David Sharpe

In the three years since the Association of Financial Advisers (AFA) and the Financial Planning Association of Australia (FPA) merged to become the Financial Advice Association Australia (FAAA), the FAAA has become the unified voice speaking for professional advisers in Australia, says FAAA Chair David Sharpe.

“This Friday (3 April 2026) marks the three-year anniversary of the FAAA, formed with the overwhelming support and votes of members of both heritage organisations. Together, we now have 10,799 members, and the future of the profession is bright,” Sharpe says.

“What  I am most proud of is that the FAAA saw the coming together at the board, management and most importantly at the member level like we had always been one.

“The FAAA very quickly formed its own identity with members. Our communities have come together and created grassroots events and connections for members right across the country.

“The release of the 2030 Strategic vision and the Policy Platform at Congress 2024 consolidated what the FAAA stands for and what it hopes to achieve.

“With considerable challenges such as CSLR and confusion over AML – the benefit of a professional voice speaking for our members has never been more important,” Sharpe says.

Some key milestones for the FAAA since the merger include:

• The launch of the Advice Academy in November 2025 to help build and support a pipeline of new advisers entering the financial advice profession
• The announcement by the ATO in September 2024, after consistent lobbying from the FAAA, that greater deductions for upfront financial advice fees are now available
• The launch of the Advice Ambassadors program in February 2025, aiming to pair each member of parliament with a financial adviser in their electorate, ensuring their awareness of our issues and the value we add to local communities.
• The signing of a memorandum of understanding in November 2024 with FPSB India, a subsidiary of the Financial Planning Standards Board (FPSB), and the FAAA, to promote cross-border mobility and professional development for CERTIFIED FINANCIAL PLANNER (CFP) aspirants and professionals.
• The November 2024 launch of a major consumer digital marketing campaign, promoting professional financial advice to consumers and explaining the value of obtaining advice from a member of the FAAA
• The September 2024 launch of an upgraded Find a Planner tool to help members connect with their ideal potential clients and grow their businesses
• The launch of the FAAA careers centre in June 2024 which features advice related roles at all stages, and which is actively promoted to student members and graduate members seeking employment in advisory firms.

Marisa Broome, FPA chair from October 2018 until May 2022, said the goal was to present a strong unified voice to stakeholders, and this has been achieved.

“It was very evident to then FPA CEO Dante de Gori, and me, that when the AFA and FPA joined together to meet with our politicians and regulators, we had a far greater impact,” Broome says.

“The AFA and the FPA were more similar than different – and in fact shared well over 1,000 members.  It made sense to join resources and be able to represent the majority of the professional financial advice sector.

“It was fortunate that our work with previous AFA presidents had built a lot of trust.  The openminded approach of then AFA president Sam Perera, and the trust we continued to build, provided the opportunity for the merger to be presented to the AFA and FPA boards.”

Sam Perera, AFA president from October 2021 until the time of the merger, said the AFA pursued the merger to ensure the success and longevity of the 77-year-old Association against the backdrop of a profession that desperately needed a strong, unified voice.

“We were convinced that coming together as the FAAA would enable us to be better resourced, more sophisticated, and a respected voice for the profession,” Perera says.

“It is clear that the FAAA has indeed risen to be the legitimate voice for the profession, advocating relentlessly for policy settings that enable financial advisers and their practices to thrive.

“Another important measure of success was our Association’s ability to keep members at the heart of everything it pursues. To that end, I congratulate David Sharpe, the FAAA Board and FAAA CEO Sarah Abood for their tireless work in translating the vision we had in 2023 into a reality.”

Sharpe also paid tribute to board members who recently stepped off the transitional FAAA board: Patricia Garcia and Katherine Hayes.

“The creation of the transitional FAAA board following the merger, comprising eight directors from the FPA and four from the AFA, and tasked with overseeing the transition and guiding the new association for three years, was extremely successful. I thank Patricia and Katherine for their service to the profession and their activity on the board over the past three years.”

FAAA CEO, Sarah Abood says the one constant for the financial advice profession is legislative change.

