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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Nick Hakes

Following industry-wide collaboration, and in partnership with the Beddoes Institute; Asteron Life, Kaplan Professional and the Association of Financial Advisers (AFA) have produced the New Financial Advice Competency Framework White Paper, which sheds light on the industry-wide consensus of the knowledge, attitudes and behaviours required to be a financial adviser.

To be released at the AFA National Adviser Conference on the Gold Coast next week, the Financial Advice Competency Framework builds on the existing and known regulatory standards on education and professionalism, and outlines the knowledge, skills and attributes required by financial advisers, that reflect today’s conversations with clients.

The process of constructing the Financial Advice Competency Framework involved over 60 interviews and rounds of online voting and feedback from an expert panel of over 500 stakeholders including advisers, consumers, regulators, academics, industry and professional association members.

In addition, over 1600 written comments were received by research group the Beddoes Institute and these have further helped shape the new framework.

According to AFA General Manager, Member Services, Partnership and Campus, Nick Hakes this is a first in the history of the financial advice profession.

“This truly is an exciting moment because through collaboration and a continuous consensus process; advisers, consumers, academics, licensees and manufacturers have built a model of all the skills and competencies needed to be a financial adviser.”

At the AFA National Conference the new knowledge domains and competencies needed by financial advisers, as defined by all participants within the sector, will be shared with the industry for the first time.

Recognition that advisers need to understand behavioural patterns to effectively motivate clients to act in their own interest has finally been evidenced by industry consensus.

“Financial advisers play an important role in people’s lives by helping them make good financial decisions and stopping them from making choices that are not in their own best interest,” said Daniel Waller, Head of Wealth and Life Intermediaries at Asteron Life. “This research shows us how to do it”.

The New Financial Advice Competency Framework White Paper reflects on the dedication of all stakeholders to their profession and gives consumers confidence that what is being taught is reflective of the qualities they value the most from their adviser.

“This has been an extensive process and one which the AFA believes will propel the profession forward,” said Mr Hakes. “This is because the White Paper not only outlines the new framework and foreshadows an implementation kit, it also helps shape the professional development requirements of advisers currently not covered by the existing regulatory standards on education and professionalism.”

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Nick Hakes

The Association of Financial Advisers (AFA) and Asteron Life (Asteron) have announced the 2017 Finalists for the AFA Excellence in Education Award (the Award).

The finalists are:

State Name Practice Title

• NSW: Jonathan Chong, Goodwin Financial Services, Financial Adviser
• NSW: Justin O’Donoghue, Vintage Wealth  Principal
• WA: Bradley Smith, Smith Wealth Partners, Director & Adviser
• QLD: Helen Russo, Encompass Wealth – Financial Life Planning, Financial Planner
• WA: Michael Ward, Maxim Private, Wealth Director

Nick Hakes, General Manager Member Services, Partnerships & Campus AFA, said this year’s finalists are investing heavily in their own academic and technical education but they are also investing in new frontiers of knowledge such as psychology, emotional intelligence and interpersonal skills.

“Through our research, we have discovered that communication and interpersonal skills are the skills that time and again, consumers have indicated they value more highly in advisers than any other quality,” he said. “It is pleasing to see that our finalists for this year are investing in knowledge that they can apply directly to their client conversations to help the client better understand the strategy that is being recommended to them.”

Mr Hakes said the financial advice profession is currently at an inflection point and now has the opportunity to redefine and rethink financial adviser education.

“To date, the industry has favoured an education pathway that is not reflective of what actually happens in an advice practice,” he said. “We now have the opportunity to start a revolution in financial adviser education, to build an education pathway that is reflective of what happens. Along with building academic knowledge and technical expertise, this pathway will help advisers develop the interpersonal skills they need in order to deliver what clients want most. We congratulate all our finalists on being at the forefront of that movement.”

The 2017 Excellence in Education Award Winner will be announced at this year’s AFA National Adviser Conference on the Gold Coast 11–13 October, and will receive a $25,000 education scholarship from Kaplan Professional.

