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

The Financial Planning Association of Australian (FPA) has wrapped up its first in-person Professionals Congress in three years, with over 1,200 delegates attending the two-day event in Sydney last week (22 and 23 November).

Under the theme, ‘Reunite, Reset’, the FPA Professionals Congress hosted a range of sessions designed to help members better understand the issues facing the profession as well as provide practical tools and information enabling them to work more closely with clients and understand their changing needs.  It also celebrated the FPA’s 30^th anniversary.

Sarah Abood, CEO of the FPA, said the most common feedback from members was that they were delighted to be back together after so long.

“At my first Congress as CEO, it was wonderful to feel the energy from having so many members in one room, and experience first-hand the enthusiasm and passion for the profession that they share.  I have attended many smaller member events since I joined the FPA but this was very special.”

Ms Abood said that much of the feedback from members made special mention of the keynote presentation by Professional Andrew Scott from London Business School, which looked at the implications of a lifespan of 100 years becoming the norm.

“A lot of financial planners are grappling with the challenges – and the opportunities – that increasing longevity creates in their work with their clients, financially as well as from a health and wellbeing perspective.

“Another session that generated a high level of interest was with Michelle Levy, chair of the Quality of Advice review, which triggered discussion about the points she raised including how the law governing financial planners needs to change, and the role of ‘general advice’.

“Probably the most contentious proposal amongst planners has been the idea that product issuers would be able to provide simple personal advice in some circumstances.  It has been encouraging to hear Michelle acknowledge this concern, and the concerns of financial planners, and seek to address it in the review.

“We are very supportive of the many changes proposed that will simplify the delivery of advice and reduce the unnecessary red tape and duplicated compliance that currently bogs us all down. It’s encouraging to hear that these proposals remain and are likely to be included in the final paper.”

Ms Abood also congratulated Marisa Broome, former chair of the FPA, who was made a life member of the Association at the Congress.

“Marisa has been a driving force of the FPA for many years, and her recognition as a life member is very well-deserved.

“She was also an integral part of the Congress’s organisation, and its success, and on behalf of the FPA, I thank Marisa for all her hard work.”

The 2023 FPA Professionals Congress will be held in Adelaide on 22-24 November.  The FPA is also planning a number of regional roadshows across Australia in May 2023.

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Mr Sharpe joined the FPA in 2003 and became a board member in 2016.  He was appointed deputy chair in February 2021.

Ms Broome said the transition to Mr Sharpe’s tenure is the result of a long-term succession plan, and he is well placed to build on the membership engagement  and advocacy activity of the leadership team.

“I know that I am handing over to a safe and experienced yet innovative pair of hands with David, as our Association enters a new era with a new CEO and new chair.

“I have often said that being the FPA Chair has been the greatest privilege of my professional life, and I know David feels the same way.  He will build on the strong groundwork that has been laid for real change in our profession, and he brings substantial experience as a practicing CERTIFIED FINANCIAL PLANNER® professional to the role,” Ms Broome said.

Mr Sharpe paid tribute to Ms Broome’s achievements as chair of the FPA.

“Marisa has been an exceptionally passionate representative for our Association and our profession, and I am very aware that I have big shoes to fill.

“I will continue to represent the needs of our members and will seek to engage the membership to achieve practical change and respect for our profession. There are a number of challenges still facing financial planners and I will work to be an advocate for our members and their clients.

“As a practitioner, I am acutely aware of the frustration caused by over-regulation of financial planning and the detrimental impact this has on planners and their clients. I am also conscious of the growing demand for financial advice, particularly among older Australians who are approaching retirement, and it is imperative that the compliance burden driving cost and accessibility are properly addressed by regulators and government.

“We are the largest professional association for financial planning in Australia, with over 12,000 members. I hope to engage with our membership base to collectively drive change and ensure financial planning is acknowledged as a respected and vital profession guiding the future wellbeing of Australians,” he said.

Mr Sharpe started his career in financial planning in 2003 and is based in Perth.  He founded Globe Financial Planning in 2009.  He became chair of the Western Australia FPA Chapter in 2014 after acting as treasurer for two years.  Mr Sharpe holds a Bachelor of Commerce (with distinction) from Curtin University and is a CFP® professional.

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Peter Burgess

The vexing issue of red tape and how to cut it will come under the microscope at the 2022 SMSF Association National Conference being held at the Adelaide Convention Centre from April 20-22.

SMSF Association Deputy CEO/ Director of Policy & Education Peter Burgess says reducing complexity is such a critical issue for the SMSF sector that the conference organisers decided to add another concurrent session to the program to allow an experienced and highly credentialed panel of experts to dissect it from every angle.

