Phil Anderson

Phil Anderson, FAAA’s general manager, policy advocacy and standards, will be retiring on 27 November 2026 after over 30 years in the financial services industry, and much of the last twenty years dedicated to the financial advice profession.

Sarah Abood, chief executive officer of FAAA, thanked Phil Anderson for his dedication and service to the profession.

“Phil has made an outstanding contribution to the FAAA and to the financial advice profession that we serve. He has been absolutely tireless in shaping numerous important policy and standards outcomes, and building strong stakeholder relationships across government, media, and peak bodies as well as the broader profession.

“His leadership as CEO of the AFA was a key element in the successful merger of the AFA and FPA to create the FAAA. In his combined 13 years of service across both organisations, he has made a lasting positive impact for members.

“Phil has been a determined advocate for the financial advice profession for over 20 years, with senior roles in AMP, NAB, CFS, Netwealth and the AFA before the FAAA. In all that time he has consistently promoted the value of financial advice and has been a fierce supporter of financial advisers and planners and the important work they do for their clients.

“On behalf of the Board, Executive Team and staff, we thank Phil and wish him an extremely well-deserved relaxing time in retirement.”

Anderson said: “It has been a privilege to work alongside colleagues, members and stakeholders who are passionate about advancing the profession.

“Whilst we have faced a series of challenges along the way, from the FoFA reforms in 2011-12 through to the substantial announcements by the Minister last week, I am proud of what we have achieved together and look forward to following the FAAA’s ongoing success.

“Although I will be stepping back from full time work, I am intent on continuing to contribute to the advice profession and ensure that it continues to prosper.”

Anderson will retire at the conclusion of the FAAA Congress in November.

A recruitment process is underway for the role.

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Phil Anderson

The Financial Advice Association Australia (FAAA) has lodged a submission to the Productivity Commission’s inquiry into reducing barriers to business dynamism in Australia.

In the submission, General Manager Policy, Advocacy and Standards Phil Anderson, outlined the association’s perspective on the issues under review and the importance of balancing business reform with the unique responsibilities of the financial advice profession.

Read the submission.

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Phil Anderson

The announcement of another sizeable CSLR cost of $190 million in 2026/27, and the prospect of sizeable special levies for the foreseeable future, is an unsustainable burden for financial advice practices and their clients, while offering little comfort to the victims of financial collapses.

We support the principle of compensation and accountability where misconduct occurs. However, a fair scheme must not undermine the ongoing viability of the advice profession at a time when more Australians than ever are seeking professional advice to help navigate life’s hurdles, including recent major Budget tax changes as well as aged care and NDIS changes.

We urge the Government to cap the total CSLR levy (annual plus special levy) so that financial advisers pay no more than $20 million until we have a sustained increase in adviser numbers. This will ensure Australians do not miss out on the advice they need.

The financial advice profession is made up primarily of small and micro businesses, with an average of only 2.5 advisers per practice. These small businesses have little ability to absorb additional significant costs, and the FAAA’s member survey in April this year shows many are considering leaving the profession and abandoning recruitment plans.

This survey of FAAA members found the CSLR special levy is set to significantly impact Australia’s financial advice landscape, with most respondents saying it will push up costs for clients, accelerate adviser exits and reduce recruitment. Nine out of ten advisers expect the levy to increase the cost of financial advice and 70 per cent of advisers believe the CSLR levy will result in a reduction in adviser numbers^[1]. Whilst the CSLR special levy is labelled as a financial advice sector cost, the Shield and First Guardian collapses demonstrate that many sectors have contributed to the substantial client losses. The special levy must be shared broadly across financial services sectors.

The Albanese Government has shown admirable willingness to provide targeted support for essential industries that are facing significant headwinds. For example, in May 2026, it suspended the Commercial Broadcasting Tax for a further two years delivering $111.3 million in savings for the commercial broadcasting sector. We urge the Government to show a similar commitment to financial advisers.

By Phil Anderson, general manager policy, advocacy and standards

———-

Notes:
[1] This is reinforced by the ABS June 2026 Business Conditions survey which found that:

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Phil Anderson

The FAAA has launched updated customer identification forms to help advisers meet the most significant changes to the Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) regime in nearly twenty years.

The forms were developed in conjunction with the FSC to assist AFS licensees, financial advisers and product providers in meeting their legal customer identification obligations under the Initial Customer Due Diligence (ICDD) reforms, and under the previous Applicable Customer Identification Procedures (ACIP) requirements for those still transitioning to the new AML/CTF standards.

Phil Anderson, general manager – policy, advocacy and standards at the FAAA, says the new FAAA/FSC customer ID forms, which are free for FAAA and FSC members, are an invaluable tool to help advisers standardise and manage their AML/CTF obligations.

