Mr Nowak has been a member of the AFA Board for eight years and is the immediate past Vice President, serving two consecutive terms. He was also the 2013/14 President during the Future of Financial Advice (FOFA) reform period.

“I am honoured to again serve as the AFA’s national president,” Mr Nowak said. “The AFA has set a firm forward strategy, with a strong policy and advocacy focus and a business plan that is well positioned to meet the current challenging COVID-19 economic conditions.

“I acknowledge that there are significant challenges ahead for financial advisers, but it is encouraging to see a change in the tone regarding reform. It is crucial that reform is delivered to ensure that financial advisers can continue to serve the financial advice needs of Australians.”

The AFA also announced Katherine Hayes has been appointed to the Board as the new State Director for NSW/ACT and Stephen Knight has been appointed to the Board as WA State Director.

Six of the nine Board members will remain, including the three Executive members and also Sam Robinson in Victoria, Patricia Garcia in Queensland and Jawad Ahmad in South Australia.  This provides continuity and stability for the AFA.

Members of the AFA Board hold office for two years and must be practising financial advisers.

AFA CEO, Philip Kewin said, “We welcome the new AFA Board Executive team and the new State Directors and are looking forward to working with them to further our vision for financial advice.

“We would also like to thank our outgoing President, Marc Bineham, for his outstanding contribution to the AFA. Marc is a passionate advocate for financial advice, and has served on the Board for 10 years, including two consecutive terms as President. We would also like to acknowledge the contribution from outgoing WA State Director James Ford, who steps down after six years on the Board.”

Members of the current AFA Board include:

Executive

• President – Michael Nowak
• Vice President – Sam Perera
• Treasurer – Matthew Hawkins
• Company Secretary – Philip Kewin

State Directors

• NSW/ACT – Katherine Hayes
• VIC – Samantha Robinson
• QLD – Patricia Garcia
• SA/NT – Jawad Ahmad
• WA – Stephen Knight
• TAS – Vacant

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Marc Bineham

The inaugural Your Money and Your Life (YMYL) Expo, due to kick off on Friday November 9 at the International Convention Centre, Darling Harbour has come at a perfect time to help people through what is shaping up to be a tough financial stint.

“It is a scary time for our economy, a rollercoaster share market, falling property market, credit squeeze from the banks, not to mention low wages growth,” said YMYL Host David Koch. “YMYL is a free two-day festival of finance with great finance and investment experts on hand, happy to answer anyone’s questions and give people guidance.”

A joint initiative of the Association of Financial Advisers (AFA)’s Your Best Interests (YBI) program and David Koch’s Pinstripe Media, the YMYL Expo will run for two full days, Friday 9 and Saturday 10 November, offering a range of sessions aimed at helping Australians at every stage of life.

“This is not just an expo for the rich,” David said. “Whether you are a millennial starting out, a family trying to make ends meet, a retiree hoping you don’t run out of money while leading a lifestyle you want, there truly is something for everyone.”

David and Libby Koch will be speaking on Saturday 10 November, sharing their insights into Money Makeover, the four-week course they designed for people to save better, spend better and invest better.

AFA National President, Marc Bineham, said other sessions at the expo will cover issues like sorting out debt and helping kids understand money, all the way through to shares, property and retirement. “Via a fun, entertaining and interactive educational program, YMYL is designed to ignite greater interest in money and empower more people to take better control of their financial future.”

People who register to come along to the YMYL Expo can go into a draw to win a holiday package for two staying at the RACV Royal Pines Resort on the Gold Coast with a total prize pool value of $3,000. The prize includes:

• 3 nights accommodation
• 2 person spa accommodation voucher, including breakfast
• Return economy saver flights to Coolangatta

Authorised under NSW permit number: LTPS/18/29270 Terms and conditions download. Register here.