The panellists are Marisa Broome (Chair, FPA), Simon Grant (Group Executive Advocacy, Professional Standing and International Development, CAANZ), Phil Anderson (CEO, AFA), and Vicki Stylianou (Group Executive Advocacy and Policy, Institute of Public Accountants). SMSF Association CEO John Maroney will moderate the session.

Burgess says: “With the quality of financial advice review set to begin, it’s timely that the National Conference discusses what needs to be done to cut complexity and achieve meaningful reform.

“The panel, comprising the accounting and financial advice professions, will examine the opportunities that exist to streamline and simplify regulatory compliance obligations in the context of what SMSF consumers really want and need that they aren’t receiving now.

“They will also discuss what a restructured and enhanced regulatory framework for accountants providing SMSF advice, and financial advisers providing tax financial advice, could and should look like.”

This session is another highlight of the National Conference that will see five workshop topics, a Thought Leadership Breakfast, concurrent and plenary sessions, offer up to 47 CPD hours, as well as hear addresses from the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume, and the Shadow Assistant Treasurer and Minister for Financial Services and Superannuation, Stephen Jones.

Burgess says this National Conference, which will allow Association members to network and socialise in person for the first time in more than two years, is promising to be an event to remember.

“The sector is enjoying a mini boom. Member numbers and assets are both on growth paths, encouraged by the many positive changes we are seeing in our industry. Over the two-and-half days of the National Conference, delegates will hear about those changes and others that are in the pipeline.”

Register for the event.

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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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Kathryn Creasy

The Financial Planning Association of Australia (FPA) has announced the winners of the 2021 FPA Awards.

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 and give back to the community.

The winner of the coveted “FPA CERTIFIED FINANCIAL PLANNER® Professional of the Year Award” is Kathryn Creasy CFP® of Capital Partners in West Perth. The award acknowledges Kathryn’s outstanding approach to providing comprehensive financial planning advice to her clients but also her passion for mentoring those within her team and the broader profession.

FPA CEO Dante De Gori CFP® said: “Kathryn exemplifies our FPA membership as a modern professional financial planner. She is a shining example to all those that are considering a career in financial planning and the life-changing difference our work can make with a client.”

The winner of the “FPA Professional Practice of the Year Award” is Sydney-based Apt Wealth (NSW). The judges commented that it’s not easy to establish and be recognised as one of the 2021 AFR BOSS Best Places to Work in financial services.

Winning the “FPA Financial Planner AFP® of the Year Award” for 2021 is Leanne Bielik AFP® of 2020 Wealth PTY LTD (VIC). The judges noted that Leanne has paved the way to help those in need in the community get the help and support only a professional financial planner can provide them throughout the pandemic. Leanne also spends time in online communities supporting single mothers and clients who have had previous poor advice outcomes to get back on track.

The winner of the “FPA Advice Innovation Award” is Daniel Thompson AFP® of FINNACLE (NSW). The award was introduced last year to recognise members who have automated their advice process or used technology in new ways to engage with clients and/or deliver advice. Daniel has taken a blank piece of paper approach and an agile mindset to create a novel subscription based advice service. Through testing and improving constantly, Daniel and his team have created an innovative, affordable and easily accessible advice business for the benefit of his clients.

The “FPA Paraplanner of the Year Award” was given to Andrew Mann CFP® of Tupicoffs (QLD). The judges commented that Andrew is an example of what it is to excel in one’s craft. This award is a celebration of Andrew’s career and excellence in paraplanning, particularly his ability to be engaging, pulling complex threads together in such a way that embraces the client’s capacity to absorb information, and deal with matters that are important to the client.

The winner of the “FPA University Student of the Year Award” is Nicole Gardner of Kaplan Professional (VIC). Nicole has forged successful careers in journalism and in the banking sector. Inspired by the financial hardship that a close relative endured, she was determined to become a financial planner and to work hard to ensure that women and those entering aged care are financially educated and set up for success. She is now achieving a high standard of academic achievement whilst working in the financial planning profession and supporting a family.

The winner of the “FPA Community Service Award” supported by the Future2 Foundation is Peter O’Connell CFP® (VIC). The judging panel said that Peter has been a strong supporter of the Aboriginal Literacy Foundation in the Ballarat and Western Victoria area. For the past 15 years he has provided financial literacy education advice to the Indigenous community. He also supports the Aboriginal Literacy Foundation with their accounting and financial planning requirements.