“The FAAA and FSC, and our respective member working groups, have worked tirelessly to ensure these ID forms will assist all users to understand the customer identification requirements, and implement the reforms in a manner that standardises the process for advice businesses, product providers and clients.

“A standardised approach is essential to promote operational efficiencies for advice businesses, particularly as advisers frequently conduct customer identification checks that are relied upon by multiple product providers. This consistency helps to reduce unnecessary inconvenience for clients, ensuring a smoother and more streamlined process for all parties involved.

“The forms are complementary with FAAA SafeID which has been designed to align with the new customer identification forms to extend this standardised approach to the digital format,” Anderson says.

FAAA SafeID, introduced late last year, is a digital client identification solution for advisers to identify and verify their clients, and run instant politically exposed person (PEP) and sanctions checks, to meet the mandatory AML/CTF obligations.

The first tranche of AML/CTF reforms were introduced on 31 March 2026 as a new framework requiring entities to identify and mitigate their money laundering and terrorism financing risk. The AML/CTF obligations apply to all AFS licensees.

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Phil Anderson

The FAAA is surveying members to gain up-to-date information on the impact of CSLR levies on their practices. 

“The FAAA has always been supportive of a scheme to compensate the victims of financial misconduct, however we have long said that the current scheme is unsustainable and needs to be fixed,” says Phil Anderson, general manager – policy, advocacy and standards at the FAAA.

“In particular, the burden should not fall unfairly on financial advisers who have done nothing wrong. 

“The survey will inform the FAAA’s recommendations to the next round of Government consultations on the sustainability of the CSLR funding model.” 

Members are also being asked for their views on where the Government should focus to improve the sustainability of the CSLR. 

Anderson says the FAAA is continuing its advocacy to fix the CSLR, and appreciates the engagement of Government, the Opposition and crossbench, as well as industry and consumer groups.  

“This survey will support the discussion on the sustainability of the CSLR, which we believe is in the best interests of the advice profession and of all Australians,” Anderson says. 

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Sarah Abood

Early bird tickets to the Financial Advice Association Australia’s (FAAA) 2026 roadshow are now available. The roadshows will take place across Australia, visiting six cities during April and May.

FAAA CEO Sarah Abood, general manager of policy, advocacy & standards Phil Anderson, and chair David Sharpe CFP® will provide updates on the FAAA’s activities and priorities.

The keynote speaker is Jacqui Cooper OAM, Australia’s most decorated aerial skier. A five-time Winter Olympian, World Champion, and one of the most successful aerial skiers in the history of the sport, Cooper has spent over two decades quite literally defying gravity. Her session will be a masterclass in resilience, reinvention, and relentless self-belief.

Other key sessions include:

• Business Efficiency: Beyond AI Filenotes – Unlock the next wave of efficiency in financial advice: In this collaborative session we will hear from three tech providers who have come together to solve for developing efficiencies in the advice process. They will discuss where tech is now and how advice firms are maximising automation today. This session is tech tool agnostic, and will provide advisers with practical ways to enhance the client experience and scale their advice offering.

• Advising with Confidence – Working Through Ethical Conflict: In this adviser-led interactive 60-minute session, advisers will practise recognising conflicts and working methodically through grey areas. Attendees will walk away with a practical framework to use when next faced with a complex, ethically challenging client situation.

• Hear from award-winning advisers. At each Roadshow session, an FAAA award-winning adviser will share their insights, their path to success and what makes their business and practice unique.

Abood says Roadshow helps create meaningful opportunities to connect with industry peers.

“We’re bringing people together from across the profession to unpack what’s happening, share practical experience and have honest conversations about the realities of advice today,” Abood says.

“With regulatory settings and client expectations continuing to evolve, these events create a practical and engaging opportunity to remain connected and confident in our industry.

“Our program has been carefully curated by advisers, for advisers. That means the discussions are grounded, relevant and useful for advisers and their staff, generating practical takeaways that can be integrated quickly into their practice.”

The roadshow will visit:

• Brisbane – 28 April

• Canberra – 30 April

• Melbourne – 5 May

• Sydney – 7 May

• Adelaide – 13 May

• Perth – 15 May

Early bird tickets are $149 for members (including GST) and for non-members $299 (including GST).  Bookings of two or more people by FAAA members receive a further 10 per cent discount on all tickets. Up to 4.25 CPD hours are available to attendees. Tickets are now available via https://faaa.au/roadshow/

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Phil Anderson

The FAAA welcomes ASIC’s review of advice licensees who use lead generation services that inappropriately or unnecessarily encourage consumers to switch superannuation.

Phil Anderson, general manager, policy, advocacy and standard at the FAAA said, “We are very concerned by the role that lead generators played in the Shield and First Guardian collapses.

