Mark Rantall

The Financial Planning Association (FPA) has welcomed the Government’s announcement yesterday that it will not proceed with new tax measures, among these the Self-Education Expenses Cap and Tax on Superannuation Pensions.

Mark Rantall, CEO of the FPA, said the decision to halt the tax measures, which would have negatively impacted the superannuation system and the education and development of many professionals, is positive news for the financial planning community and beyond.

Commenting on the decision to halt a new tax on superannuation pensions, Mr Rantall said, “The proposal to tax earnings on super assets supporting income streams would have been costly, difficult to administer and would de-incentivize contributions to the superannuation system. The FPA has campaigned against these changes and the Coalition’s decision is a common-sense decision which will deliver much needed confidence in the super system. Importantly, this move will help again incentivise Australians in wanting to achieve the goal of a self-funded retirement.”

In response to the decision to halt a $2,000 cap on self-education expense, Mr Rantall continued, “Ongoing education and training is crucial to many professions, and particularly for financial planners coping with an ever changing legislative environment. The FPA does not support a capping of education and training, which in all professions is integral to the ongoing trust, confidence and quality of services delivered to consumers. Today’s decision is a win for the education of financial planners and the millions of Australians they provide advice to.”

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The Congress included sessions on Leadership, Best Practice and Personal Development.

Technical education and self-development emerged as core professional development principles for financial planners at the Financial Planning Association’s (FPA) Inaugural Professionals Congress.

The event, which took place in Sydney on 17 and 18 October, welcomed over 1,000 financial planning professionals from around Australia.

The program was designed to develop planners from an educational and professional development perspective, based specifically on needs identified by FPA members. The Congress included sessions on the technical aspects of advice as well as on Leadership, Best Practice and Personal Development.

CEO of the FPA, Mark Rantall said, “Financial planning has undergone significant changes, in both a regulatory and cultural sense with the implementation of FoFA and a continuing emphasis on professionalism being a focus in recent times. Congress was an opportunity for the professional planning community to come together and celebrate our successes and the success of our peers as individual practitioners.

“Our goal was to provide delegates with a program that was, above all, practically beneficial to both their professional practices and their own personal development. We are engaging with delegates to receive structured feedback to ensure we continue to provide our community with the development it needs and the feedback we have received so far confirms that the Congress program met the needs of our community.”

Among the most popular and highly rated sessions were personal and professional development topics, such as personal time management and consumer targeted sales and marketing.

These evaluative conversations revealed that members benefited hugely from the event, with one delegate testifying that, “The Congress was a great way to connect with like-minded professionals and to really learn how to engage with clients and build a growing, sustainable business in this ever-changing industry.”

Social networking was also a focus at the Congress, with delegates encouraged to interact on Twitter, Facebook and Instagram. The event hashtag, #FPACongress, achieved the number one trend in Australia on Twitter with over 2,100 tweets posted before, during and after the event. The FPA Australia Facebook page had an audience increase of over 350%.

Mr Rantall said that the growing importance of social media as a professional communication tool was a key factor in providing delegates with social media support and expanding the online element of the Congress.

“Interaction between planners and clients is vital and with an increasing number of conversations happening online it is important that we are encouraging our members to use social media and ensuring they are equipped to do so.

“As a professional organization, we also understand that social media is an effective way for us to communicate with our communities and the wider financial services industry on an ongoing basis. We hope that the valuable conversations from Congress continue in the social sphere and we look forward to being a part of that.”

The 2014 Professionals Congress is scheduled to take place in Adelaide on the 20^th and 21^st of November next year.

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FPA launches financial planning research grants for university academics.

The Financial Planning Education Council (FPEC) together with the Financial Planning Association (FPA) yesterday launched its inaugural round of financial planning research grants available to university academics, establishing the framework for an annual round of research grants in a partnership between the financial planning profession and academia.

The FPEC comprises academics and financial planning practitioners and is sponsored by the FPA. Together they have launched the grants to support higher education providers currently offering approved degrees that satisfy requirements for admittance to the CERTIFIED FINANCIAL PLANNER^®certification program. Currently 15 higher education providers have approved degree qualifications and others are in the process of accreditation.

The launch of the research grants was at the 2^nd Personal Finance and Investments Symposium held at Griffith University in conjunction with the biannual meeting of the Financial Planning Academics Forum.