The FPA gratefully acknowledges the time and expertise provided by the 2021 FPA judging panel:

Certified Financial Planner of the Year
Alison Henderson CFP®
David Sharpe CFP®
Marisa Broome CFP®

Financial Planner AFP of the Year
Michelle Tate-Lovery CFP®
Ben Marshan CFP®
Nat Daley AFP®

FPA Professional Planner of the Year
Diana D’Ambra
Julie Matheson CFP®
Neil Kendall CFP®

FPA Advice Innovation Award
Ben Marshan CFP®
Andy Marshall
Fraser Jack

FPA Paraplanner of the Year Award
William Johns CFP®
Vicky Ampoulos
Mark O’Toole CFP®

FPA University Student of the Year
Anne Palmer FPA
Diana Bugarcic – TAFE NSW
Vicky Ampoulos

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Dante De-Gori

Financial Planning Association of Australia (FPA) CEO, Dante De Gori CFP® has advised the Board of his intention to step down at the end of 2021, after nearly six years in the role and almost 12 years with the FPA.

FPA Chair, Marisa Broome CFP®, said that during a period of tremendous change, Mr De Gori has made an exceptional contribution to the financial planning profession.

“From his original appointment to work as the FPA Head of Policy and Government Relations, then adding Professional Standards to his remit through to his appointment as Chief Executive in March 2016, Dante has always put the profession of financial planning and the FPA members first.  Dante will leave a lasting positive legacy at the FPA,” Ms Broome said.

“With the FPA’s five year MAC strategy in place and the launch of the FPA Policy Platform Affordable Advice Sustainable Profession, the time is right for a new custodian to lead this amazing organisation,” Mr De Gori said.

“I will forever be grateful to everyone who has supported the FPA, it has been both an honour and privilege to have served in this role.

“I would like to thank the FPA team for their dedication and passion in supporting our members and the profession; our chapters and committees; the Board and our partners and of course, our FPA members who are the true champions of the advice profession and for whom I will always remain their biggest advocate.

I would also like to acknowledge Marisa Broome for her support and also past Chairs who have supported me, specifically to Julie Berry CFP®, Matthew Rowe CFP® and Neil Kendall CFP®.

During his tenure as CEO, Dante has:

• Led the FPA through the most difficult period ever seen in financial planning, including fronting as a witness at the Royal Commission;

• Pivoted the FPA through the introduction of the five year strategic priorities of Members, Advocacy and Consumers;

• Developed the FPA’s 10-point plan future of financial advice white paper in 2014 – with 9 of the 10 points subsequently being delivered, including the protection of the terms financial planner/adviser into law;

• Launched the FPA policy platform Affordable Advice, Sustainable Profession in 2020 that has already had a significant impact on the future of the profession, including individual registration and the separation of product and advice;

• Spearheaded the FPA’s commitment to advocate for tax deductibility of financial advice fees;

• Launched FPA Community to ensure members are able to communicate with each other in a safe and respectful environment;

• Introduced the FPA Learning Management System that enabled the FPA to offer FPA MyCPD, continue with our CFP program including remote exams and support for those members returning to study;

• Launched the first FPA consumer education program including the FPA Match My Planner Service that links consumers seeking advice with CERTIFIED FINANCIAL PLANNER® professionals;

• Launched Money and Life website to provide a direct link between the financial planning profession and the public;

• Represented the 190,000 CFPs globally as the Chair of the Chief Executives Committee of the Financial Planning Standards Board (FPSB Ltd) for the past three years; and

• Led the co-operation between the key associations that represent financial planners for one message many voices approach to advocacy, this included the cooperation with the AFA on successfully obtaining the extension to the FASEA exam and degree equivalent requirements.

The Board will commence a search for a replacement for Mr De Gori immediately.

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This appointment follows the stepping down of additional director Paul Ruiz after serving nearly two years on the FPA Board.

FPA Chair Marisa Broome CFP^® said: “I would like to thank Paul Ruiz for his commitment to the FPA Board over the past couple of years, in particular the expertise he has brought to the Audit and Risk Committee in his role as the previous Chair. On behalf of FPA Board, I’m delighted to welcome Diana D’Ambra to the Board.”

Joining on 1 December 2020, Ms D’Ambra will bring over 30 years of deep strategic and financial experience. She has spent more than 13 years as a non-executive director and more than 25 years as an investment, mergers, acquisitions and capital market and financial management adviser and chartered accountant.

In addition to her non-executive board and committee roles, Diana also provides financial and strategic assistance to established businesses in relation to acquisitions, divestments, and to start-ups in relation to strengthening and transforming their businesses.

