Mark Rantall

The 14^th annual Financial Planning Week (FP Week) wrapped up this week, and has revealed that Australians are most concerned about retirement, home loans, superannuation and the best way to invest their hard earned savings.

The results of the campaign, run by the Financial Planning Association of Australia (FPA), have also shown that Australians aged between 20 and 35, are particularly interested in ‘quick fix’ tips to help them get ahead and make the most of any surplus income before they incur long-term debt.

Not surprisingly, people aged 50+ were the most engaged in FP Week, seeking out content that explained how they can prepare for retirement and also maximise retirement income.

Mark Rantall, CEO of the FPA, reflected on the campaign: “The aim of FP Week has always been to show the value of advice and demonstrate to Australians that qualified, professional advice can help secure their financial future and also help with short term goals.

“The financial planning profession has been in the spotlight recently, and education announcements made during FP Week by large financial institutions are another win for consumers because they will ultimately result in better protection and quality of advice. When people go and see a planner, they have a right to trust the person they see.”

One way the FPA seeks to demonstrate the benefits of good advice is through its Ask an Expert forum, Run by the FPA during its annual FP Week and Ask an Expert campaigns, Ask an Expert is a free service that allows people to submit a question about their finances to an FPA member.

“Over 20,000 people viewed our Ask an Expert forum this year, a 100% increase when compared to last year’s campaign, which shows there is a growing appetite and awareness of advice in Australia.

“As well as encouraging people to use this service, we also ran a consumer blog throughout FP Week that focused on different demographic groups and provided targeted and relevant content for each.

“Based on the visitor traffic to our blog, we can see that the piece about getting ahead in your 20s and 30s was most popular. Often we assume that people that fit into this demographic aren’t actively looking to manage their finances but FP Week has revealed that their appetite for advice isn’t much different from the retirement age group,” Mr Rantall explained.

Nearly 7,000 people viewed the FPA’s Find a Planner directory during FP Week to search for a qualified financial planner in their area.

“For 14 years, the goal of FP Week has been to show Australians the positive impact that qualified advice can have, and also encourage them to seek personal advice of their own. It is encouraging to see Australians using our directory to find a member of our association that can help with their finances.

“We want to thank those members who have contributed to the success of this year’s Financial Planning Week by contributing to the blog and Ask an Expert forum. We represent a community of professionals that is passionate about improving the lives of their clients through qualified financial advice, not only during FP Week, but ongoing,” Mr Rantall said.

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Mark Rantall

Regardless of age, one thing is for certain – Australians could be doing more to make their financial future look brighter. And often it is about taking some simple steps, setting up good habits and seeking sound advice, rather than having a ton of money or a complex financial plan.

This is the key message the Financial Planning Association of Australia (FPA) is hoping to bring to life this week as it kicks off the 14th annual Financial Planning Week, which will run nationwide from Monday 25 August to Sunday 31 August.

Financial Planning Week is designed to increase Australians’ understanding of what financial advice is and the benefits it can bring. The campaign aims to show consumers that using a financial planner shouldn’t be viewed as an option only for the wealthy.

CEO of the FPA and CERTIFIED FINANCIAL PLANNER®, Mark Rantall, said Financial Planning Week is an opportunity to re-focus the discussion about financial advice and to illustrate to consumers that the right advice from a trusted and qualified financial planner can make a positive impact to their financial future.

“Trust is a critical component of financial advice and Australians have the right to know that when they seek financial guidance, they can trust the person they find.

“We are aware that now more than ever, financial planners are in the spotlight. As a result, consumers may feel overwhelmed with information and might not know where to start looking or how to ensure they are receiving quality advice. We want to help them feel confident about being in the driver’s seat; but also empowered about seeking expert advice.

“To make an informed decision on the help they may need, it is essential for consumers to have an understanding of financial advice and how they may benefit from it. That is why the central theme of this year’s Financial Planning Week is ‘back to basics,’ Mr Rantall added.

