David Sarkis

iExtend has launched the iExchange Forums, a national assembly designed to bring together like-minded advisers from across Australia to provide an opportunity to connect and to advocate industry solutions to current industry challenges.

The iExchange Forums encapsulates how iExtend will continue to work with advisers, in a collaborative manner, to ensure the best outcome for policyholders. iExtend has hosted iExchange Forum launch events in Sydney, Brisbane, Melbourne and Perth and this week, will launch the Forum in Adelaide.

Already more than 40 licensees and privately owned businesses have attended these events, creating a foundation member group of over 80 risk advisers across Australia. The Forums have been well received by advisers who  have valued the opportunity to build their network, collaborate and discuss how insurance can be better viewed as an asset rather than a liability.

“It is great to have like-minded advisers in the one room who are positive about the future and yet bring deep experience with them,” said Don Trapnell, former Synchron Chairman and current Director, Llenpart Financial and Founding Member of iExchange Forum, Melbourne

“iExtend is bringing together advisers in forums that are educational, positive and social and where advisers can listen to each other,” said Nowak Financial Services Director and former AFA President Michael Nowak and Founding Member of iExchange Forum, Brisbane

“The iExtend Exchange Forums are a new, adviser-focussed way to catch up with fellow advisers who are seeing similar challenges to you and who can provide insights on how they are responding to them,” said Reece Keys, Financial Adviser, Solace Financial House Financial Adviser and Founding Member of iExchange Forum, Brisbane

To date, the national events have showcased CPD accredited presentations from Strategy Consultant and former Zurich/One Path Risk Strategy expert Mark Neil, iExtend CEO David Sarkis and iExtend Head of Distribution, Protip DasGupta.

According to iExtend CEO David Sarkis, advisers are looking to connect face-to-face, to compare stories and experiences and to leverage their great skill.

“The insurance operating environment is very complex and stressful right now with a number of issues hurting policyholders, and financial advisers are having to deal with this. The Forums provide a unique setting for them to come together and discuss new approaches and what is working.”

Over the coming months, iExtend will attend a number of industry events, PD days and Licensee days as it continues to inform and educate the advice market on its offer. iExtend is currently operating under a Corporate Authorised Representative licence while it awaits its Australian Financial Services Licence from the Australian Securities and Investments Commission.

iExtend’s Head of Distribution Protip DasGupta said advisers are key in assisting Australians make good choices about their life insurance, particularly when they are under pressure with health changes and financial pressures.

“Financial advisers are central to helping Australians manage and retain their life insurance policies. iExtend has been working closely with them to ensure they understand how iExtend works, and how our proposition can help the policyholders, advisers and insurers, overall enhancing the sustainability of the life insurance industry.”

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Terry Johnson

Synchron adviser, Terry Johnson from Keyman Financial Services in NSW, has won an inaugural AFA Great Advice Award (the Award).

Don Trapnell, Director of Synchron said, “We congratulate Terry on winning the NSW state Award. Terry is a risk specialist who has been a highly valued member of the Synchron community of advisers since 2018.”

Mr Johnson has been in the industry for more than 20 years and has built a business that puts the claim outcome front and centre.

“We give advice as if our client is going on claim tomorrow,” Mr Johnson said. “We believe that the true worth of a risk specialist adviser is only really tested at claim time, the rest is the pre-game.”

In announcing Mr Johnson’s win at the AFA’s recent EVOLVE conference AFA National President, Michael Nowak, said, “Terry has many claim stories of which to be proud. Not only has he administered pro bono claims, but he always shows the utmost care to his clients when they need it the most.”

Mr Johnson said, “I want it to be as easy for the mum and dad and tradie with three kids and a mortgage to access affordable insurance advice as and when they need it, as it is for a CEO or high income earner, if not more so.”

Keyman Financial Services is a small family business, now operating in the NSW Hawkesbury region. Mr Johnson’s adult children, Benjamin and Mia, are employed in the business and both are currently undertaking their Professional Year.

Mr Johnson appeared with Synchron at the Standing Committee on Economics (the Committee) in July 2021, where he spoke about the impact of over-regulation on advisers and on inflows, which ultimately led to increasing premiums resulting in fewer people holding onto or taking out life insurance.

“It is a self-feeding cycle…that needs a circuit breaker,” he said at the time, “and it needs it urgently.”

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Speaking at the AFA’s recent EVOLVE Conference, AFA National President, Michael Nowak said that due to COVID-19 restrictions and being unable to host a face-to-face conference, the AFA’s traditional adviser awards program was postponed, however the AFA still wanted to celebrate its belief in great advice.