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Marc Bineham

As part of the vision to deliver great advice to more Australians, the Association of Financial Advisers (AFA) has partnered with David Koch’s Pinstripe Media, to launch the inaugural Your Money and Your Life (YMYL) Expo to be held at the International Convention Centre, Darling Harbour, November 9 and 10, 2018.

The YMYL Expo is a free consumer event, offering people a wonderful opportunity to discover the value of financial advice by learning how to better engage with their money.

“We know that financial issues are a major cause of stress for people and have a significant impact on work, relationships and health,” said AFA National President and YMYL convenor Marc Bineham. “We also know that good advice helps them, however many find the process daunting.”

Mr Bineham said many people don’t understand what financial advice is, don’t know what good advice looks like, and are often too embarrassed or, given recent events like the Royal Commission, too wary to seek help.

“Over the course of the year we have also received a lot of feedback from members. We have listened to this feedback and believe it is our role to help change this consumer view and provide a positive message to the Australian community on the value of financial advice.”

The YMYL Expo is about taking the mystery out of money so that people are inspired to learn and understand more about their finances.

“Via an informative program and a fun, entertaining and interactive format, it is designed to help break down barriers, to make the world of finance more accessible and more easily understood and to help point consumers in the right direction to access financial advice,” Mr Bineham said.

Over the two days of the YMYL Expo, visitors will have the opportunity to hear from informed speakers, connect with leading experts within the financial services sector and engage with interactive wealth management tools at expo stands.

“We are proud to partner with Pinstripe Media to deliver the inaugural YMYL Expo, which we hope will become an annual event,” Mr Bineham said. “David Koch is very familiar with our industry and very familiar to consumers. The partnership provides us with access to Pinstripe’s far-reaching platforms which means we will be able to deliver many parts of the expo program to Australians right across the country.”

Content from the YMYL Expo will be provided nationally through the AFA’s Your Best Interest program and sessions will be available via webcast and across social media. The content will also be used over the coming year to help consumers connect with their finances and to highlight the value of advice. “The value of the expo to both consumers and advisers therefore extends far beyond the two-day event,” Mr Bineham said.

The expo has attracted a range of financial services exhibitors from across the industry as well as lifestyle providers, helping fund the event. “We believe that our industry has a very real collective responsibility to educate, inform and demystify financial matters for consumers while providing a positive, proud message of the good work they do every day on behalf of Australians.”

Mr Bineham said the lifestyle component of the expo is just as important, as good financial advice helps many Australians through significant life events from marriage, children, funding school fees, travel, buying property right through to retirement and aged care.

“Showcasing lifestyle exhibitors and providing information to consumers in these areas is central to financial wellbeing,” he said. “Life balance and having control of your money is what underpins it all. We believe the YMYL Expo will encourage Australians to take an interest in and seek greater control of their financial future; to value quality financial advice, and to realise the power and impact advice can have on their personal wellbeing.”

If interested in becoming an Exhibitor or Sponsor for this exciting new initiative, please contact our Events Team on 02 8850 4200.

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Marc Bineham

The Association of Financial Advisers (AFA) will host 50 Asia Pacific (APAC) financial advice leaders, including presidents and senior representatives from 11 financial adviser associations across the region, at the 15th Annual General Meeting (AGM) of the Asia Pacific Financial Services Association (APFinSA) in Sydney from 29 January-1 February 2018.

APFinSA council members represent the voice of over 100,000 financial service professionals.

AFA National President, Marc Bineham said the APFinSA AGM presents Australia with the opportunity to showcase how Australian advisers are leading the region in the delivery of financial advice.

“This is an auspicious occasion because it is the first time the APFinSA AGM will be held on Australian soil,” he said. “It is our opportunity to show leaders from the APAC advice community first-hand the very high quality of the Australian advice profession and how our focus on higher education, client outcomes and connecting with people is redefining what advisers learn and practice.”

The AGM will channel discussion on important areas of the advice profession, including:

• Policy and regulatory advocacy
• Education
• Technology

All APFinSA member countries are united by the Fellow Chartered Financial Practitioner (FChFP) designation.