Recipients of FPA Honorary Awards

At the FPA AGM, the FPA also announced its recent recipients of FPA Honorary Awards to acknowledge the dedication of exemplary members.

After finishing her three-year term on the FPA Board, Michelle Tate-Lovery CFP^® was honoured for her service with a Distinguished Service Award and appointment as a Fellow of the FPA.

Delma Newton CFP^® also finished her second term on the FPA Board and was recognised with a Life Membership of the FPA.

Life Membership was also awarded to Gary Jones AFP^® to acknowledge his long-standing commitment as an FPA Chapter Chair and member of the FPA Regional Chapter Committee.

FPA Chair Marisa Broome CFP^® said: “It’s important that we take this time to recognise our members who have gone above and beyond. These awards are not only representations of time and hard work, but also the dedication to servicing and advancing the financial planning profession. On behalf of the board, we thank you all for your commitment over the years.”

The members of the FPA Board are:

• Marisa Broome CFP^® (Chair)
• Jane Bowd
• Diana D’Ambra
• Alison Henderson CFP^®
• Kearsten James CFP^®
• William Johns CFP^®
• Julie Matheson CFP^®
• Julian Place CFP^®
• David Sharpe CFP^®

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Zacary Leeson

The Financial Planning Association of Australia (FPA) has announced the winners of the 2020 FPA Awards.

Now in its eighth 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 and give back to the community.

The winner of the coveted FPA CERTIFIED FINANCIAL PLANNER® Professional of the Year Award is Zacary Leeson CFP® of HPH Solutions in WA. The award acknowledges Zacary’s positive impact on the lives of his clients, as well as his inspirational work in the community through the charity, Leading Youth Forward.

FPA CEO Dante De Gori CFP® said: “Zacary exemplifies our FPA membership as a modern professional financial planner who is client dedicated, university educated and an experienced CFP professional.  Zacary’s passion for the value of advice and his confidence shone through his presentation to the FPA Awards judges. He’s an incredible role model for young financial planners.”

The winner of the FPA Professional Practice of the Year Award is WA-based HPH Solutions (WA). The judges commented that the team at HPH Solutions embody the essence of a true FPA Professional Practice and said that the leaders and staff should be congratulated for the valued work they undertake for their new and loyal clients.

Winning the FPA Financial Planner AFP® of the Year Award for 2020 is Nat Daley AFP® of Hard Line Wealth (NSW). The judges noted that Nat demonstrated his premise of health, love and wealth in everything that he does – from the advice he provides his clients to the way he has established and developed his business with his partners.

This year, the FPA introduced a new FPA Advice Innovation Award to recognise members who have automated their advice process or used technology in new ways to engage with clients and/or deliver advice. The inaugural winner of this award is Corey Wastle CFP® of Verse Wealth (VIC). Corey and the team at Verse Wealth foster a culture of continual innovation, an incredible focus on attention to detail and a drive to continuously improve their business by removing inefficiencies and pain points in their advice process.

The FPA Paraplanner of the Year Award was given to Emma Zwaan of Capital Partners Private Wealth Advisers (WA). The judges commented that Emma’s Statement of Advice (SOA) submission showed an ability to adapt the communication style towards the client’s situation and articulate how the client is put in a better position as a result of the advice.  Emma also demonstrated technical, research and strategic skills in all areas.

The joint winners of the FPA University Student of the Year Award are Miles Kitt of Charles Sturt University and Anthony White of TAFE NSW. Miles showed an outstanding commitment to academic studies and a wide perspective on current issues, as well as a passion for helping people improve their situation. Anthony served as an officer in the Royal Australian Air Force for many years, and as a part of his counselling responsibilities, he became aware of the impacts that financial stress can have on individuals. Now a veteran, Anthony is focused on becoming a financial planner and supporting wounded veterans through the Department of Veteran Affairs system, entitlements process, and Military Super program, as they enter civilian life.

The winner of the FPA Community Service Award supported by the Future2 Foundation is Shane Hayes of Family Aged Care Advocates (NSW). The judging panel said that Shane’s dedication to the profession and his support of the Future2 Foundation is inspirational.  Shane displays an amazing amount of humility and passion when he speaks of how our profession can make a difference to everyday Australians.