“The best way to succeed in reaching financial goals is through a plan. Calling on a trusted financial expert to help consumers develop a plan – and sticking to it – can make the difference between success and failure.

“Financial Planning Week is an initiative that helps consumers find the right financial tools and experts to help them achieve their goals.

“Financial planning can involve complexity but what the FPA is aiming to do with Financial Planning Week is have very simple information and tools that anyone can use to better understand how financial planning works.

“These include the free and popular ‘Ask an Expert’ initiative that allows Australians to ask a financial planner whatever burning finance questions they may have.

Financial Planning Week will be centred on the different life-stages, which can dictate various financial needs: young to mid-life, mid-life, pre-retirement and retirement.”

Some of the activities which will take place in Financial Planning Week are:

• ‘Ask an Expert’ gives all Australians the opportunity to ask their financial questions, no matter how simple or complex, in their own words, and have them answered by an expert financial planner for free. ‘Ask an Expert’ is an online forum on the FPA website.
• The FPA website will have useful insights, blogs, case studies and other material available, bringing to life the benefits of financial advice.
• ‘Find-a-Planner’ is a directory of qualified financial planners by area.
• The FPA Twitter handle (@AustraliaFPA) will answer tweets and post links to a range of financial content at http://twitter.com/australiafpa

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FPA members came together in 2013.

There is an African proverb, popularised by US politician Hilary Clinton, which says it takes a whole village to raise a child.

Which is an appropriate way to think about how the influence of many can contribute to making a positive impact on the life of one.

In the context of professional financial planning and its journey to adulthood, a similar dynamic is at play.

In other words, a whole village of supporters – a community – has emerged during 2013 to make a positive and enduring impact to a single cause: professionalism.

We’ve had a fair share of setbacks and challenges. And it is true that 2013 was a year for enormous legislative and technical change. We’ve seen reams of legislative paperwork come at us – the commencement of FoFA; a new Coalition government and the TASA initiatives to name a few.

But out of this challenging environment has emerged a renewal of one of the core ingredients that has marked the Financial Planning Association since its inception over two decades ago. And that is the power of collegiate community.

What does this mean? In reality it means volunteers giving up their time to support a worthwhile endeavour. Activating their support, reaching out, offering guidance, time, intellectual property and a duty of care.

In broader terms it means members of our community adhering to a higher-level purpose for the benefit of others. This can manifest in various ways: committee and chapter participation, pro bono efforts, or simply just ‘turning up’ to contribute to the overall carriage of a common goal.

Want proof of this remarkable grass roots movement? The following small list is a reminder (and a note of congratulations) to those who ‘formed a village’ in 2013 to help raise and nurture the fledgling child of professional financial planning in Australia and which has led by example for the rest of the world.

Financial Planning Week

The 13^th annual Financial Planning Week was run during the last week of August 2013 and helped to fundamentally drive home the access and need for quality financial advice amongst Australian consumers.

A major part of this consumer awareness campaign was the ever- popular ‘Ask an Expert’ online service. This enabled members of the public to post questions regarding their finances, on any topic from debt to investments, superannuation to tax.

A volunteer panel of over 70 FPA practitioner members fielded the questions, posted online for the public to view.

Each and every FPA member who volunteered their time to provide free advice to the public should be congratulated for this outstanding effort. There was zero business or commercial incentive involved – simply a shared desire to help make a difference to the lives of others!

Professionals Congress

October 2013 will be remembered as a turning point for the profession. Sydney played host to over 1000 members of a professional community joining together to inaugurate something very different. It was called ‘Your Inaugural Professionals Congress’.  Delegates expressed a genuine feeling of ‘togetherness’ and a tremendous sense of pride in our profession.  There was a real willingness to share ideas and best practice thinking. And it was a wonderful opportunity to celebrate a shared future, aligned under the common goal to change client’s lives for the better.

The Congress also encouraged a new confidence that financial planning is kicking goals, pulling together and looking to a bright future. A truly professional community.