Launching the Research Grants, Mark Rantall CFP^®, CEO of the Financial Planning Association said: “The FPA is proud to take a further step in ensuring a strong future for the financial planning profession. Our consultation with senior academics from across Australia has made it quite clear that the existence of academic research is essential to underpin quality university education in this discipline. In turn, financial support from the profession is the missing piece in the equation. Consequently, we have initiated the seed funding for this inaugural round of research grants and invite our Professional Partners to join us in this important initiative.

“An approved degree is a requirement for all new practitioner members of the profession and support for academics in this discipline is recognised as an essential part. We believe the funding will just be the start of a strong investment in universities by the profession. In working together to support the future CERTIFIED FINANCIAL PLANNER® of Australia we can ensure that more Australians than ever have access to quality financial advice.”

Associate Professor Mark Brimble, Co-Chair of the Financial Planning Academics Forum (FPAF), and Chair of the FPEC, said: “The grants scheme signals a further deepening of the relationship between the financial planning industry and the higher education sector as we work together to build the financial planning profession of the future. On behalf of my fellow Academic and Professional colleagues on the FPEC, I applaud the launch of these research grants as a critical part of the education landscape as we continue to build this community towards a strong professional future. There are significant benefits for all parties to engage in a program of rigorous, independent and timely research to inform practice and policy development. I commend our professional community for the support they have pledged to these grants and encourage my fellow academics to demonstrate its importance by applying for grants.”

Following a two stage application process, the first round of the grants will be awarded in March 2014. Initial Expressions of Interest will be accepted from November with a deadline of 8^th December 2013. The size of individual grants will be evaluated based on project needs and funding available. Initially, projects are eligible to receive up to $5,000.

The Financial Planning Education Council (FPEC) was established as an independent body chartered with the responsibility of raising the standard of financial planning education and promoting financial planning as a distinct learning area and a career of choice for new students and career changers.

The FPEC has representation of financial planning academics and CERTIFIED FINANCIAL PLANNER^® practitioners. It is sponsored by the Financial Planning Association of Australia and has representation from the Financial Planning Academics Forum (FPAF).

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Platinum and the Neilson Foundation launch new scholarship.

The Financial Planning Association (FPA) today announced that Platinum Asset Management (Platinum), together with the Neilson Foundation will offer a scholarship to undergraduate students majoring in financial planning as part of their degree.

The scholarships will be offered through five Australian universities; Deakin, LaTrobe, Canberra, Western Sydney and Wollongong, and will commence at the beginning of the 2014 academic year. The scholarships offered will be for approximately 20 students annually at $15,000 per student. Platinum will also offer prizes for outstanding academic achievement.

In order to be considered, a student must be studying full time and major in financial planning. The scholarship will therefore typically be awarded to a second and/or third year undergraduate, as this is the time when students are most likely to start a major in financial planning.

Speaking about Platinum’s and The Neilson Foundation’s decision to offer the scholarship, Liz Norman, Director of Communications and Investor Services for Platinum, said that the aim was to incentivise students who are passionate about financial planning and who have aspirations to a long term career in the industry.

“We recognise the vital role that financial planners play not only in our business but the investment management community generally, and we see this scholarship as a way of supporting the efforts of the FPA to raise educational standards and encourage new talent into the industry.

“Full time studying can impose a significant financial burden on students, so we wanted to find a way to lessen the load. Recipients of the scholarship will be able to spend the money they receive in ways that will best help them reach their goal of becoming a financial planner,” she said.

Mark Rantall, CEO of the FPA, said that

“Raising the educational and professional standards of financial planners is a very clear focus for the FPA community. That is why we were so pleased to launch the National Accreditation and Curriculum Framework for financial planning degrees in November last year. The framework created a clear relationship between academia and the financial planning profession, and gave universities a clear understanding of the high standards of learning and graduate outcomes expected of financial planners.

“We believe that these scholarships will help cement and uphold those standards by rewarding promising and passionate students who are committed to a career in financial planning,” he said.

Mr Rantall concluded by thanking Platinum for its support of the financial planning profession and highlighted the broader significance of the scholarship.