Asteron Life Executive Manager Daniel Waller said, “Congratulations to the five finalists who have shown an outstanding commitment to ongoing education. Further education enables advisers to raise their professional standards and therefore the quality of their advice which in turn has positive impacts on their clients, their peers and the overall profession.”

Finalists of the Award are chosen for their commitment to professional development through continuing education and making a difference within the marketplace and their local community through the practical application of their knowledge and expertise.

Candidates are judged on the quality of their written nomination. Judges then conduct phone interviews with shortlisted candidates. Candidates are also given a weighting across four award criteria, including:

• 50% on formal education
• 30% on practical application of education
• 10% on contribution to one’s industry through education
• 10% on contribution to one’s community through education

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Nick Hakes

The adviser education framework will be completely re-engineered under a collaborative approach being taken by the Association of Financial Advisers (AFA).

Campus AFA General Manager, Nick Hakes said to create a new standard for adviser education, the AFA has engaged the Beddoes Institute to undertake landmark research. This work is being supported by partners Asteron Life and Kaplan Professional and draws on industry-wide collaboration to create a new advice competency framework.

“Our research with The Beddoes Institute will ultimately produce a pragmatic new approach that recognises all other frameworks in our market,” Mr Hakes said.

The Financial Advice Standards & Ethics Authority (FASEA) presents an opportunity to re-imagine an education pathway that reflects what consumers value from their financial advisers. It can then put into practice the elements of the Professional Standards legislation.

“It is critical to embrace professional education as it continues to evolve and becomes an integral part of the future of the industry,” said Daniel Waller, acting Head of Asteron Life. “As long-term partners of education through the AFA, we are delighted to be part of this project which will lead to even higher standards. It will offer substantial help and support for advisers and become increasingly important as we transition through the next era of financial advice.”

Rethinking what defines a great adviser can help shape a different consumer view about the positive change advisers create in the lives of their clients. They are seen as a trusted resource to help people clarify their goals and achieve a sense of wellbeing.

The research will provide industry-led evidence of what the education pathway should look like. The framework will include technical and communication skills, interpersonal qualities and personal attributes as described in white papers previously published by the AFA and the Beddoes Institute. The project will also result in a white paper and a practical, printed implementation kit for licensees.

To conduct the research, Beddoes has adopted the Delphi process, a widely-accepted consensus development methodology that facilitates structured dialogue among a panel of experts to distil an agreed framework from the varying opinions of participants.

“The first stage of this process is almost complete with CEOs and senior executives of licensees, consumers, advisers and other industry groups having participated in structured interviews. The next second phase of the research is a series of iterative online voting on draft framework elements by an online expert panel,” said Beddoes Institute’s Dr Adam Tucker. “Each panel participant will be asked to respond to up to five surveys over three months, voting on key elements.”

The AFA is now calling on advisers to participate in the panel. The participation form can be accessed here. 

“This is an important inflection point for our profession,” Mr Hakes said. “It needs the voice of advisers to help shape the profession we want to become.”

Advisers, regulators, academics and professional associations will be canvassed to ensure that the draft framework aligns with the needs and expectations of the industry. The aim is to create an industry-wide, pragmatic educational framework that will succeed because it has been built by the very people who need to work it.

The industry white paper, framework and implementation kits are expected to be available for release in October 2017.

“There has never been a better opportunity for adviser knowledge and expertise,” Mr Hakes said. “Timing they say is everything. And the time to start an adviser education revolution is now.”

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Nick Hakes

The Association of Financial Advisers (AFA) CEO, Phil Kewin yesterday welcomed the appointment of AFA General Manager, Member Services, Partnerships and Campus, Nick Hakes, as Vice Chairman of the Asia Pacific Financial Services Association (APFinSA) International Certifications & Standards Board.

“Nick’s appointment demonstrates that the Australian advice profession and our education program are held in the highest esteem by our Asia-Pacific neighbours,” he said. “APFinSA council members represent the voice of over 100,000 financial service professionals across 11 country associations and we are delighted that Nick has been appointed as the Vice Chairman of the APFinSA International Certifications and Standards Board and lead adviser education on a world scale.”