Best Practice Awards

Want evidence that what financial planners do changes clients’ lives for the better? Look no further than the outstanding submissions to the 2013 FPA Best Practice Awards.

It was quite evident that FPA members embody a higher purpose ideal and, through their professionalism and expert advice, really do make a difference.

Whether through helping a client suffering illness battle their way through a health insurance claim, or enabling a client who wants financial freedom to leave their well-paying, steady job to pursue their passion, the result is the same – an improvement in wellbeing and increased ‘comfort factor’ and happiness.

This is what is important here and a monetary value cannot be placed on it.

Anyone who visits the Sydney office of the FPA will see on the reception wall a piece of artwork. On it are printed (in very fine print as there are 10,000) the names of every member of the FPA ‘village’. Alongside this are the words: “Helping our members change client’s lives for the better.”  It takes a village to raise a child. Congratulations to all who stepped forward in 2013 to offer their contribution.

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Good take-up of ‘Ask an expert’ offering during Financial Planning Week.

Results from the 13^th annual Financial Planning Week indicate that the need for access to quality financial advice is stronger than ever, with more than 90 questions submitted to the FPA experts and over 10,000 visits to the ‘Ask an Expert’ page.

Financial Planning Week, which concluded last week, is an initiative of the Financial Planning Association (FPA) that aims to encourage, empower and educate all Australians about the positive difference that trusted financial advice can make to their lives.

Superannuation and retirement planning emerged as key areas of concern for Australians during Financial Planning Week, attracting the highest number of questions and engagement online. Another major demographic seeking financial advice was young people planning for their first home or kicking off a savings plan.

Mark Rantall, CEO of the FPA said: “The interest from people of all ages and walks of life goes to show that quality financial advice is universally beneficial, whether you are entering retirement or looking to open your first bank account.

FPA research shows that just 61% of Australians receive quality financial advice, despite the massive impact it can have in consumers’ lives. Access to quality financial advice is truly a national issue, which is why we are so pleased to see Financial Planning Week achieved its goal of engaging Australians in benefiting their financial futures through trusted advice.”

Financial Planning Week comprised a number of activities to connect Australians with quality advice online and via social media.

The FPA community of financial planners was heavily involved in the initiative. More than 70 financial planners volunteered to answer queries for the ‘Ask an Expert’ site, while topic experts blogged on key issues relating to retirement, saving, superannuation, debt and life insurance.

“FP Week benefitted not only consumers but our members as well, with a 200% increase to the FPA’s ‘Find a Planner’ page during Financial Planning week as compared to the weekly average. In fact, half of the FPA’s 10,000 member practitioners received page views to their ‘Find a Planner profile’ during Financial Planning Week,” said Rantall.

FPA member, Renee Hush took part in Financial Planning Week and wrote a blog on the most popular topic of the week, superannuation and retirement.

“As Certified Financial Planners, we continue the work of Financial Planning Week in our everyday lives, promoting the importance and impact of financial advice through our work with clients. It has been a great experience dealing with members of the public who do not generally seek advice but see the benefits it can offer to their lives. I support the FPA in these initiatives and will continue to promote increasing access of qualified financial advice for all Australians.”

Research commissioned by the FPA in August revealed that only one in three (34%) Australians know where to find a financial planner they can trust. Yet, the results of Financial Planning Week are evidence to the fact that when it is made available, financial advice is highly valued by Australians of every demographic.

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ASIC and FOS show their support for Financial Planning Week.

Industry regulators ASIC and FOS have provided their support for the 13^th annual Financial Planning Week running nationwide from 26^th August to 1^st September this year. The Financial Planning Association initiative is designed to encourage, empower and educate all Australians about the positive difference that trusted financial advice can make to their lives.

Alison Maynard, Investment Ombudsman, Financial Ombudsman Service said: “We believe that Australians need professional financial advice and education about how to find good quality advice.  We support the FPA’s Financial Planning Week and the FPA’s initiatives to raise professional standards in financial planning for the benefit of all Australians.”