The International Certification and Standards Board (ICSB) of APFinSA will also convene in Sydney, shortly before the APFinSA AGM. AFA General Manager, Member Services, Partnerships and Campus, Nick Hakes, was last year appointed Vice Chairman of the ICSB, which governs the professional certifications and education pathways of APFinSA.

Mr Hakes said, “The Australian advice profession and our education pathways are held in the highest esteem by our Asia-Pacific neighbours and we are delighted to host the APFinSA’s 15th annual AGM.”

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Marc Bineham

The Association of Financial Advisers (AFA) will host 50 Asia Pacific (APAC) financial advice leaders, including presidents and senior representatives from 11 financial adviser associations across the region, at the 15th Annual General Meeting (AGM) of the Asia Pacific Financial Services Association (APFinSA) in Sydney from 29 January-1 February 2018.

APFinSA council members represent the voice of over 100,000 financial service professionals.

AFA National President, Marc Bineham said the APFinSA AGM presents Australia with the opportunity to showcase how Australian advisers are leading the region in the delivery of financial advice.

“This is an auspicious occasion because it is the first time the APFinSA AGM will be held on Australian soil,” he said. “It is our opportunity to show leaders from the APAC advice community first-hand the very high quality of the Australian advice profession and how our focus on higher education, client outcomes and connecting with people is redefining what advisers learn and practice.”

The AGM will channel discussion on important areas of the advice profession, including:

• Policy and regulatory advocacy
• Education
• Technology

All APFinSA member countries are united by the Fellow Chartered Financial Practitioner (FChFP) designation.

The International Certification and Standards Board (ICSB) of APFinSA will also convene in Sydney, shortly before the APFinSA AGM. AFA General Manager, Member Services, Partnerships and Campus, Nick Hakes, was last year appointed Vice Chairman of the ICSB, which governs the professional certifications and education pathways of APFinSA.

Mr Hakes said, “The Australian advice profession and our education pathways are held in the highest esteem by our Asia-Pacific neighbours and we are delighted to host the APFinSA’s 15th annual AGM.”

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AFA President, Marc Bineham said, “The AFA welcomes the diversity and inclusion of industry, consumer, education and ethical representatives on the Board. We also welcome the appointment of Catherine Walter AM, as Chairman.”

Former AFA President and Principal and practitioner of Integra Financial Services, Deborah Kent is one of the appointments to the FASEA Board.

“The AFA believes the formation of FASEA is a key milestone in providing clarity on the specifics of professional standards and education pathways for financial advisers,” Mr Bineham said. “We believe it will help strengthen the trust and confidence in financial services that is so necessary to encourage more Australians to seek financial advice.”

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Ben Nash

The Association of Financial Advisers (AFA)’s premiere event for progressive financial advisers, the Genxt Connect Tour, will kick off in Hobart on 6 February 2017, with some venues almost sold out.

The Genxt Connect Tour sees some of the AFA’s most exceptional advisers and the industry’s most influential leaders tour the six capital cities to share their knowledge and experience with new, aspiring and forward-thinking financial advisers.

“Genxt is all about developing and enhancing the talent we know exists in the current and future generation of our profession,” said Ben Nash, AFA Genxt National Chair. “The Genxt Connect Tour delivers sessions on both the practice and the theory behind the delivery of great advice. It offers advisers the opportunity to hear from successful advisers and from industry experts on topics which will inspire them to build even greater advice practices and deliver exceptional outcomes for their clients.”

Hosted by Mr Nash, the line-up of speakers on advice best-practice includes AFA National President, Marc Bineham; the AFA’s 2016 Excellence in Education Award winner, Steve Nielsen and the AFA’s 2016 Rising Star, Erin Truscott. On the theory side, attendees will hear from Sunsuper Chief Economist, Brian Parker; business performance guru, Michael McQueen from The Nexgen Group; and industry leader and AFA CEO, Brad Fox.