Mr Hakes says he is honoured to accept the appointment which coincides with the signing of an historic Memorandum of Understanding (MOU) between APFinSA and the European Financial Planning Association (EFPA). The signing of the MOU starts a process for the EFPA to formally recognise APFinSA’s Fellow Chartered Financial Practitioner (FChFP) designation.

“The MOU will effectively extend the global footprint of the FChFP designation and demonstrates that, with its focus on balancing academic studies with applied practice development, the FChFP is a very highly recognised and respected designation across the world,” Mr Hakes said.

The MOU also implies that APFinSA will recognise the EFPA’s professional designation

EFPA Chair, Josep Soler-Albertí, said the MOU is an important development and both parties are already working cohesively to develop a mutual recognition framework of designations. “The MOU with APFinSA presents an exciting opportunity to strengthen the global recognition of both sets of professional designations.”

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Nick Hakes

The Association of Financial Advisers (AFA) has begun its 2017 search to recognise and reward financial advisers who demonstrate dedicated professionalism and outstanding commitment to lifelong learning, with nominations for the tenth AFA Excellence in Education Award (the Award) now open.

AFA General Manager Member Services, Partnerships & Campus AFA, Nick Hakes said, “We are excited to continue our partnership with Asteron Life to present this prestigious Award, which is celebrating its tenth anniversary in this pivotal year for adviser education. The Award process isn’t about recognising those with the most knowledge, but about celebrating advisers who put their knowledge to the best use. It recognises passionate advisers who see education as a catalyst for adapting to a changing and complex financial advice environment. It is this drive and commitment to the practical application of knowledge that can inspire the increase in professionalism we see across the financial advice spectrum.”

Daniel Waller, National Key Account & Group insurance Manager at Asteron Life said Asteron Life is proud to continue to support the Award.

“We recognise the importance of ongoing education and believe this Award is an essential element in further strengthening and developing the financial advice profession. Only through continual improvement in ourselves can we advance our profession overall. That’s why this Award is so valued and essential, as it not only recognises the nominees, but also the need for ongoing education, no matter what age or stage of your career,” Mr Waller said.

The Award recognises advisers who are continually investing in themselves, their staff and their businesses, to raise professional standards through education and make a positive impact upon the public perception of financial advisers

Nominations are open from 19 April until 16 June, 2017, with the winner announced during the AFA National Adviser Conference on the Gold Coast in October.

Nominate or find out more.

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The finalists are:

• Stephen Nielsen, Ascent Wealth Management, GWM Adviser Services, Queensland
• Jason Fittler, Grow Your Wealth Pty Ltd, Grow Your Wealth Pty Ltd, Queensland
• Joseph Hoe, Wealthwise, Financial Wisdom, Western Australia
• Steve Dobson, Mal Dobson and Associates, Meritum Financial Group, Western Australia
• Christie Rigg, 360 Private, 360 Private Wealth By Design Pty Ltd, South Australia
• Simon Duigan, Main Street Financial Solutions, Fitzpatricks, Tasmania
• Warren Strybosch, Find Wealth, Clearview Financial Advice, Victoria
• Karen Walmsley, Powe Financial, Alliance Wealth, New South Wales

The national winner will be announced at the AFA National Adviser Conference in Canberra October 5-7.

Nick Hakes, General Manager Member Services, Partnerships & Campus AFA said it is encouraging to see so many advisers embracing higher and higher levels of education.

“There is a real shift in the mindset of advisers towards investing in education as a practical way of adapting to the seismic forces that are shaping the financial advice landscape. The candidates for this year’s Award are simply outstanding. Their education journeys demonstrate how education has helped them build not only their own knowledge, attitudes and behaviours, but also the knowledge, attitudes and behaviours of their clients,” he said.

Mr Hakes said this year’s finalists have invested heavily in a broad range of academic disciplines that move beyond the traditional technical areas to include practical business knowledge and emotional intelligence, as well as understanding new technologies and innovations. “It is this kind of broad investment in education that will reshape how we think about adviser education and ultimately help them grow the demand for great advice.”