Mark Rantall, CEO of the FPA highlighted the significance of the industry working together to increase awareness around the benefits of financial advice for all Australians.

“The aim of the FPA community is to increase the number of Australians accessing qualified financial advice and reaping the benefits it brings. We appreciate the support from the industry and government for Financial Planning Week as well the ongoing support we receive for all FPA initiatives.

Through initiatives like Ask an Expert, we aim to provide Australians with a safe platform to ask advice of highly qualified professionals,” said Rantall.

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The Hon. Chris Bowen MP

Both the government and the opposition have provided their support for the 13^th annual Financial Planning Week running nationwide from 26^th August to 1^st September this year.

The Financial Planning Association initiative is designed to encourage, empower and educate all Australians about the positive difference that trusted financial advice can make to their lives.

The Hon. Chris Bowen MP, Treasurer said: “The year 2013 will be remembered as the year superannuation commenced its increase to 12% and the year FOFA commenced. I commend the work of the Financial Planning Association who has played an instrumental role in helping to shape the reforms and improve professionalism in financial planning.  An important priority for a re-elected Rudd Labor Government will be to ensure that legislation to enshrine the term financial planner is passed through the parliament as rapidly as possible. I support the FPA’s work through its Financial Planning Week initiative to help Australians gain a better understanding of how quality financial advice can help them to retire with comfort and dignity.”

Senator Mathias Cormann, Shadow Assistant Treasurer and Shadow Minister for Financial Services and Superannuation said: “There is no doubt that Australians who start planning early, with the benefit of high quality advice to help them make informed decisions about financial challenges and opportunities throughout their lives, will end up better off. Those organisations which step up to the plate to champion the importance of high quality professional financial advice deserve our support. That’s why I strongly support the Financial Planning Association’s commitment to the promotion of professional standards and high quality advice. With increased public trust in the high standards of Australia’s professional financial planners more Australians will seek advice and benefit from the improved financial health and wellbeing which comes with having a plan.”

The FPA welcomed support from the government and the opposition, highlighting the significance of cross party support for increasing access to advice for all Australians.

“Our research tells us that 61% of Australians do not receive financial advice and 87% are unaware of the Future of Financial Advice (FoFA) reforms*. The FPA community is committed to improving these statistics and Financial Planning Week is one way we can do this. Our qualified financial planners have volunteered their time through the Ask an Expert campaign and are providing the general public with free financial advice throughout Financial Planning Week. We encourage all Australians to use this opportunity to improve their financial futures,” said Rantall.

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The FPA calls on all Australians to try qualified financial advice.

The Financial Planning Association (FPA) has launched the 13^th annual Financial Planning Week running nationwide from 26^th August to 1^st September this year.

Financial Planning Week, an initiative of the FPA, is designed to encourage, empower and educate all Australians about the positive difference that trusted financial advice can make to their lives.

Speaking about Financial Planning Week, CEO of the FPA, Mark Rantall, said that the FPA community has worked hard to transform financial planning into a trusted and respected profession.

“Financial Planning Week is part of that process,” he said. “The FPA community wholeheartedly believes that the lives of all Australians, regardless of their current financial position, can be improved by trusted financial advice from a planner with high standards and professional qualifications.”

Mr Rantall highlighted the importance of these initiatives given that new research shows that 61% of Australians do not receive financial advice, and 87% are unaware of the Future of Financial Advice (FoFA) reforms, reforms that were installed by the government to provide the general public with more access to advice.

“These statistics need to improve,” he said. “But what is particularly disappointing is that the percentage of Australians receiving financial advice has not increased over the past few years. It is precisely these kinds of issues that the FPA community is hoping to address through initiatives like Financial Planning Week.”

The FPA has been tireless in its pursuit of higher standards in the industry, and Mr Rantall said that choosing a respected professional with an appropriate industry qualification, like a Certified Financial Planner, is the best way to ensure that your planner will adhere to the highest standards and do the best for you.

