retirement Income Review panel.

From 21 February, the board will comprise Andrew Hamilton – Chair, Robin Bowerman – Vice Chair, Robyn FitzRoy, Liam Shorte, Bernie Ripoll, Tracey Scotchbrook, Michael Houlihan and Scott Hay-Bartlem.

Bowerman says the Chair could not be in better hands with Andrew stepping into the role.

“He brings enormous knowledge of the industry, a wide experience about the Association, and a deep understanding of the issues facing our members.

“I also want to acknowledge the enormous contribution of my predecessor, Professor Ralston, in what was a challenging period for our Association, as well as the full support I received from the staff under the leadership of our CEO, John Maroney.”

Hamilton says it’s an honour to again be asked to chair the organisation. “Although our industry is in a period of enormous change, I remain confident that the new regulatory, legislative, and educational framework, which aims to raise the standards across the industry, will be conducive to a business environment in which the SMSF specialist can flourish.”

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Ripoll, who joined the Association’s Public Policy Committee in January 2018, will replace Cath Mulcare, who is stepping down after being a director since June 2015.

Association chair Dr Deborah Ralston, who made both announcements at yesterday’s board meeting, also foreshadowed that there would be additional board appointments made soon following a call for expressions of interest from members. “We have been delighted with the quality of the candidates.”

Regarding Ripoll’s appointment, she says it’s gratifying that someone of his calibre has agreed to join the board. “His knowledge and insights from the broader advice and superannuation sectors have made a valuable contribution to our discussions. I am certain the skills, relationships and experiences he brings to the table will prove invaluable as superannuation and financial services policy continues to evolve.”

Ripoll says: “I am delighted to have been asked to join the board. I have always had a deep interest in superannuation and financial services, which is why I took the opportunity to serve on the Public Policy Committee, and now look forward to having a bigger role in the Association by being a board member.”

Ralston also paid tribute to Mulcare’s contribution as a director, especially her work around regulatory affairs, governance and risk management. “Cath’s knowledge and experience in these critical areas gave the Association a vital resource on which it could draw at the very time it was needed.”

Mulcare says: “It’s been a privilege to serve on the Association’s board. It has a genuine commitment to professionalism, understanding that cultivating the highest possible ethical and educational standards for its advisor members is the best way to serve the 1.1 million people who opt to take control of their own retirement income strategies.”

In other developments, the SMSF Association Board:

• Reviewed and agreed in principle to the strategic plan for 2019 to 2024, subject to minor refinements and sign off in June;
• Reviewed recent activities including another successful national conference in February with more than 1600 attendees;
• Considered possible implications from the Financial Services Royal Commission and the Productivity Commission review into superannuation;
• Met with Stephen Glenfield, CEO of the Financial Adviser Standards and Ethics Authority (FASEA) to discuss its education, training and ethics requirements and the possibility of including specialist education requirements for those providing advice to SMSFs;
• Reviewed and approved a new Board committee governance structure and charter.

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Matt Rady

Allianz Retire+ Powered by PIMCO (“Allianz Retire+”) has announced Matthew Rady as its CEO and three industry experts as independent non-executive directors.

Patria Mann, David Plumb (who will serve as Chairman) and Hon. Bernie Ripoll will join the Board as independent non-executive directors.

This announcement follows the launch of Allianz Retire+ in May, a new business that combines the expertise of Allianz’s global life insurance business with PIMCO’s global investment management experience to deliver the next generation of retirement income solutions.

In his new role, Mr. Rady will be responsible for leading Allianz Retire+’s business in Australia, including launching its first retirement income product later this year. He will assume his responsibilities immediately and Adrian Stewart, Head of PIMCO Australia and New Zealand, who has been acting as interim CEO, will become a non-executive director to the Board.

Mr. Stewart said: “Matt is an exceptional executive with the industry expertise, client orientation and leadership skills to position Allianz Retire+ for long-term success.”

Mr. Rady said: “It’s an honour to be chosen as CEO and to represent and lead such an exceptional business. Along with our talented team, I look forward to helping our clients meet their unique retirement income objectives.”

“As the demand for retirement income continues to develop, Allianz Retire+ is well-positioned to deliver best-in-class retirement income solutions and services,” he added.

Mr. Plumb, Chairman of the Board, said: “The Board includes diverse attributes that will enable it to oversee and guide management – deep financial and commercial acumen and a strong mix of skills and industry experience.”

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Bernie Ripoll

The appointment of two high-profile public figures to the SMSF Association’s Public Policy Committee emphasises the peak SMSF body’s commitment to getting the right policy settings for retirement incomes, superannuation and financial services, says Managing Director/CEO Andrea Slattery.

Slattery says former NSW Liberal Premier Nick Greiner and former Labor Parliamentary Secretary Bernie Ripoll have become members of the Association’s Committee, also comprising six other members from the Association’s board, senior executive management and membership.