Asteron Life Head of Intermediaries Mark Vilo said, “In our industry we often emphasise the importance of working on your business and not just working in it. The eight finalists for 2016 have demonstrated this through their broad commitment to study. Ongoing education is a vital ingredient for providing quality advice and, in turn, better client outcomes.”

Finalists of the Award are chosen for their commitment to professional development through continuing education and making a difference within the marketplace and their local community through the practical application of their knowledge and expertise.

Candidates are judged on the quality of their written nomination. Judges then conduct phone interviews with shortlisted candidates. Candidates are also given a weighting across four award criteria, including:

• 50% on formal education
• 30% on practical application of education
• 10% on contribution to one’s industry through education
• 10% on contribution to one’s community through education

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Nick Hakes

Live Poll results from the Association of Financial Advisers (AFA) National Practitioner Roadshow show advisers are overwhelmingly positive about their future and want to embrace peer-learning to help their fellow practitioners adapt and succeed.

More than 1,600 advisers attended the Practitioner Roadshows across the country. Close to 130 advisers nominated themselves as aspirants for the AFA’s Mentoring Program and a further 97 advisers to be mentors.

Reflecting on their attendance at the Practitioner Roadshows, 93% of advisers said they felt more optimistic about their future as a financial adviser

The AFA launched its current thinking on Adaptive Change – Taking advice beyond the horizon. “Adaptive change is a process of challenging our beliefs and ways of thinking; to question the effectiveness of continuing to do the same things in the same way that we are used to when the paradigms for financial advice have changed,” said Nick Hakes, General Manager Member Services, Partnerships and Campus AFA.

Speaking at the Roadshows was 2015 AFA Practice of the Year winner, Paul Kearney from the Kearney Group and AFA Adviser of the Year, David Reed. Both shared their journeys on how they built award-winning practices by adapting to different shifts in the marketplace. “Through collaboration and exploration Paul and David embarked on a new direction and have re-thought and re-defined their advice offer to clients in very different ways,” explained Hakes.

Katie Whiffen, Head of Asset Management Strategy and Implementation at NAB also discussed the big societal shifts and the great untapped demand for financial advice.

Adviser feedback from the roadshow has been outstanding. For example, one adviser described it as the ‘best financial planning event he has attended in the last three years.’

The Live Poll canvassed adviser responses to key areas such as shifts in the advice landscape, business investment and personal willingness to change.

On the issue of major shifts in the advice landscape, 59% of attendees believed that political and legislative shifts had already had the greatest impact on the way their advice is delivered, followed by technological shifts (22%) and then Societal shifts (9%).

Interestingly, on a state-by-state basis, political and legislative shifts ranked highest, particularly in the ACT where it polled at 82%.

With regards to personal willingness to change, advisers were polled on whether there were beliefs, bias’s or habits they would need to let go in order to move forward. An overwhelming 84.7% agreed compared to 15.3% who said no.

On the issue of business investments, advisers were asked how they would spend $50,000 in their business if success was assured, with 31.6% saying they would spend it on technology to improve the client experience, followed by technology to improve efficiency (31.1%), then team development (14.3%).

“The message from our speakers, and what was evident in our Live Poll, is that advisers need to invest in themselves to adapt, to collaborate with their peers and to cultivate a culture where they can gain fresh perspectives and new ideas,” said Mr Hakes.

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Nick Hakes

The Association of Financial Advisers (AFA)’s showcasing of adviser education and professionalism has begun for 2016, with nominations for the ninth AFA Excellence in Education Award (the Award), presented in conjunction with partner Asteron Life, now open.

General Manager, Member Services, Partnerships and Campus AFA, Nick Hakes said consumers really value highly educated advisers and this Award demonstrates the direct link between investment in education and professional credibility.