“The program will encourage advisers to adopt practical, innovative solutions to providing great advice. Just as importantly, as a Genxt event, advisers will build networks with other advisers with whom they can share ideas,” Mr Nash said.

The program also includes inspirational speaker, Brian Freeman, Founder of Walking Wounded who scored 4.9 out of 5 at the AFA’s National Adviser Conference in 2016.

“Our members at the National Adviser Conference took so much value away from Brian’s session that we felt compelled to bring him on the Genxt Connect Tour. It’s life changing stuff,” Mr Nash said.

The Genxt Connect Tour kicks off in Hobart on 6 February, and will also visit Adelaide, Perth and Melbourne before wrapping up in Sydney on 16 February.

View the program and to register for the 2017 AFA Genxt Connect Tour.

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Senator John Williams

Nationals Senator for NSW, Senator John Williams will be guest speaker at the Inaugural Consumer Choice Awards (the Awards) to be held on 15th November at the InterContinental Hotel in Sydney.

Senator Williams has built a strong profile as the face of Parliament’s focus on the insurance sector and a voice for consumers. On 14 September 2016, the Senate agreed to a motion from Senator John Williams to refer the life insurance industry to the Parliamentary Joint Committee on Corporations and Financial Services.

Senator Williams will be addressing the industry at the Consumer Choice Awards event.

“These Awards acknowledge that when you put the spotlight on the life insurance industry examples of excellent consumer service are brought to light in addition to areas where consumers could benefit from renewed focus,” AFA President Marc Bineham said.

These Awards recognise the best practices and teams in the industry, those on the other end of the spectrum to the examples Senator Williams normally sees. Based on the Beddoes Institute’s 2016 Policyholder Perceptions Study and the Claimant Journey Study that form part of an ongoing Life Insurance Performance Barometer, these Awards include the Policyholder Awards, the Claimant Awards, and overall Consumer Choice Awards.

The Consumer Choice Awards will recognise the company that is performing best at putting customers first and honouring their commitments to customers.

The Claimant Choice Awards will acknowledge the companies that are performing best at helping claimants return to health and wellness. In addition companies with the best claims staff, application process, the fastest turnaround time and the best ongoing claims management will be recognised.

The 2016 Consumer Choice Awards are a joint initiative of the Association of Financial Advisers (AFA) and the Beddoes Institute. These Awards give people who hold life insurance policies (policyholders) via financial advisers and people who make claims (claimants) on those policies, a strong voice in shaping the future of Life insurance in Australia by recognising the companies that are performing well in the eyes of consumers.

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Marc Bineham

The Association of Financial Advisers (AFA)’s incoming National President, Marc Bineham has warned against direct life insurance channels which he said have inherent weaknesses when compared to advised retail life insurance.

“Consumer outcomes from direct and group life insurance do not measure up when compared with consumer outcomes from life insurance cover arranged by a professional financial adviser,” he said.

Mr Bineham said the AFA has carefully considered ASIC Report 498 (the Report) into life insurance claims and views the Report as an opportunity for both the life insurance industry and the financial advice profession to pursue a pathway towards greater public trust and understanding of life insurance.

“The Report was comprehensive and we commend ASIC for its wide-ranging investigations across the entire life insurance sector including group, direct and advised,” Mr Bineham said. “The Report gives the industry a chance to participate actively with the Government and regulator in this review and thereby earn the right to hold its social licence with the people of Australia.”

Life insurance plays a crucial role in Australian society. From the perspective of the individual, it gives Australians who hold life insurance policies the dignity and financial security so necessary in times of personal crisis. It also provides a buffer to the public sector by transferring the financial burden of these people from Government to life insurers during these times.

In 2015, $7.2 billion in life insurance claims was paid to over 80,000 Australian families. Seventy per cent of these claims (just over $5 billion) were paid via the retail life insurance channel, proving the value that financial advisers deliver to clients.