“The overwhelming vote to merge the two associations was a strong endorsement, with almost 97 per cent of members who voted, across both heritage associations, having voted to come together. It was a clear message that financial advisers wanted a unified membership body to represent them, support them and to navigate the ongoing legislative and regulatory change that faces the profession.

“While the FAAA has achieved much over the past three years, there is still work to be done and the policy and advocacy team’s work is continuing apace.”

“We are proud to represent professional financial advisers and the great work our members do every day, helping Australians become better off financially and achieve their goals and dreams.”

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Sarah Abood

FPSB India, a subsidiary of the Financial Planning Standards Board (FPSB), and the Financial Advice Association Australia (FAAA), have signed a memorandum of understanding (MoU) to promote cross-border mobility and professional development for CERTIFIED FINANCIAL PLANNER (CFP) aspirants and professionals.

This strategic partnership provides greater collaboration between the financial planning communities in India and Australia, allowing a seamless transition for CFP professionals, financial advisers, and students relocating between the two countries.

The MoU was signed between Krishan Mishra, CEO, FPSB India and Sarah Abood, CEO, FAAA in the presence of FPSB CEO Dante De Gori and FAAA Chair David Sharpe at São Paulo, Brazil during FPSB’s 20th year celebrations.

The two entities will jointly develop bridging educational content and partner with universities in both countries to establish pathways for certification for aspirants and subsequent professional growth. One of the key objectives is to enable CFP professionals to meet local regulatory requirements when seeking employment across borders.

Strengthening professional development and global exposure

This partnership between FPSB India and FAAA will create continuing professional development (CPD) opportunities for financial professionals in both countries. The collaboration will ensure Indian CFP professionals can access FAAA-accredited CPD programs while in India, allowing them to complete required coursework before seeking certification, or employment in Australia. Similarly, Australian CFP professionals will have the opportunity to prepare for the Indian market through local CPD programs.

Furthermore, the two organisations will work together to align certification requirements in accordance with FPSB’s cross-border certification policies. This will make it easier for Australian CFP professionals to seek certification in India, fostering professional exchange and collaboration.

This agreement also facilitates a pathway for Indian CFP aspirants to gain Australian financial planning qualifications, including units of study that meet Australian legislative standards.

Krishan Mishra, CEO of FPSB India, said: “In our continuous efforts towards globalising financial planning standards and opportunities for our aspirants and professionals, this partnership is a crucial step. By collaborating with FAAA, Australian universities and firms, we aim to equip Indian CFP professionals with international competencies while ensuring a smooth transition across borders. It opens new avenues for our financial planning community to grow and thrive in a global market.”

Facilitating employment opportunities and networking

As part of this initiative, CFP professionals and students from India will be supported in their transition to Australia through networking opportunities with Australian financial services firms, planning practices, and superannuation trustees. The MoU also facilitates the creation of professional year placements for Indian professionals, helping them build valuable experience and expand their global career prospects.

FAAA CEO, Sarah Abood, said: “This partnership with FPSB India will create pathways for financial professionals to move between Australia and India. The collaboration provides our members and aspiring professionals with opportunities to expand their expertise and gain international experience. Australia is one of the most multicultural countries in the world, with almost 30 per cent of the population born overseas. India is our second largest source of migrants (second only to England)^[1] and this initiative will also help our profession better serve this strong and growing community.

“The declining number of financial advisers in Australia is a well known and serious issue. We hope this agreement with FPSB India will lead to more advisers working with Australians to help them achieve their financial goals.”

 ———-

Notes:
[1] Australian Bureau of Statistics, 2021 census,  https://www.abs.gov.au/media-centre/media-releases/2021-census-highlights-increasing-cultural-diversity

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Sarah Abood

The inaugural Financial Advice Association Australia (FAAA) Congress will give financial advisers the opportunity to gain valuable insights into the many changes currently taking place in the financial planning profession.

Under the theme “Grow together”, the FAAA Congress will be held in Adelaide from 20 to 22 November and will include the first FAAA Awards Gala Dinner on Tuesday 21 November, recognising and celebrating members who deliver the highest standards of professional and trusted advice to Australian consumers, as well as those who are going above and beyond to support their local communities.