“Australians have the right to feel confident in the educational qualifications and competence of people who call themselves financial planners; and this scholarship will help encourage talented future financial planners,” he said.

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More than 1,000 delegates heading to the FPA Professionals Congress.

Registrations for the Financial Planning Association’s (FPA) Inaugural Professionals Congress closed last Friday with over 1,000 delegates set to attend the new look event.

Following a period of significant change within the financial planning profession, next week’s Congress is designed to deliver education and self-development opportunities to both FPA members and non-members, providing them with more tools with which to change client’s lives for the better.

Built by practitioners for practitioners, the Congress program offers sessions covering Technical, Best Practice, Personal Development and Leadership, helping planners to build their business, further their self-development and ultimately, be in a better position to service their clients.

Mark Rantall, CEO of the FPA said: “The past year has been a turbulent one for the profession – from the implementation of FoFA, the Tax Agent Services Act and the change of government. Next week’s Congress is an opportunity to bring the focus back to our community of financial planners and aligned professionals, marking our collective achievements and preparing for the challenges that lay ahead”.

“We’ve tailored the Workshop streams to meet what planners everywhere say are their most pressing practical needs. There is the deep educational focus that one would expect from such an event, but the sessions also deliver a focus on personal and business developments skills – framed against delivering a valuable service proposition to the client”.

“The most subscribed sessions at Congress indicate what we have been hearing this past year from the planner community. For example, time management is a persistent issue that planners face in their day-to-day and unsurprisingly, this session has proven to be a sell-out. We are pleased that workshop registrations strongly indicate that delegate needs are being met.”

Other highly popular sessions include:

The Professionals Congress will also hear from many FPA members and CERTIFIED FINANCIAL PLANNER^® Practitioners who will conduct panel sessions on tax planning; FoFA, insurance and client acquisition – providing delegates with a great opportunity to learn from their colleagues. For example, one of the booked-out sessions will feature members sharing tips with one another on ‘Minimizing tax, maximizing opportunity’ (Technical Stream).

Mr Rantall continued, “It’s exciting to see that we will have twice as many delegates than at our last conference in 2011 and I am hugely proud of the work that has gone into this event. This is a Congress for planners; it is about supporting the profession through this period of change and building for the future so that more Australians have access to the highest quality advice”.

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David Aitkin

The Financial Planning Association of Australia (FPA) has struck a landmark agreement to promote a stronger relationship with Australia’s industry superannuation sector via a pilot professional referral service with the Construction and Building Industry Superannuation Fund (Cbus).

The pilot arrangement culminates months of collaboration between Cbus and the FPA.

It means that FPA Professional Practices that meet select professional and geographic location criteria, may accept referrals of eligible Cbus members seeking professional financial planning services.

David Atkin, Cbus CEO said: “The pilot referral service aims high: allowing Cbus members access to professional financial planning services delivered by a CFP® practitioner operating within an FPA Professional Practice.

“This is an exciting step. And we look forward to rolling out the initial pilot scheme to Cbus members in Queensland, South Australia, Tasmania and the Northern Territory. Pending the outcome of this initial phase, there is strong potential for the programme to become a national scheme for all eligible Cbus members.

“I congratulate the FPA for its foresight in driving its professional mission, and we welcome the ongoing collaboration with the FPA to ensure the ongoing success of this joint initiative.”

Cbus represents over 700,000 industry and general public members, and serves some 80,000 employer groups.

Mark Rantall, FPA CEO said: “This is a significant and healthy step in the right direction for the financial planning profession. It’s a practical example of the ongoing joint dividend that flows from choosing professionalism: good for Australian investors, good for the professionals who serve them.

“FPA thanks Cbus and its Board for the confidence in choosing to entrust its members to the safe hands of CERTIFIED® professionals operating within the FPA Professional Practice network.”

Mr Rantall said the opening of collaborative pathways with Australia’s industry superannuation sector augurs well for the ongoing future of all Australians and the professional CERTIFIED® financial planners who serve them.

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Mark Rantall

Financial Planning Standards Board Ltd. (FPSB), owner of the international CERTIFIED FINANCIAL PLANNER certification program, will hold a global meeting of its member organizations in Sydney from 23-25 October. The Financial Planning Association of Australia (FPA), which was the first organization to administer CFP certification outside of the U.S. beginning in 1990, will host FPSB and its member organizations from 24 territories for a two-day session that will focus on strategies to lead the financial planning profession.