The FPA gratefully acknowledges the time and expertise provided by the 2020 FPA judging panel:

• Mark Alexander CFP®
• Naomi Alletson AFP®
• Vicky Ampoulos
• David Andrew AFP®
• Jason Andriessen CFP®
• Jason Andriessen AFP®
• Marisa Broome CFP®
• Diana Burgarcic
• Susie Erratt CFP®
• Giles Gunesekera
• Andrew Harris CFP®
• Alison Henderson CFP®
• Fran Hughes CFP®
• Fraser Jack
• William Johns CFP®
• Gary Jones AFP®
• Todd Kennedy CFP®
• Andy Marshall
• Ben Marshan CFP®
• Mark O’Toole CFP®
• Anne Palmer
• David Sharpe CFP®
• Michelle Tate-Lovery CFP®
• Sharon Taylor
• Phillip Win CFP®.

Photographs and a video reel featuring the 2020 FPA Award winners are available on the FPA website visit

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Marisa Broome

Australians are making long term changes in their spending behaviour to minimise the impact of COVID-19 on their finances, according to CoreData research presented at The Financial Planning Association’s (FPA) keynote event held earlier this month.

‘Uncovering the Value of Financial Planning Advice’ held on 3 September brought together key players in the financial planning profession to discuss the importance of financial planning and how to ensure more people have access to quality, affordable financial advice.

The virtual event was moderated by award winning journalist Helen Dalley, with Paul Clitheroe AM (Money expert and Chair of Financial Literacy Macquarie University), Alan Kirkland (CEO of consumer advocacy group CHOICE) and Dr Pamela Hanrahan (Adviser to the Hayne Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in 2018) as special guest speakers.

According to the survey^[1] findings discussed at the event, four in five Aussies took action to protect their finances to minimise the impact of COVID on their personal finances. The top five actions included: reduce discretionary spending (63.5%), reduce spending on essentials (47.8%), cancelling memberships (36.7%), seeking additional work/jobs (16.9%) and applying for financial support/loan (12.8%).

Yet despite these actions, more than twice as many households are in a fragile financial position now, compared to before COVID.

When it comes to spending patterns, Australians are making long term changes and may take more than a year (or never) to get back to their pre-COVID spending levels.

Particularly on memberships and subscriptions such as gym, streaming services, while 30% of Australians expect to start spending again within next six months, over 20% said they might either need more than 12 months or may never go back to the same level.

On other discretionary items and activities such as eating out, social activities, nearly half are committed to returning to normal with six months, and almost 20% within 12 months.

Marisa Broome CFP^®, FPA Chair said: “We’re experiencing an extraordinary and life changing moment in history. It’s affecting every facet of our lives. Our health, our work, our emotions, our friendships, our travel plans, our life plans and of course our financial circumstances.

“Money plays such a critical role in our ability to live the life we want. Especially in the face of challenging and unplanned circumstances.”

Universal access to financial advice

The event saw financial experts and advised clients talk about the importance of financial advice and the support of a professional financial planner to unlock dreams and manage the unprecedented times for everyone.

Mr Clitheroe pointed out that the current framework meant advisers were restricted to only being able to help high net worth individuals and other relatively well-off consumers who could afford to pay for advice.

“That satisfies [roughly] the top 10 or 20 per cent of the population of Australia. What do we do for the other millions of people who want to talk about everything from their credit cards, to investing a hundred dollars, to talking about [whether they should] put a thousand dollars in super or [towards paying off their] mortgage? That remains the challenge.”

His views were echoed by Ms Broome who confirmed that financial advice is both hard to access and expensive to pay for. It is beyond the reach of most Australians.

“We at the FPA want to change this. We want more Australians to seek financial advice but to do that they need to be able to access it and afford it. I passionately believe that helping Australians to build their financial capability and understanding is critical not just to them individually but to the nation,” she added.

Mr Kirkland from CHOICE argued that customer-centric financial advice needs to start with a good understanding of the customer’s needs and aspirations and their financial capability, and then exploring the different ways of providing that advice.

“It’s about really assessing when advice as provided by a financial planner is actually the right approach for a person and if it is, whether they need one-off advice or ongoing advice. Because sometimes, good advice is about giving people the skills they need to make decisions themselves through their day to day life,” he explained.

CoreData research further confirmed that of those who acknowledged they need help to strengthen and protect their financial position post-COVID, affordable advice and support from a financial planner appeared to be among the top three, with one quarter of Australians saying this would help.

The top two requirements for support included: ‘Tips and advice from companies I pay regular bills to on how to reduce bills’ (31.9%) and ‘a website or other free accessible resource that explains what financial services and supports are available’ (27.2%).

The event also featured clients sharing their stories about the valuable experience of working with a financial planner, particularly the intangible benefits of confidence, comfort, peace of mind and empowerment over their financial situation.

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[1] n = 1,145 Australians

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