FAAA chief executive Sarah Abood says advisers at the Congress will have the opportunity to collaborate with their peers and gain knowledge to help succeed in today’s rapidly evolving financial services landscape.

“The FAAA Congress offers a platform for advisers to exchange ideas, insights and knowledge over three days, in the largest national event in the calendar for the advice profession,” Ms Abood says.

“In the keynote session, attendees will hear from former Time Magazine editor William Green, who has plenty of insights gained over his 25-year career interviewing the world’s most successful investors.

“There is also a packed schedule of presentations from experts in their fields as well as interactive sessions and networking opportunities that will inspire attendees to take their practise to the next level.”

FAAA chair David Sharpe says advisers attending the FAAA Congress will leave the event more confident about running their practice in a time of constant regulatory and technological change.

“The content has been carefully curated by members for members, with many sessions accredited for CPD points across the range of legislated CPD areas,” Mr Sharpe says.

“In line with this year’s theme, we will ‘grow together’ as advisers, navigate the profession’s challenges, seize opportunities, and inspire one another to reach new heights.”

As well as the keynote session from William Green of Time Magazine, other sessions of note include:

• Assistant Treasurer and Minister for Financial Services Stephen Jones will be joining us to outline the latest government views and regulatory developments in the advice area, with a particular focus on the status of the Quality of Advice Review reforms.
• A plenary session on the inevitable growth of artificial intelligence (AI) in the advice profession, featuring futurist Ross Dawson, CEO of Advice Intelligence Jacqui Henderson, Financial Planning Standards Board chief executive Dante De Gori CFP®, and expert in AI tools Laurel Papworth.
• The closing plenary featuring ultra extreme open water and ice swimmer adventurer Ryan Stramrood, who will present.
• PushPastImpossible: including insights on mindset, goal setting, believing in yourself and the power of determination.
• An update on the policy and advocacy objectives from the FAAA’s Phil Anderson and George John.

Breakout sessions will include:

• Engaging and enriching client relationships.
• Growing the next generation of financial advisers.
• The blueprint for the successful advice firm.
• Strengthening standards for the global profession.
• Applying digital advice in practice.
• Hottest topics and latest info in SMSFs
• The future of risk advice following the Quali.ty of Advice Review ​.
• The ethics of risk profiling.
• De-risking client financial decision making in estate planning​

The CFP® Professional Connect specialist workshop will make a return this year, on Monday morning before the FAAA Congress kicks off, providing exceptionally high-quality technical content in a session hosted by a panel of leading CFP® professionals and subject matter experts.

There will be a number of pre-Congress sessions during the afternoon before the official opening on Monday 20 November, including the Gen Next Session for paraplanners, emerging professionals and students, and the FAAA Professional Practice Session, focused on succession planning and how to retain key people.

A networking welcome reception will be held on the evening of Monday 20 November following the first keynote session, and the Inspire breakfast on Tuesday morning features sustainable fashion expert Natalie Shehata, discussing how we can use the medium of clothing to express ourselves unapologetically through conscious styling.

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The appointment follows the announcement in July 2021 that Dante De Gori would step down as FPA CEO at the end of January 2022. Mr De Gori will work closely with Ms Abood to ensure a smooth CEO transition.

Ms Abood joins the FPA from HOPE Housing Funds Management, where she is currently chief operating officer. Prior to this, she spent nine years as the CEO of Profile Financial Services, a privately-owned and self-licensed financial planning firm.  She has over 25 years’ experience in the financial services industry.

FPA chair, Marisa Broome, said Ms Abood was appointed as FPA CEO following an extensive executive search process.

“Sarah impressed the board with her deep understanding of the financial planning profession, and the demands of running a financial planning practice, gained from her nine years as CEO of Profile Financial Services.  She is also very passionate about the financial planning profession and how it has transformed itself in recent times,” Ms Broome said.

“As the CEO of the FPA, Ms Abood will build upon the strong legacy of Dante De Gori to further develop services and support for members and the financial planners of the future.”

Ms Abood said she is joining the FPA at a crucial time in the profession’s development.

“There is growing recognition of the role that financial planners play in helping Australians meet their financial goals, and achieve financial security. In particular, financial planners have a crucial part to play in supporting the post-pandemic economic recovery.