“The AFA Great Advice Awards are about acknowledging great stories from financial advisers about the successful outcomes they have delivered to clients,” he said. “Advisers share stories that demonstrate the financial, behavioural and emotional value that their advice has provided.”

Each state had a winner and a finalist.

The NSW winner was Terry Johnson from Keyman Financial Services in Parramatta, NSW.

“Terry has many claim stories of which to be proud,” Mr Nowak said. “Not only has he administered pro bono claims, but he always shows the utmost care to his clients when they need it the most.”

The Victorian winner was Adrienne Rush from iCare Financial Advisory Pty Ltd in Melbourne.

“Adrienne is such an impressive adviser. She has been recognised as a finalist in the AFA’s Female Excellence in Advice Award twice,” Mr Nowak said. “Adrienne’s great advice story demonstrates both the financial and psychological benefits of advice.”

Gayle McKew from Prosperity Planning Partners on the Gold Coast was the Queensland winner. Gayle’s great advice story highlighted many interconnecting elements of holistic client and family financial care. “This included intergenerational wealth advice, estate planning and wealth transfer advice, portfolio management and retirement planning.”

South Australian Simon Capp from Treehouse Financial Planning in Adelaide won the award for a story which demonstrated the great care he exhibited in helping a client in distress after a family loss and empowering the client to continue a journey towards achieving their goals.

AFA Inspire National Chair, Dawn Thomas, from Integro Private Wealth in Perth was the Western Australian winner. “Dawn’s great advice story demonstrated her ability to build trust with a client who had previously received poor advice. She restructured the client’s financial affairs and provided guidance to help the client achieve independence and work/life balance.”

The AFA thanked Sunsuper for supporting the Awards and for their ongoing support of advice.

Sunsuper’s Head of Advice and Retirement, Anne Fuchs said, “We were proud to support the AFA Great Advice awards in 2021 and would like to congratulate all the winners and finalists. Sunsuper has 1.4 million members and close to 4,000 registered advisers, therefore we understand and deeply value the role financial advisers play in helping Australians achieve their retirement dreams.”

A list of state winners and finalists appears below.

Winners:

• Adrienne Rush (VIC)
• Gayle McKew (QLD)
• Dawn Thomas (WA)
• Simon Capp (SA/NT)
• Terry Johnson (NSW/ACT)

State Finalists:

• Tim Hall and Simon Green (QLD )
• Donna Lee Powell (WA)
• Nikola Radoicic and Paul Katranis (SA/NT)
• Craig Phillips (NSW/ACT)
• John Cachia (VIC)

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Michael Nowak

The Association of Financial Advisers (AFA)’s advocacy on behalf of its members has helped win a major concession from the Government, with the proposed trebling of the ASIC Funding Levy (the ASIC Levy) on hold, AFA National President Michael Nowak announced today.

“The proposed increase would have seen the ASIC Funding Levy per financial adviser increase by 200% in just over two years, from $1,142 in 2018/19 to an estimated $3,450 in 2020/21,” he said.

Mr Nowak said that in response to extreme concerns raised by the AFA and the advice sector about the impact of the increases, the Government has decided to reduce the ASIC Levy back to the 2018/19 level of $1,142 per adviser for the next two years, in the face of further Hayne Royal Commission recommendations being implemented.

During this time the Government has announced it will also be undertaking a review of the ASIC industry funding model to ensure that it remains fit-for-purpose.

“This is a much-needed move in the right direction, and I want to thank the Treasurer The Hon. Josh Frydenberg, MP and the Minister for Superannuation, Financial Services and the Digital Economy the Hon. Jane Hume and the Government for finally listening to the AFA and the advice sector,” Mr Nowak said.

“The financial advisers the AFA represents are dealing with a requirement to sit a compulsory FASEA Exam and meet other education standards to keep their livelihood, on top of an overwhelming volume of other regulatory reform, huge sectoral restructuring and the impact of the COVID-19 crisis.

“It was unjustifiable to expect advisers already dealing with this tsunami of reforms to have to find extra cash to fund a trebling of the levy over two years to support an industry funding model requiring small businesses to pick up the cost of litigation against large institutions.

“This is a significant first step in starting to address the practical impact of the reforms on the ability of financial advisers to offer everyday Australians sound financial advice to give them financial security and independence.

“There is much more to be done to ensure that post the reforms financial advice can still be delivered in an efficient and cost-effective manner, thereby ensuring that it is available to the majority of Australians.