“As the organization with the fifth largest population of CFP professionals in the world, FPA is pleased to welcome FPSB and its member organizations to Australia,” said Mark Rantall, CFP, CEO of FPA. “The meeting comes at a significant time for financial planning in Australia, as FPA works toward enshrinement of the term “financial planner” in law. Many of FPSB’s Members are also experiencing shifting macro-economic and regulatory environments, so we will have much to discuss as we look to grow the base of CFP professionals globally,” he added.

Peter Kell, deputy chair of the Australia Securities and Investments Commission (ASIC), is scheduled to address the group at a dinner on Wednesday, 23 October, and will provide insights into ASIC’s view of the Australian financial services marketplace and the role financial planning and CFP certification has to play. FPSB, which became an affiliate member of the International Organization of Securities Commissions (IOSCO) last year, will also discuss in Sydney how FPSB and FPSB Members can partner with regulators on oversight of the financial planning profession.

Representatives from FPSB’s Board of Directors and FPSB Members will also attend the FPA Professionals Congress, which takes place in Sydney from 17-18 October.

“We are pleased to bring FPSB’s international meeting to Sydney, where FPA continues to play a leading role in the global financial planning profession,” said FPSB CEO Noel Maye. “I want to thank Mark Rantall and FPSB Chairperson Steve Helmich, director of advice and client solutions at AMP, for their commitment to FPSB’s mission and for working so diligently with CFP professionals, firms and regulators to help put consumers in Australia in control of their lives through the use of personal financial planning.”

FPSB benefits the public by establishing, upholding and promoting worldwide professional standards in financial planning, and partners with organizations like FPA to offer CFP certification around the world. During the meeting in Sydney, FPSB Members will evaluate appropriate policies and professional standards for a profession, discuss the organization’s long-term strategy, developed in 2010, to sharpen focus for the next two to three years, and share best practices and trends. FPSB’s vision to establish financial planning as a distinct global profession, with the CFP marks its symbol of excellence, will guide discussions throughout the meeting.

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AMP Financial Planning’s Darren Black at the start line of the Future2 Wheel Classic.

After months of training and weeks of fundraising, financial planners finally got on the road early Saturday with the Future2 Wheel Classic, the epic annual cycle ride organised by Future2, the Foundation of the Financial Planning Association.

Setting out from Old Treasury Building in Melbourne, most of the cyclists were looking forward to nine days and anything between 45 and 65 hours in the saddle, depending on their level of fitness.  They will climb over 10,500 m – the equivalent of 1.2 Mount Everests.   If the 2012 Wheel Classic sets expectations, they will encounter 40+ kph headwinds, snow, hail and lightening.  They could expect over 70 flat tyres to fix and burn around 3,500 calories a day, double the average daily intake!    All in the name of helping disadvantaged young Australians towards a brighter future.

The annual fundraising event is sponsored AMP Financial Planning (Gold Partner) for a third year. Matrix Planning Solutions is Silver Partner for the fourth year running.

AMP’s head of advice in Melbourne, Darren Black joined Victorian State Member of Parliament David Southwick MP to farewell the riders, a number of whom are AMP employees and planners.

Thirty cyclists will participate in some stage of the Melbourne to Sydney route.  All are actively seeking the support of friends, family, colleagues to help Future2 towards an ambitious $170,000 fundraising target.  Donations can be made in support of individual riders at www.future2fundraising.org.au/event/f2wheelclassic2013

When fundraising closes on 31 October, the individual and the team with the highest fundraising total will be awarded a trophy.

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Deborah Thomas

With the inaugural Financial Planning Association (FPA) Professionals Congress around the corner, the FPA has announced details of its Women in Finance Breakfast, featuring some of the leading female financial planners in the profession and high-profile magazine editor and business success story, Deborah Thomas.

Research has shown that the FPA has a higher representation of female members at 23%, compared with 18% in other associations (in aggregate) as a result of initiatives supporting the growth of women in financial planning¹.