“The FPA is the largest professional association for financial planners and has a strong track-record and heritage in supporting their needs. It is strongly positioned to continue supporting its members, and the financial planning profession as a whole, as it enters 2022. 

“I am impressed by the FPA’s vision for the future of financial planning as a vibrant and integral part of Australia’s prosperity, and look forward to playing my part in achieving this,” Ms Abood said.

Ms Broome paid tribute to the work of Mr De Gori who is leaving the FPA after twelve years, including six years as CEO.

“Dante’s contribution and advocacy during a period of great change and upheaval has been instrumental in helping develop recognition for financial planning as a profession.  He will leave a lasting positive legacy at the FPA, and we wish him all the best for his future plans,” Ms Broome said.

Sarah Abood has over 25 years’ experience in the financial services industry. She joins the FPA from HOPE Housing Funds Management, where she is currently chief operating officer. Prior to this, she spent nine years as the CEO of Profile Financial Services, a privately-owned and self-licensed financial planning firm. She has also worked in senior change & transformation and marketing roles for some of Australia’s leading financial institutions. Sarah holds a BA from the University of Sydney, an MBA from Macquarie University (MGSM) and is a Graduate of the Australian Institute of Company Directors.

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Susan Buda

The Financial Planning Association of Australia (FPA) has named Sydney-based financial planner Susan Buda of Brady & Associates Financial Advisers, as the second 2021 winner of the Gwen Fletcher Memorial Award.

Named after the late ‘First lady of Financial Planning’, the award recognises the highest performing student in the CFP® Certification Unit (CFP C) for each semester, with demonstrable dedication to providing high-quality financial advice.

Mrs Buda said the CFP® Certification Program was a challenging, but practical experience especially whilst working at home during lockdown with young children.

“It was a challenging course, but I was surprised and delighted to win this award,” Mrs Buda said.

Mrs Buda completed a Master’s of Financial Planning at Kaplan Professional and took the Master’s integration pathway into the CFP® Certification Program.

“I always intended on doing the CFP® Certification Program because it’s an internationally recognised designation and acknowledged as a sign of excellence in financial planning.”

She said the CFP® Certification Program is very practical and draws upon a real world case study that challenges your critical thinking skills.

“You have to assess the client’s situation, consider their communication style and present all options and their outcomes. It’s a great practical experience that will benefit my clients.”

FPA CEO, Dante De Gori CFP®, congratulated Mrs Buda on her win: “I would like to congratulate Susan on her achievement and to formally recognise her ongoing commitment to Gwen’s legacy of improving the financial planning profession through education and higher professional standards.

“The FPA is pleased to hear positive feedback around the CFP® Certification program, particularly around the practical application. The program equips financial planner practitioners with the skills to deliver the highest quality of advice to Australian consumers,” concludes Mr De Gori.

The CFP® designation is the only financial planning designation recognised globally. It is a recognised symbol of excellence for financial planners who are actively committed through higher education and accountability to adhering to world-class professional and ethical standards.

With the new education standards, all financial planners will be expected to hold an approved degree by 2026. The CFP® designation continues to offer financial planning professionals a way to differentiate themselves in the profession.

This is the second Gwen Fletcher Memorial Award winner this year, with Melbourne-based financial planner Renato Manias being recognised in February 2021.

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The inaugural program aims to support women in financial planning to further their careers by matching eligible females in the financial planning profession seeking guidance and support, with more experienced FPA members.

“The FPA is thrilled to launch the program to encourage and support women in financial planning”, said FPA CEO Dante De Gori CFP®.

“Women account for around 20% of financial planners and 27% of the FPA membership. Further, the demand for female financial planners is there, so encouraging more women to enter and remain in the profession will be vital to serving the needs of the growing number of Australians seeking advice. Our challenge and opportunity is to both support women throughout their financial planning careers and also convert this consumer demand into financial planning clients.

“Feedback from our members has shown there’s an important opportunity for the FPA to play a role in offering mentoring in financial planning. We’ve been able to launch this initiative with the support of the Department of Prime Minister and Cabinet’s Women’s Leadership and Development Program and the $1.5 million grant awarded to the FPA”, added Mr De Gori.