“The ASIC Funding Levy has been the subject of intense discussion at Parliamentary hearings throughout the course of 2021, and we thank all those politicians who have picked up this cause and lobbied on behalf of the financial advice profession.”

At the Parliamentary Joint Committee on Corporations and Financial Services hearing with ASIC on Friday 27 August 2021, the ASIC Funding Levy was the subject of discussion for the first 50 minutes, with probing questions from a number of the committee members.  The AFA thanks Andrew Wallace (LNP Qld), Bert van Manen (LNP Qld), Senator Deborah O’Neill (ALP NSW) and Steve Georganas (ALP SA) for their passionate pursuit of this matter.

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Michael Nowak

The Association of Financial Advisers (AFA) National President, Michael Nowak, Vice President, Sam Perera and Acting CEO, Phil Anderson appeared before the Parliamentary Standing Committee on Economics (the Committee) earlier today.

AFA National President, Michael Nowak said, “The AFA is pursuing a deliberate strategy to ensure that this important Committee was left with no illusion as to the significant issues facing the advice sector and the impact this is having on the accessibility of financial advice as a result of the continuing regulatory reform agenda.”

The AFA alerted the Committee to a number of significant issues, including that:

• financial advisers are drowning in red tape and compliance related costs, due to the aggressive and never-ending regulatory reform agenda
• access and affordability to financial advice continues to decline rapidly
• existing financial advice clients are satisfied with their advisers and are the missing voice that needs to be considered in the context of reform.

The AFA thanks its members for their continued support and are committed to working hard to maintain the trust and confidence of members in highlighting the issues impacting financial advisers and their clients.

Read the AFA’s Opening Statement.

The testimony of Michael Nowak, Sam Perera and Phil Anderson will be available on the Parliament of Australia website in due course.

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Helen Morgan-Banda

After a thorough and rigorous recruitment process, the Association of Financial Advisers (AFA) has announced the appointment of Helen Morgan-Banda as AFA CEO, effective 2 August 2021.

Ms Morgan-Banda brings to the role almost a decade of experience as CEO of two major professional membership bodies. Most recently she was CEO of the 15,000 member-strong Law Society of New Zealand and prior to that was CEO of the Royal New Zealand College of General Practitioners.

AFA National President, Michael Nowak, said Ms Morgan-Banda’s background and experience is a strong strategic fit with the highly experienced financial services professionals in the AFA’s senior leadership team, AFA Board, and AFA Communities of Practice.

“Over the course of her career, Helen has managed significant disruption, akin to that currently being experienced by financial advisers,” Mr Nowak said. “She has demonstrated a deep understanding of the issues being faced by our members and the broader industry and we believe she is the right person to lead us into the future.”

Ms Morgan-Banda has previously held Corporate Affairs positions with ANZ (New Zealand) and AMP (New Zealand). She will relocate from Wellington, New Zealand to Sydney as soon as practicable.

Mr Nowak also took the opportunity to thank Phil Anderson, the AFA’s General Manager Policy and Professionalism, for leading the AFA over the past six months.

“Phil has essentially performed two demanding roles while we were engaged in the search for a new CEO,” he said. “Phil remains an integral part of the AFA’s senior leadership team and will continue to play a vital role consulting with regulators, Government and other industry bodies on behalf of our members.”

The AFA is Australia’s longest-standing financial advice association and celebrates its 75th anniversary this year.

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As the AFA gears up for a new wave of policy advocacy and regulatory reform, and after four years at the helm, Mr Kewin decided the time was right to hand over the reins to a new leader.

“With new President Michael Nowak on board and solid foundations for the association’s future now in place, the time is right for me to pass the baton,” Mr Kewin said.

“I am extremely proud of my achievements at the AFA, in particular the way we have represented advisers during what is undoubtedly the most challenging period the profession has ever experienced.

“I would like to thank the AFA team for continuing to deliver outcomes that any large team would be proud of; our volunteer brigade of Communities of Practice, for continuing to build the AFA Community; our AFA Partners for their unwavering support for advice, and of course, our AFA members who continue to demonstrate endurance and resilience in unprecedented times, to deliver great outcomes for their clients.”

AFA President Michael Nowak said that under Mr Kewin’s leadership, the AFA’s advocacy had been recognised for its effectiveness and professionalism.