“Many AFA members provide professional life insurance advice to clients,” Mr Bineham said. “Life insurance advice is differentiated from the other ways of arranging life insurance in that a financial adviser bases recommendations on a client’s personal situation and needs, whatever they may be – for example, starting a first job and wanting to protect income with income protection; having a new baby on the way; funding a mortgage and school aged children and wanting to provide them with funds in the event of the unexpected. By seeing a financial adviser, people have the benefit of receiving an adviser’s expert advice on their specific life insurance needs; they have policies containing strong life insurance contracts, and often those policies represent better value than they can access by buying direct.”

Of the advised, group and direct insurance channels investigated by ASIC in the Report, retail advised life insurance provided better claims outcomes than group and direct.

“This is no coincidence, as life insurance advisers provide greater certainty to their clients in two ways,” Mr Bineham said. “Firstly, advised retail life insurance is underwritten at application time, rather than at claims time as is often the case with the other forms of life insurance. And secondly, financial advisers manage their clients’ claims.”

Mr Bineham said the adviser-client relationship is a powerful one, whereby the adviser’s legal responsibility is to the client and not the insurer, and thus advisers support clients in times of need – that is, if and when a client has to make a claim. “For many advisers, claims support is a badge of honour,” he said.

However, Mr Bineham also said the Report reveals that more work needs to be done to ensure that trust in life insurance grows and more Australians feel confident they have the right types and levels of life insurance in place.

“The AFA is committed to further raising standards in life insurance advice as it is crucial to the prosperity of Australia,” he said. “We will also continue to apply pressure on reforms to the non-advised channels to improve confidence and trust.”

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Marc Bineham

The Association of Financial Advisers (AFA) 2016 National Adviser Conference (the Conference) held in Canberra last week highlighted the AFA’s core strengths in attracting new members, adviser engagement and bringing together the voices of the financial advice community with Government.

Of the almost 700 delegates attending this year’s Conference, 33% were aged under-44 years, 16% were aged 45-54 and 7% were aged 55-64. The female representation also reached 35% of total delegates reflecting on the great momentum created by the AFA Inspire community of practice.

“This youthful representation flowed through to first time Conference goers, who represented 20% of delegates,” said Marc Bineham, the AFA’s 2016 National Adviser Conference Co-Chair and new National President. “The attendance of long term members was also strong. A whopping 42% of delegates had attended between one and four AFA Conferences, with 20% of delegates attending between five and nine Conferences. There was a standing ovation for the 6% of delegates who had attended more than 10 AFA Conferences.”

Membership duration data reinforced the success the AFA has had in attracting new members to the oldest association in the financial advice profession. The majority of members attending the Conference (23%), had been members for less than two years. A further 17% of members attending the Conference have been members of the AFA for between two and five years.

“We are extremely proud of the AFA’s ability to attract, adapt and grow in such testing times in our profession,” Mr Bineham said. “It reflects our efforts to listen, act and lobby for the interests of our members while also understanding the needs of everyday Australians.”

Attending this year’s Conference was the Honorable Kelly O’Dwyer, Minister for Revenue and Financial Services, who addressed delegates via a recorded message and in person at the AFA’s Licensee Leaders lunch.

Other interesting Conference information includes:

• 84% of delegates were AFA members
• 80% of delegates were advisers or Licensee heads
• 114 speakers presented across the three days
• 77,260 total views on the AFA Conference app
• App was opened by 1,200 unique visitors

Following his formal induction as National President at the AFA’s Annual General Meeting held during the Conference in Canberra, Mr Bineham revealed that he is on a mission to help the advice profession ‘break through the 20% glass ceiling’.

“At present, we have a 20% glass ceiling of Australians who are actively engaged with the work that advisers do,” he said. “Within 10 years, I want that to be 100 per cent.”

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