The FPA is calling for applications from members to become both mentors and mentees in 2022.

“For mentees, it’s an opportunity to receive guidance and support, networking opportunities and a window to professional growth and career planning. Mentors stay abreast of emerging issues and develop their leadership and communication skills through the same process,” said Mr De Gori.

Mr De Gori said the program will be a way for experienced members to give back to the profession and help develop the next generation of financial planning practitioners. The FPA is committed to supporting more women to not only consider a career in financial planning but importantly the FPA wants to help those already in the broader profession take the next steps in their career development.

“It is important for the profession to provide more support for women working in financial planning. It’s wonderful to have the opportunity to offer a formal, structured mentoring program for FPA members,” Mr De Gori said.

To join as a mentee, candidates must be a member of the FPA, and a female working in the profession, and satisfy one or more of the eligibility criteria. Mentors can be a male or female members of the FPA with at least three years of experience in one or more areas, including client service or associate adviser roles, paraplanning, business development, compliance, practice management and financial planning or advice roles.

The program will commence mid February 2022 and over the course of six months, mentors will be given training and matched with a mentee to work with on a monthly basis. The program will include:

• online training and reading materials for mentors to help guide the mentoring relationship
• three webinars attended by mentors and mentees to track progress during the program
• monthly contact between mentors and mentees throughout the program.

More information and applications.

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Dante De Gori

The FPA welcomed the passing of the Better Advice Bill in the Senate last week and looks forward to the stability that will follow.

After 8 years of constant regulatory change, financial planners now have the opportunity to focus on their clients and on the challenge of providing financial advice to more Australians without the distraction of constant regulatory change.

The Bill delivers a number of important measures, including a clear disciplinary process for the financial advice profession, regulatory efficiency through the removal of TPB as an advice regulator, the winding up of FASEA and the transfer of responsibilities of FASEA to Treasury and ASIC. These changes will streamline regulation, ultimately reducing costs to the profession and consumers.

The Bill is the last major recommendation from the Hayne Royal Commission related to the provision of financial advice. The past two years has been another period of significant reform that has overhauled the regulation and practice of financial advice in Australia. Whilst this legislation now provides a level of clarity as to who regulates financial planners, there are still outstanding issues that need to be addressed through regulations.

The FPA will continue to work through these regulations and engage with members and stakeholders to ensure constructive input into the implementation of the reforms, as the Treasury consults on the operation of the FSCP panels at ASIC.

By Dante De Gori CFP®, CEO

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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.

FPA CEO Dante De Gori CFP® said many Australians have used the pandemic to reconsider their finances – spending and saving habits, budgeting and planning – and have an appetite to make changes. The pandemic has been a sharp reminder for Australians to have a financial plan in place, not only as a road map to achieve their goals, but also as a contingency for unforeseen events.

“It’s great to see financial planners guiding thousands of everyday Australians through the financial stress created by the pandemic and an increased engagement between Australians and their financial planner in the last 12 months to seek reassurance for personal finances or build a financial plan,” said Mr De Gori.

“The 20 finalists have been chosen because they have demonstrated an exceptional commitment to professional standards and made a positive difference to the lives of clients and their local community.

“The judges have been very impressed by the high calibre of award entries this year and look forward to announcing the Award winners in November,” he said.

The category finalists in the FPA Community Service Award supported by Future2 will be announced later this month following the upcoming Future2 Board meeting.

The finalists for each award are as follows.

