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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With the goal of recognising individual financial advisers and advice businesses for their work with clients, aged care initiatives, and general excellence in the area, Aged Care Steps (ACS) is expecting an even greater nomination pool this year.

“We’ve loved being able to put a spotlight on the growing field of aged care advice, especially being able to celebrate the amazing advisers and businesses that operate in our industry and lead the way in having a positive impact on their clients” said Louise Biti, Director – Aged Care Steps.

2025 sees two categories available for nomination – one for individual advisers and one for advice businesses. Advisers are able to self-nominate or put forward colleagues or fellow advisers. This year’s categories are:

• Aged Care Adviser of the Year
• Aged Care Advice Initiative of the Year

The ‘Aged Care Adviser of the Year’ award recognises and celebrates financial advisers who have successfully incorporated aged care advice into their advice propositions to support older Australians and their families.

“Professionally, this is a very special award to win. To be recognised by my peers is validation of the work I’m doing in delivering quality aged care advice. And personally, the award also acknowledges all the hard work I’ve put into aged care advice over the years. It’s wonderful recognition for the work I truly love doing.”
Katie Spence, Sage Care Advice, 2024 Winner, Aged Care Adviser of the Year

The ‘Aged Care Advice Initiative of the Year’ category (formerly known as the ‘Aged Care Advice Program of the Year’) will once again spotlight a financial services business that is creating and undertaking aged care advice initiatives that advocate for and promote aged care advice to their clients or wider community.

Previous award winners have been acknowledged for their tailored programs, advocacy, and strong leadership and promotion of the importance of aged care advice.

“We’re incredibly proud that our Ageing with Grace Support Service has been recognised by our peers by taking out the 2024 Aged Care Advice Program of the Year Award. This award means so much to us, because it reflects what we care about most – supporting families through the challenges of aged care with compassion, clarity, and confidence.”
Kara Treeby CFP^®, Story Wealth Management, 2024 Winner, Aged Care Advice Program of the Year

Applications are now open

Applications will be reviewed and assessed by our external panel of respected professionals.

Phil Anderson (GM Policy, Advocacy & Standards at FAAA) and Sue Viskovic (Founder of Elixir Consulting) are returning for their third year as judges, and Andrew Inwood (Founder of CoreData Group) is joining this year’s panel for a second time.

Full details of the Awards and the nomination and application processes are available here.

The 2025 applications close on Friday, 26 September at 6pm AEST.

In a year when aged care is set to become more expensive and more complicated, with the introduction of the new Aged Care Act and fee changes, highlighting and promoting advice excellence is more important than ever.

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