“While the use of lead generators does not necessarily imply wrong-doing, the FAAA strongly opposes the use of high-pressure sales tactics to engage potential clients, particularly where it is used to funnel them into particular products by promising high returns on investments, including their super.

“Financial advice must consider the client’s personal circumstances and be provided in the client’s best interest. It should not focus on products.

“Inappropriate lead generation, and financial advice that is provided off the back of it, that is not tailored to the client’s personal circumstances, can place that client at material risk.

“We support the Government in pursing regulatory reform in this area, where it protects consumers and targets the inappropriate use of this practice.”

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Phil Anderson

In its submission on Genetic Testing Protections in Life Insurance, the FAAA says it supports the Government taking action to provide Australians with greater confidence to undertake genetic testing. 

However at the same time it says that life insurance is a pooled arrangement, and increased claims for new policy holders leveraging these reforms will have an impact on the pricing of life insurance cover for all policy holders, particularly existing policyholders who have already been subject to large premium increases in recent years.

It says: “The FAAA is supportive of measures to remove perceived restrictions on people undertaking genetic testing, however we are concerned about how this reform could work to the disadvantage of other life insurance policy holders.

“We continue to advocate for measures to reduce the risk of this reform being used by people to access large levels of cover or to increase their existing life insurance, where they have genetic testing results indicating a significantly increased probability of claiming on that cover and as a result disadvantaging other policyholders.”

Read the full submission

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Phil Anderson

Ahead of the 1 January 2026 education/ experience pathway deadline for advisers, the number of advisers for whom the ASIC records indicate are yet to meet the criteria for continuing to practice, has halved since June. However, there are still a large number who remain outstanding, according to the FAAA.

Phil Anderson, FAAA’s general manager policy, advocacy and standards, said the FAAA has been working closely with ASIC over the last few months as the deadline approaches.

“We have recently contacted impacted members and licensees about ensuring that ASIC Connect has been updated to reflect qualifications going towards the qualification standard, and to remind qualifying experienced advisers to complete the declaration and have it processed by their licensee,” he said.

“The most common issues we are aware of include:

• Advisers who have not flagged which pathway they intend to use.
• Advisers intending to use the experience pathway whose date first provided advice is 1 January 2012 or later/ or who did not pass the Financial Adviser Exam before the cutoff (late October 2022 for most).
• Advisers who flagged they do not intend to use the experience pathway, but whose qualifications do not appear to be sufficient.

“Several members who we recently contacted were unaware they might have an issue until they received our email.

“ASIC has created a webpage with detailed information on how to update the register, which also includes a link to the temporary dataset.

“Time is running out fast to resolve this. We urge advisers to double check their ASIC record and contact their licensee urgently if updates are required.”

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Established in 2010 by AMP, the competition aims to recognise the next generation of financial planning talent, and promote financial planning as an attractive career.

As part of the challenge, entrants are tested on their technical knowledge and must produce and present a statement of advice. Participants also delivered a presentation on the value of life insurance.

This year’s event was held in Melbourne and judged by an independent panel that featured Steve Sloane from Link Wealth Group, Alisdair Barr from Striver, Lisa Sorgini from AMP, and Phil Anderson from the Financial Advice Association of Australia. RMIT’s Wraith, who is also Member Manager at Pursue Wealth and a member of the FAAA’s Emerging Professionals Committee, beat Deakin University’s Ryan Pfitzner, Kirstie Suleman and Aislin Jones in second, and Michael Woods in third.

Other finalists included Martin Sta Romana from RMIT and Hendra Kosasih from TAFE NSW.

Neil Younger, Chief Executive Officer, Entireti, said the University Challenge formed part of a broader strategy to identify, nurture and advance the next generation of financial advisers.

The group’s plans include supporting advice businesses across Akumin, Fortnum Private Wealth, Personal Financial Services and Entireti Alliances to attract young talent like graduates and other job seekers.

“To improve access to quality advice and close the advice gap, the industry needs to urgently increase adviser numbers, which starts by promoting financial planning as an attractive career path and actively engaging with schools and universities,” Younger said.

“As one of the largest service providers to advice businesses, we believe that we have an obligation to play a leadership role in investing in the next generation of talent coming through.”

According to Wraith, who describes herself as an “aspiring financial adviser” on LinkedIn, the highlight of participating in the Entireti University Challenge was the opportunity to learn from experienced advisers and connect with like-minded students from across the country.

“This event gave me a chance to put theory into practice and tackle real-world scenarios,” she said.

“I’m passionate about making financial advice more accessible, particularly for young people.”

After graduating from RMIT at the end of this year, Wraith plans to begin her professional year within the next 12–18 months.

“Eventually, I’d love to become a partner at a firm that shares my values – or maybe even start my own financial planning business one day,” she said.

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