“This is the first time the Association has looked outside its own membership ranks by asking two prominent Australians boasting strong political and financial credentials to join its Public Policy Committee.

“We are excited about getting two former politicians of the calibre and reputation of Nick and Bernie, and look forward to getting their input into our vigorous policy debates.

“Since its inception the Association has always played a significant role in the retirement income and superannuation debate, and these appointments are further testimony to the importance we place on policy.”

Greiner, who was Premier and Treasurer of New South Wales from 1988-1992, now serves on several boards, including Chairman of QBE Emerging Markets, Deputy Chairman of CHAMP Private Equity, and Chairman of Council of Advisors, Rothschild Australia.

Greiner says: “I look forward to contributing to the work of the SMSF Association that plays an important role in superannuation policy that is critically important to Australia’s future. I have significant interest in the SMSF sector and the broader superannuation industry and look forward to supporting the Association’s important policy work.”

Ripoll, who held the House of Representatives seat of Oxley from 1998 to 2016, was the Parliamentary Secretary for Small Business and Parliamentary Secretary to the Treasurer.  He also chaired the Corporations and Financial Services Committee, with the inquiry it conducted into the financial services industry playing a key role in the formulation of the Future of Financial Advice (FOFA) reforms.

Ripoll said: “I am pleased to join the SMSF Association’s Public Policy Committee. The Association plays a crucial role in advocating for the SMSF sector, especially SMSF professionals, which I experienced first-hand in my time in Government. I look forward to contributing to its policy work and bringing my experience in superannuation and financial advice to the committee.”

Slattery says: “These outstanding appointments will help achieve the Association’s mission of leading the professionalism, integrity and sustainability of the SMSF sector.”

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Association Managing Director/Chief Executive Officer Andrea Slattery says Bernie always had a constructive outlook on policy issues and was prepared to entertain different points of view.

“We greatly appreciated the fact that his door was always open and he would listen and sometimes act on our counsel.

“We also acknowledge the time he gave to attend and address our national conferences where he clearly articulated Labor’s message on the issues of the day.”

Ripoll has just announced his resignation from the Shadow Ministry and will leave the Parliament at the next federal election.

He was elected to the Queensland seat of Oxley in 1998 and was Parliamentary Secretary to the Treasurer in the last Labor Government. In Opposition since 2013 he has been a member of the Shadow Ministry with the portfolios of financial services and superannuation, sport and assisting Opposition Leader Bill Shorten on small business.

Slattery says Bernie will always be remembered for his sterling work as chair of the Corporations and Financial Services Committee.

“The Ripoll report into the financial services industry helped lay the foundations for the FoFA legislation. Although we differed on some of the report’s proposals, we always recognised its importance.

“As an Association that represents SMSF specialists, as well as the more than one million trustees they represent, we believe that history will show this report will prove a significant building block to improving professionalism in the financial services sector.”

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Andrea Slattery

The SMSF sector has been strongly endorsed by both sides of politics, the regulators and Treasury at the SMSF Professionals’ Association of Australia (SPAA) national conference in Brisbane.

SPAA CEO Andrea Slattery, speaking after the session where the ATO, Treasury and ASIC gave their views on the SMSF sector, said: “The really positive thing to come out of this conference is how all three government bodies believed the sector was performing strongly.

“With the Financial Services Inquiry underway, a review of the taxation system leading to a White Paper and an examination of income streams to look at the payment of superannuation and social security benefits in the pipeline, then it was reassuring for SMSF specialists to hear that endorsement from Treasury and the regulators.

“When combined with the positive comments by the Assistant Treasurer, Arthur Sinodinos, on Wednesday, and the Opposition’s spokesperson on Superannuation, Bernie Ripoll, today, then it becomes clear that our industry, with $543 billion in FUM, is on the right track.”

Slattery said it was encouraging to hear Rob Heferen, Treasury’s Executive Director, Revenue Group, say that it was the view of the Government that SMSFs “were unambiguously a good thing, and that people aiming to be self sufficient in retirement was in tune with its philosophical direction”

Heferen, the first Treasury official to address a SPAA conference, urged the SMSF specialists to get involved with the different inquiries now underway “as they will set the scene for the industry for the years ahead”.

ATO Deputy Commissioner Superannuation, Alison Lendon, told the conference that the ATO was committed to improving the services it provided to SMSF fund managers and trustees.

“With the popularity of SMSFs continuing to grow, we want to work with trustees and their advisors to improve compliance and make sure they are prepared for several regulatory changes that will be rolled out over the next year.

“We have launched two YouTube videos for trustees, that will cover ‘hot topics’ and provide introductory information on areas we think people may need more help to understand,” Lendon said.

ASIC Commissioner Greg Tanzer took the opportunity to reiterate the regulator’s position that “some promoters recommending real estate may be breaching the law.