“Over the last 18 months financial advisers have created a momentum shift towards embracing higher education standards. This Award showcases advisers who are investing in further education for themselves and their staff and then thinking about how they connect education to their client’s financial wellness and their own business performance. Our 2015 winner, Charles Badenach, used education to improve the financial literacy of migrant groups in Tasmania. His investment in education started with a higher social purpose for the betterment of his community. The AFA has always held a core belief in lifelong learning and the practical application of knowledge and Charles is a great example of an adviser living those values,” said Mr Hakes.

Asteron Life Executive Manager Mark Vilo said Asteron Life is proud to continue its support, encouragement and celebration of professionalism within the financial advice community.

“Asteron Life is delighted to be the partner for the AFA Excellence in Education Award for the ninth year running. Quite simply, the importance of this Award cannot be understated in the current environment. Every year we see nominees who are continually investing in themselves, their staff and their business to raise professional standards through higher education. I encourage all advisers who have a great story to tell about how they have used their education as a way to positively change perceptions of the financial adviser to nominate for the Award.”

National finalists will be announced during the month of July at the AFA National Practitioner Roadshows with the overall winner being announced at the AFA National Adviser Conference in Canberra in October 2016.

Nominations for the Excellence in Education Award close on 10 June 2016. To nominate visit: http://www.asteronlife.com.au/afaawards

Key dates in the AFA 2016 Excellence in Education Award Program:

• Nominations open: 18 April 2016
• Nominations close: 10 June 2016
• First round interviews: Commencing 20 June
• National finalists announced at the AFA Roadshow: 11 – 21 July
• A panel interview with state winners: 31 August
• The AFA Excellence in Education Award winner announced at the AFA Adviser Conference: 6 October

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Kylie George

The Association of Financial Advisers (AFA) today announced the program for the AFA’s signature event for forward thinking advisers, the AFA 2016 Genxt Connect Tour.

“Genxt is an incubator for new advisers starting in the profession and existing advisers who are focused on the future,” said Nick Hakes, AFA General Manager Member Services, Partnerships & Campus AFA. “The Genxt Connect Tour is the perfect opportunity for advisers to explore the critical issues and opportunities that are specifically relevant to them.”

Mr Hakes said the learning outcome of the Genxt Connect Tour is to empower Genxt advisers to develop the soft skills that will help them demonstrate their credibility to a new generation of advice clients.

“Genxt advisers continually tell us that they value exploring innovative new ways of doing things in regards to the advice process and client engagement,” he said. “They want to learn soft skills such as how to present advice to clients and they are also interested in exploring how technology can help clients better understand their advice options and strategy.”

Mr Hakes said new clients to financial advice consume information in different ways, and their language and the types of relationships they are seeking from financial advisers are different.

“Accordingly, our profession needs to adapt as well,” he said. “Genxt has always been an incubator of new ideas and with the 2016 Genxt Connect Tour we have really amplified this message. As an example, Charles Badenach – AFA Excellence in Education Award Winner – will share his approach to engaging with a younger client generation through technology-enabled personal advice.”

Ryan Watson, a former AFA Rising Star finalist and Genxt success story will share how he has built an outstanding, multiple adviser practice centered totally on client experience and outcomes.

Another key feature of the Genxt Connect Tour will be two hands-on, practical workshops focusing on client-led innovation and advice conversations that empower clients to want to take action. Other highlights include keynote speaker Stewart Bell, who will deliver an expert insight into what advice firms can learn from the agile environment of Silicon Valley and why there has never been a better opportunity for advisers to create a different future.

2015 AFA Rising Star, Kylie George will share her secrets to networking and building client value – the very things that earned her the Award.

AFA National Genxt Chair Matthew Hawkins said, “Genxt is our community for advisers that want to be different; that want to innovate; that want to throw off the shackles of legacy-thinking and deliver on their own vision of an incredible financial advice experience. Simply, the Genxt Connect Tour is for advisers that want the future of advice to arrive today.”

The Genxt Connect Tour kicks off in Hobart on 9 February, and will also visit Adelaide, Perth, Sydney and Melbourne before wrapping up in Brisbane on 18 February. To view the program and to register for the 2016 AFA Genxt Connect Tour, visit http://www.afa.asn.au/events.

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