Mr Rantall then outlined some of the activities on offer in Financial Planning Week:

In addition to the ability to interact with planners via online forums, five major topics will form the basis of discussion and interaction throughout the week.  These include debt, savings, superannuation and investments and life insurance.

Mr Rantall finished by saying that the topics were chosen as a result of the most frequently asked questions from last year’s Financial Planning Week, as well as discussions with FPA members about the topics most popular with their clients.

“Financial Planning Week is all about engaging with as many Australians as possible,” he said. “So we really wanted to make sure the activities and discussions on offer were informative and relevant to the largest number of people.”

“I hope that all Australians embrace Financial Planning Week and start to understand how a trusted financial planner can help improve their lives.”

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Retirement: one of the 5 most popular topics for discussion during the Financial Planning Week.

The questions financial planners are most asked, as well as the most debated topics from last year’s Financial Planning Week will form the basis of the key areas for discussion during this year’s Financial Planning Week.

Financial Planning Week, an initiative by the Financial Planning Association (FPA), will run nationally from 26^th August to 1^stSeptember. Mark Rantall, CEO of the Financial Planning Association (FPA), said that part of the aim was to build on the work the FPA community had done to transform financial planning into a trusted and respected profession.

“The FPA has always sought to promote the take-up of financial advice by helping Australians identify professional financial planners, and we hope that Financial Planning Week will encourage even more Australians to seek trusted financial advice.”

The FPA listened to questions asked by the public in last year’s Financial Planning Week and spoke with members about topics most popular with clients to list the top five topics which will form the basis of discussion and interaction during this year’s Financial Planning Week.

1.Retirement (Monday)

Making your money last, aged care, self-funding retirement, income streams and Centrelink entitlements.

2. Saving (Tuesday)

Children’s’ education, holidays, saving for a home, children’s’ weddings and other expected and unexpected events.

3. Super and Investments (Wednesday)

Accumulating and consolidating super, general wealth, shares and managed investments, different types of super funds, including SMSFs

4. Debt (Thursday)

Debt management, debt reduction, debt consolidation, cash flow management, loans, budgeting and deductible vs. non-deductible debt

5. Life Insurance (Friday)

Life insurance, income protection, disablement, trauma, how much you need, what type of cover, protecting your income, assets and family and considerations associated with family planning (e.g. education costs)

The FPA has chosen some of the most qualified financial planners in Australia to lead the discussion around each of these topics that the public is most interested in. Each Certified Financial Planner will blog and answer questions relating to their topic of expertise.

Mr Rantall outlined some of the activities on offer during Financial Planning Week.

“One of our most popular initiatives is the ‘Ask an Expert’ online forum,” he said. “It allows all Australians to pose financial questions, no matter how simple or complex, and have them answered by an expert financial adviser.”

“In addition to the online forum on the FPA’s website (www.fpa.com.au/askanexpert), questions can also be posed via Twitter. Questions should be sent to @AustraliaFPA using #AskanExpert,” he explained.

“There will many other materials including case studies available through our website. www.fpa.com.au and we would encourage everyone to have a look and engage with our financial advisers. And if you are looking to find a reputable adviser, the Find-A-Planner directory, will help you to find one in your area.”

Mr Rantall concluded by saying that he hoped all Australians would find something of assistance in the topics to be discussed during Financial Planning Week.

“We are covering a broad range of financial issues, so we would encourage everyone to engage via our website, blogs and to take advantage of the other information of offer. Trusted financial advice can help achieve better outcomes for all of us, so make sure you educate yourself and take advantage of Financial Planning Week,” concluded Rantall.

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FPA urging Australian to get professional financial advice.

“We want all Australians to experience the life-changing benefits that financial advice from a trusted professional can bring.”

These are the words of Mark Rantall, CEO of the Financial Planning Association (FPA), speaking about Financial Planning Week, an annual initiative of the Financial Planning Association. This year, Financial Planning Week will run nationwide from 26th August to 1st September.

Now in its 13th consecutive year, the aim of Financial Planning Week is an extension of the work of the FPA community by encouraging, educating and empowering all Australians to experience the positive difference that qualified financial advice can make to their lives.