FPA CERTIFIED FINANCIAL PLANNER® Professional of the Year Award

• Kathryn Creasy CFP® – Capital Partners Private Wealth Advisers (WA)
• Matthew Meehan CFP® – Lifesolver Financial (NSW)
• Naomi Mee-Martino CFP® – Bastion Financial Group (WA)
• Mark O’Flynn CFP® – Tupicoffs (QLD)

FPA Professional Practice of the Year Award

• Alman Partners (QLD)
• APT Wealth (NSW)
• Enlightened Financial Solutions (QLD)

FPA Financial Planner AFP® of the Year Award

• Leanne Bielik AFP® – 2020 Wealth Pty Ltd (VIC)
• Michelle Maguire AFP® – MLC Advise (NSW)
• Craig Phillips AFP® – Phillips Wealth Partners (ACT)

FPA Advice Innovation Award

• Josh Pennell CFP® – Prosper Advisory Financial Services (VIC)
• Daniel Thompson AFP® – Finnacle (NSW)

FPA Paraplanner of the Year Award

• Andrew Mann CFP® – Tupicoffs (QLD)
• Elora Shine – Cooper Wealth Management (NSW)

FPA University Student of the Year Award

• Nicole Gardner – Kaplan Professional (VIC)
• Martin Jack – Griffith University (QLD)
• Matthew Kanizay – Deakin University (VIC)
• Melina Pisani – Deakin University (VIC)
• Renae Poole – Griffith University (QLD)
• Aaron Skow – Kaplan Professional (NSW)

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Dante De Gori

Australians are making some healthy financial choices as they endure a challenging second year of the COVID pandemic, with more Australians prioritising hitting a savings goal over taking a holiday in the next 12 months as the country prepares to emerge from months of lockdown.

The surprising result highlights a silver lining from the global pandemic as Australians choose to take a financial health check and focus on getting the basics right: reducing frivolous spending, increasing savings, paying down debt and creating a budget.

Marking the start of the 21st Financial Planning Week in Australia (4-9 October), FPA’s annual Money & Life Tracker: Freedom edition,^[1] provides a snapshot of the money and life issues Australians are facing 18 months since the COVID-19 pandemic started, how this period of time has impacted people’s financial situation, and what they have done to better manage their money.

Conducted in September, the survey revealed that 35% of Australians said their income and ability to work was affected by lockdowns, while a similar total (34%) said they did not have enough savings to get through lockdowns, or did not know. 

Yet compared to this time last year – 11% of people said they were now in a much stronger financial position, and 26% said they had made some changes to their financial situation.

The research shows many Australians have stayed focussed on their newly adopted financial habits which kicked in during 2020 and have gathered pace 2021. Amongst the biggest changes made in response to the pandemic, the number one change people reported was to ‘be more frugal about my lifestyle choices’ (44.7% in 2021 vs 30.8% in 2020), followed by ‘increased my savings’ (43.9% in 2021); ‘paying down my debts’ (41.3% in 2021 vs 23.3% in 2020); and ‘created a budget to understand what I’m spending and saving’ (38.6% in 2021 vs 23.2% in 2020).

Those who hadn’t made major changes also said in hindsight, some basic financial planning could have helped them be in a better financial position: 9% said ‘having a financial plan’ would have helped; 23.6% said ‘working on my savings earlier’; 18.2% said ‘not splashed money on take-aways and non-essential items; and 13.4% said ‘focus on paying down debt more quickly’.

Interestingly – more men indicated they would’ve had a financial plan in place (11% men vs 9% for women) whereas more women have indicated not splashing as much money on takeaways and non-essential items (16% men vs 21% women). Further, women prioritised making a budget (43% women vs 34% men) and being more frugal (50% women vs 40% men). Men were also more likely to prioritise increased savings (47% men vs 41% women), salary sacrifice into super (15% men vs 11% women) and investing more outside of super (25% men and 12% women).

Focus on financial basics a prelude to professional financial advice

Dante De Gori CFP®, CEO of the FPA said the financial health check forced on Australian families nationwide posed a unique opportunity for Australians to better understand their finances and take more control of their financial future.

A key goal of the FPA is to encourage a wider range of Australians to improve their financial wellbeing through seeking professional financial advice.

“Financial Planning Week is all about inspiring Australians from all walks of life and ages to consider their personal finances and find out how having a financial plan will give you greater peace of mind and security.

“This year’s edition of Money & Life Tracker has shown us almost a quarter of Australians did not have enough in savings to support themselves through the lockdown period.

“However, the value of financial advice has clearly risen in the eyes of those facing significant challenges and uncertainty. Our research findings from 2020 showed those who had a financial planner by their side were able to cope more confidently than those who didn’t. In light of this, we encourage as many Australians as possible to take stock of their circumstances and explore how a qualified financial planner could help them.”