“Phil’s tireless and ongoing engagement with key stakeholders has been instrumental in gaining the deadline extensions to the FASEA exam and degree equivalent requirements,” he said. “Similarly, he facilitated our collaboration with the Financial Planning Association, Financial Services Council and other industry stakeholders, via forums such as the AFA/FPA Joint Associations Life Insurance Task Force and Choice and Access to Life Insurance (CALI), which have positioned us well with the Federal Government and the Opposition as they prepare to consider the future of life insurance commissions under the Life Insurance Framework review.”

Mr Nowak also said, “Phil has advanced the AFA’s reputation as an influential professional body, and we are fortunate that he leaves us with a larger member base and with enhanced relationships with the Government and regulators.

“Advisers have had no bigger advocate than Phil. His championing of adviser and member well-being was most significantly demonstrated by the establishment of AFA Care, which he initiated. While we will miss him, we thank him for all his efforts.”

The AFA’s General Manager Policy and Professionalism, Phil Anderson, has been appointed Acting CEO while the AFA Board conducts a search for a new CEO.

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Dawn Thomas

The Association of Financial Advisers (AFA) welcomes Dawn Thomas as the new National Chair of AFA Inspire.

Ms Thomas is a senior financial adviser with Perth-based financial advice group, Wealthwise, and the AFA’s 2019 Female Excellence in Advice award winner.

“The 2018 AFA Inspire roadshow was the very first space I discovered in financial advice, where women were earnestly celebrated and supported,” she says. “Ever since then, I have felt the warmth of the AFA Inspire community embrace and lift me. It is where the AFA and AFA Inspire leaders and community have allowed women like me to feel seen and heard. I am honoured to be appointed Chair and look forward to harnessing the power, tenacity, resilience and advocacy demonstrated by women within this industry.”

Ms Thomas also thanked the AFA leaders and members who have made AFA Inspire the inclusive forum it is today. “In particular, I would like to thank Kate McCallum for her awe-inspiring time as National Chair,” she says.

In welcoming Ms Thomas to the role, AFA President, Michael Nowak says, “Dawn is an enthusiastic member of the AFA community and a passionate advocate for financial advice, who will help us deliver on our vision for AFA Inspire which is to empower women to believe in themselves, to be confident with all things money and to grow prosperous financial futures.”

AFA Inspire works to achieve this vision by giving back to women in the community through financial education and encouraging and supporting the growth of females in the advice profession.

“I hope that as National Chair, I can welcome more women into AFA Inspire, those who are already members of the profession and those who aspire to be within it,” Ms Thomas says.

The AFA Inspire network is led by the National Chair and supported by:

Amie Baker – NSW Chair
Cara Williams – QLD Chair
Cara Graham – WA Chair
Hayley Dyson – SA Chair
Cassandra Hall – VIC Chair

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Runners up for the Life Company of the Year title were:

• AIA Australia
• MLC Life Insurance
• NEOS

AFA President Michael Nowak said, “We congratulate TAL on being awarded the title ‘2020 Life Company of the Year’ and also pay tribute to the runners up, and all the winners and finalists in other categories who have truly stepped up in an extraordinarily difficult environment. These companies have risen to meet the challenges presented by the current pandemic and continue to deliver superior products and services to financial advisers and their clients.”

AFA partners with Plan for Life, Riskinfo and Beddoes Institute on the Life Company of the Year Awards, which celebrate excellence in service, product and support delivered to advisers and their clients and are the leading annual recognition for retail life insurers, annuities and investment bond providers in Australia.

Plan for Life provides the benchmarking research for the life insurance, annuity and investment bond product awards.

Rael Solomon, Regional Managing Director, Plan for Life, said, “Whilst 2020 was a difficult year for the life insurance market, life insurers have continued doing their best to support advisers through increased training efforts, maintained high levels of service for both advisers and customers and kept a high profile through advertising their products.”

In the Client Service Team Awards, NEOS won the Underwriting Award, and the BDM/Business Support Award, while OnePath took home the Claims Award. Beddoes Institute’s Adviser Survey underpins the three key team-based awards.

Dr Rebecca Sheils, Director of the Beddoes Institute, said, “Our research findings from financial advisers indicate that the new insurers have made significant gains across Underwriting and their BDM teams. Underwriting performance across the industry overall dropped over the last 12 months. Likewise, claims performance across the industry overall also dropped. It was a challenging year for BDM teams in 2020 as reflected in slightly lower scores compared to 12 months ago. That said, the top performing insurers went above and beyond, delivering an exceptional standard of service and maintaining their strong and supportive adviser relationships under difficult circumstances.”

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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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