Mr Rantall highlighted the tireless work the FPA community has done to transform financial planning into a respected and trusted profession, and pointed to Financial Planning Week as an extension of this work and engaging with all Australians.

“There can be a misconception out there that financial advice is only for the wealthy, but the FPA wants to raise awareness of the true benefits trusted financial advice can have by improving the life of all Australians. Financial Planning Week is one way in which we try to get that message out there to the general public,” he said.

Mr Rantall went on to say that choosing the right financial planner was crucial.

“Choosing a respected professional with an appropriate industry qualification, like a Certified Financial Planner, is the best guarantee that your adviser will adhere to the highest standards and do best by you and your needs,” he explained.

“And if the person advising you on your financial future is a member of a peak professional body, like the FPA, you know that they have signed up to a Code of Professional Practice and you have an entire community fighting in your corner,” he said.

Mr Rantall then encouraged as many people as possible to get involved with ‘Ask an Expert’, a Financial Planning Week initiative to increase access to advice. The FPA community is now accepting questions from the public.

“’Ask an Expert’ is an initiative that allows Australians to ask all their financial questions, no matter how simple or complex, and in their own words, and have them answered by an expert financial planner, for free.

“‘Ask and Expert’ is an online forum on the FPA website (www. fpa.com.au/askanexpert), and questions can also be posed via Twitter. Questions should be sent to @AustraliaFPA using #AskanExpert or to fpa.com.au/askanexpert and we are already accepting questions from the public on topics that concern them,” he explained.

“There will also be case studies, blogs and other material available through our website, and I would encourage everyone to have a look and engage with our financial planners. And if you are looking to find a reputable adviser, the Find-A-Planner directory on fpa.com.au will help you to find one in your area.”

Mr Rantall concluded by talking about the success of Financial Planning Week in 2012.

“Last year, ‘Ask an Expert’ had nearly 10,000 hits, Find-a-Planner over 4,000 hits and we tracked more than 200 tweets on the topic of FP Week,” he said. “The FPA’s twitter followers increased by nearly a third and almost 700 people accessed our ‘Real Life Stories’ consumer web page.”

“The results really showed that we were able to engage with Australians on the topic of financial advice, and we are hoping for even better things this year,” he said.

“I can’t stress enough what a difference financial advice from a trusted adviser can make to each and every one of us. I would encourage all Australians to embrace Financial Planning Week by asking their financial questions, reading the real life case studies and thinking about getting financial advice.”

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FPA needs volunteers for ‘Ask an expert”.

As part of Financial Planning Week which will run from 26 August – 1 September, the FPA are relaunching our popular consumer service ‘Ask an Expert’.

‘Ask an Expert’ is an online question and answer service where a member of the public can post any question they like regarding financial planning and the question is then assigned to an FPA member on a panel of experts.

The FPA are calling for FPA practitioner members to volunteer as members of the panel. Have your photo and profile highlighted on the online forum and help us show Australians the value of professional advice by answering their burning questions about financial planning.

More about Ask an Expert

Since it was launched in August 2012, Ask an Expert has proved very popular with consumers with questions being submitted on a wide variety of topics such as retirement, superannuation, savings and insurance.

As consumers can see all the questions and answers they have a library of valuable content and information which they can refer to at any time

What’s involved?

To be eligible as a member of the panel, members must be a CFP^® practitioner or a Financial Planner AFP^® and be available to respond to questions on an ad hoc basis from 26 August – 18 October (8 weeks).

We ask that members answer the question assigned to them within 3 working days.

How does it work?

Once a consumer has submitted their question online the question is assigned to a member of the panel at random who then submits their answer online.

How do I volunteer?

• Step 1: Print out the agreement form and complete (sign off from your licensee is required)
• Step 2: Complete the biography form by typing your details into the Word document
• Step 3: Scan the agreement form and email together with the biography form and your photo to communications@fpa.asn.au with any questions you have about the service.

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