Research findings show there has also been an increase in Australians seeking professional financial advice and having a financial plan in place. Further, 6.5% of Australians are embracing digital platforms to receive advice.

A majority of Australians maintained a DIY approach to their financial health with 88% feeling they can only trust themselves or their spouse / partner with their financial accountability. Nearly 12% are holding back from engaging a financial planner because they think that they don’t have enough assets or investments to engage one.

“Coming out on the other side of the pandemic, there are a lot of key learnings for Australians on how to better manage their financial situations. Like how you would seek legal advice from a lawyer, get regular health checks from a doctor, we recommend seeking professional advice on your financial situation from a qualified financial planner.

“It’s great to see financial planners guiding thousands of everyday Australians through the financial stress created by the pandemic. As the lockdowns persist, demand for financial advice has surged, with 2.6 million non-advised Australians intending to seek help from a financial planner in the next two years. This figure is up significantly from 2.1 million in 2019, and double the levels observed in 2015*[1],” Mr De Gori added.

Of those Australians with a financial planner, the majority are 45-54-years old, the phase of life where they are actively looking towards their retirement goals. The majority of this group (9.8% of the total survey) have sought financial advice for between 1 and 3 years; and are skewed towards males.

Cautious optimism on the road to recovery

There are reasons for cautious optimism as 17.8% of Australians believe the country is on the road to recovery, compared to 9.3% last year. Further, fears about whether a recession will be worse this time around have decreased by 4.1% compared to last year.

When it comes to top financial goals over the next 12 months, a majority of Australians prioritised hitting a savings goal (52.4%), while going on a holiday (44.4%) and paying off their mortgage (32.4%) were next. The majority of Australians prioritising hitting a savings goal are in their wealth accumulation phase: 35 – 44 years old. Further, this age demographic is leading the way when it comes to investing in the stock market particularly for men (18% compared to 14% women).

“Australia is soon entering a new year of ‘living with COVID’ and it’s promising to see a number of Australians are currently seeking advice from a professional financial planner or through a digital platform. Financial Planning Week is the perfect time for you to think ahead and create a plan to improve your financial wellbeing – now and into the future,” concludes Mr De Gori.

Here’s our top three tips on being financially savvy and turning hindsight into foresight:

———-
[1] Money & Life Tracker: Freedom edition

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Camilla Love

F3 – Future Females in Finance and the Financial Planning Association of Australia have partnered to offer 20 university students practical work experience to boost the skills and employability of aspiring young women into the financial services industry.

The Financial Planning Association of Australia (FPA) has awarded $25,000 to Fthree Pty Ltd (F3) to fund 20 work experience places with the aim of fostering a greater number of females pursuing a career in financial services.

The scholarship will be awarded to four groups of five female university students to complete a six-week work experience program within an industry participant organisation.

The scholarship comes as the FPA is the custodian of $1.5 million grant from the Department of the Prime Minister and Cabinet earlier this year to improve the gender balance in the finance industry.

With figures from the Australian Bureau of Statistics revealing that the finance and insurance industry has the highest gender pay gap, this is just one of the many challenges for women seeking to make a start in the financial services industry.

“We hope this program will help more female students get their foot in the door.” commented Camilla Love, founder of F3.

According to Ms Love, education and practical work experience can help accelerate the number of female students pursuing a career in financial services.

“Part of the problem is that many young women don’t know enough about the industry or are unsure whether they would fit in, culturally. Currently, 54% of students coming through our work experience programs studied Finance at University. 70% are now working in a finance-related role. This shows the importance of exposure to inspiring projects, developing critical networks and nudging them into the industry through the program.” commented Ms Love.

“We are really pleased to partner with F3 on this initiative. Having a good gender balance brings in fresh ideas and creates high performing teams. Through offering this scholarship with F3, we are investing in the future and the next generation of talent for the financial services sector.” Comments Dante De Gori CFP®, Chief Executive Officer of the FPA.

As F3 offers online remote work experience, these programs can be run all year round. As such, applications will open on an ‘as needs’ basis from 2021.

Learn more.

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