“A license is required to provide financial product advice even where the underlying investment is not a financial product (real estate) because the investment vehicle – the SMSF – is a financial product, and ASIC will vigorously pursue those promoters who are unlicensed.”

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Andrea Slattery

The high priority accorded superannuation with the announcement of Labor’s shadow ministry has been welcomed by the SMSF Professionals’ Association of Australian (SPAA).

SPAA CEO Andrea Slattery says: “Labor has clearly indicated with this shadow ministry that superannuation will be a key policy area. We acknowledge this and look forward to working with the Opposition.

“In particular, the appointment of Bernie Ripoll as Shadow Minister for Financial Services and Superannuation gives our sector a spokesperson that understands the portfolio, being well regarded for his previous work as Parliamentary Secretary to the Treasurer and his parliamentary committee work.

“As the leading representatives of the $500 billion SMSF sector, SPAA looks forward to closely working with Mr Ripoll to further improve the integrity and efficiency of the superannuation sector and improve the adequacy of Australian’s retirement savings, with a strong focus on working to ensure there is bipartisan support for Australia’s retirement incomes policy.

Mrs Slattery says SPAA is also heartened by the fact the Opposition Leader, Bill Shorten, and Shadow Treasurer, Chris Bowen, both have significant experience in the superannuation and financial services portfolios and will bring a keen understanding of the issues to their new roles.

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A recent national survey conducted by RaboDirect revealed just how real the need is for financial literacy to be taught in schools, with Gen X and Baby Boomers outed as the generations currently struggling most with debt issues. The question then stands – would the outlook for these generations have been different if they were taught practical ways to deal with their finances from a young age?

Key points:

• 80% of Australians believe that financial literacy should be taught in schools (according to the 2012 RaboDirect National Savings and Debt Barometer)
• RaboDirect supports the work of the government in regards to teaching financial literacy in schools and calls on others to get behind the work of Moneysmart
• RaboDirect highlights the need for parents to be involved in the process of teaching kids how to deal with money and finances – parents are some of the most influential ‘teachers’ in children’s lives 
• RaboDirect also highlights the need for all Australian’s to take stock of their financial situation, and take positive steps to improve their outlook. Prepare a budget, set savings goals and start saving today.

Renee Amor, spokesperson for RaboDirect said:

“We are pleased to see today that parliamentary secretary, Bernie Ripoll, has released the details of the Moneysmart teaching aid for schools. Our research clearly supports the need for more to be done to teach Aussies how to deal with savings and debt with less than half of the population saying they are comfortable with their finances. However this kind of learning shouldn’t just be confined to the classroom – parents are some of the most influential teachers kids will ever have, so talking openly about money and teaching practical savings tips at home is also key to ensuring our future generations are financially savvy.”

“If financial literacy had been part of the curriculum when Gen X and Baby Boomers were going through school, we might find that they would have a very different financial outlook today. As it stands, our research shows that a number of Boomers are carrying debt into retirement but less than a third of this generation are actually saving for retirement. The message is simple – all Australians can take action to improve their financial well-being and you are never too young to start.”

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Mr Ripoll was reported yesterday as saying he hoped the introduction of Future of Financial Advice (FoFA) legislation would lead to more people taking a greater interest in their retirement savings and investments.

Unfortunately, MySuper runs counter to that objective.

CSSA President, Douglas Latto, said under measures to be introduced via MySuper, corporate super specialists, who currently provide proactive financial education services to millions of employees via their corporate super funds in the workplace, will not be able to be effectively remunerated.

“If that happens, corporate super specialists will obviously have to withdraw their proactive financial services from the workplace,” he said. “What will that mean? It will mean more Australians will lose, rather than gain, interest in their retirement savings.”

CSSA advisers provide a range of services to employees, including:

• Conducting financial literacy and education seminars, personal on-site meetings and distributing newsletters in the work place
• Negotiating better terms and conditions with super funds
• Monitoring the super fund on a continuous basis, correcting the many errors that occur and overcoming administrative issues
• Playing a member advocacy role in negotiating lower fees
• Helping the fund with its group risk requirements; negotiating better features and lower life insurance premiums for members and helping members with life insurance claims.

“We believe it is highly unlikely that product providers in the space will adopt our proactive approach to financial literacy,” Mr Latto said, “which will ultimately compound the problem.”

A survey across CSSA membership reveals the current cost of providing financial services to corporate superannuation funds is about $1per member, per week.

Mr Latto said that research conducted by CoreData on behalf of the Association of Financial Advisers (AFA) earlier this year reveals that the services provided by CSSA advisers are very highly valued by the majority of employees.

“The research also confirmed our belief that if our services were not available, many employees would not actively seek out financial services education and advice,” he said. “It really doesn’t make sense to introduce measures which will remove consumer access to our services.”

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