CEO of the FPA, Mark Rantall said: “Female financial planners represented 32% of our new membership this year and while it is positive to see that the female representation is growing each year, these numbers are not satisfactory and much needs to be done to close the gap between genders in financial planning, and the wider financial services. The FPA community hopes to see more women join the profession in the future and we continue to work hard to build initiatives that encourage Australians across all demographics to become CERTIFIED FINANCIAL PLANNERS®. In order for Australians from all walks of life to receive appropriate advice, there needs to be equal representation across genders and all demographics.”

“The FPA Professionals Congress program has been developed to provide support and information to members in all aspects of providing advice. The Women in Finance breakfast is one way we aim to support our female community of planners in their careers. The FPA is excited to host a number of successful female financial planners with Deborah Thomas featured as the guest speaker. Deborah Thomas is a shining example of someone that has consistently excelled in their field and we expect attendees will be inspired by her remarkable achievements.”

Ms. Thomas is one of Australia’s most successful magazine editors, having edited some of the most popular women’s titles for 20 years before moving to a corporate role at one of Australia’s top publishing houses, ACP Magazines.

“I believe all women should understand and take control of their financial future; it is the key to independence. I look forward to sharing my story with 200 women who help make this happen,” Thomas said ahead of her presentation.

The Women in Finance breakfast will take place on Friday 18 October at 7:30am as part of the Professionals Congress. As well as listening to Deborah Thomas speak, attendees are invited to network with some of the industry’s leading female financial planners and discuss challenges faced by women in the industry.

Registrations to the FPA’s Professionals Congress (17-18 October) are now open, and current planners, international leaders and the planners of the future are welcomed to register. The Professionals Congress is focused on the purpose and influence of financial planners and the passion that the FPA community has to make a difference to people’s lives – by helping clients plan and manage their financial health and future.

Click here for more information or to register for the Professionals Congress.

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¹ Investment Trends FPA Professional Dividend Report September 2012

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FPA Best Practice Awards announced.

The Financial Planning Association (FPA) has recognised some of the profession’s top financial planners in Australia through their Best Practice Awards.

The annual Awards recognise Australia’s best financial planners who deliver exceptional qualified and trusted financial advice using the highest standard of ethics, practice standards and professional conduct in the country.

CEO of the FPA, Mark Rantall, said that the Best Practice Awards also serve as an important symbol of excellence for consumers seeking qualified financial advice.

“These awards recognise the best of the best. FPA members comply with some of the highest financial planning standards on a global stage. These Award winners have not only complied with the FPA Code, but in so doing have offered a considerable contribution to the profession through community involvement, mentoring and support to their local FPA Chapter.

“Our profession has been through a period of tremendous change in recent years and has made significant strides in advancing the global standing of the profession. These planners have, in spite of any interruption to business, persisted for their clients’ best interests. The three winners, selected from a short list, truly embody the values of our professional community in their everyday work with clients and are exemplars of the financial planning profession,” said Rantall.

The 2013 winners of the FPA’s Best Practice Awards are:

• James Kenny, CERTIFIED FINANCIAL PLANNER^® has been awarded both the Queensland as well as the National FPA CERTIFIED FINANCIAL PLANNER^® Professional Best Practice Award. James is a mentor to undergraduate students and young financial planners, helping to ensure the future of financial advice in Australia and fostering professionalism in the next generation of CERTIFIED FINANCIAL PLANNER^® professionals.
• Mark Milner, Financial Planner AFP^®, has been awarded both the Queensland and the National FPA Financial Planner AFP^® Best Practice Award.  Mark’s dedication to providing the highest calibre of advice to his clients is manifest in his ongoing studies toward becoming a CERTIFIED FINANCIAL PLANNER^®, which he is set to achieve in 2014.
• Jeremy Gillman-Wells, CERTIFIED FINANCIAL PLANNER^®, has been awarded both the Australian Capital Territory and National Future2 Community Service Best Practice Award.  Jeremy volunteers his time as a pro bono CERTIFIED FINANCIAL PLANNER^® and his work with the NSW Cancer Council speaks to the transformational power of quality financial advice.

Mr. Rantall said, “I offer my personal congratulations to James, Mark and Jeremy on their significant achievements in financial planning and commend their work. I would also like to thank them for the extraordinary service they give not only their clients but our professional community as well. Through the quality advice they provide, James, Mark and Jeremy are making a difference in the lives of many, many Australians and in the future of the financial planning profession.”

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