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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Phil Kewin

The Association of Financial Advisers (AFA) is pleased to announce the AFA VISION Conference (the AFA Conference), which will run from 14-15 October, 2020.

Keynote and panel sessions from the AFA Conference will be hosted on a main stage in a state-of-the-art television-style Sydney studio and broadcast live to delegates across the country.

AFA CEO Philip Kewin said, “As the major event on the AFA calendar, the AFA Conference is an integral part of our vision for a brighter future. This year represents a rare opportunity to deliver a quality conference in what are uniquely difficult circumstances. We are therefore very pleased to be able to offer an innovative approach to virtual conferencing which we believe brings the delegate experience to life.”

The live component of the AFA Conference will be complemented by more than 25 on-demand industry presentations, all of which will be CPD-accredited. Delegates will also have four-month access to the AFA Conference sessions and associated content, meaning they will be able to tailor their own viewing schedule.

AFA Conference Chair, Dave Slovinec, said this year’s format allows many more people in the advice community to participate in the AFA Conference.

“As a practising adviser I know first-hand the disruption that our community is experiencing,” he said. “But I also know that disruption is paving the way for transformation and bringing with it new opportunities. Those tuning in to this year’s AFA Conference will be able to access the inspiration, the knowledge, and the tools to set their vision and take their businesses to the next level.”

This year’s AFA Conference Master of Ceremonies is Nigel Collin. Mr Collin, who has hosted live conferences and events, as well as worked on screen for over 20 years, said the AFA Conference will be produced in a similar way to a professional TV production.

“The virtual online format of the AFA Conference creates a new and exciting dynamic,” he said. “I’m looking forward to being live on the main stage in Sydney, for two days, introducing industry leaders, key regulators and motivating keynote speakers to the AFA community. It will be entertaining, intimate, and engaging.”

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Now in its 15th year, the Award recognises extraordinary emerging talent in financial advice and has proved to be a springboard for a successful career in the advice industry.

The 2019 AFA Rising Star finalists are:

• Chris Carlin (VIC): Master Your Money Now
• Victoria Devine (VIC):  Zella Wealth
• Ellie Fordham (QLD): dozzi Financial Advice
• Daniel Jackson (NSW): DBK Financial Solutions Pty Ltd
• Jade Louise McKay (WA): Essential Financial Advice
• Rebecca Maher (NSW): The Fiscal Mum

Phil Kewin, AFA CEO  said, “The AFA is very pleased to join with OnePath to champion newer advisers who are fast becoming the leaders of our profession. The Award celebrates their commitment, talent and achievements, while also helping them to develop personally and professionally in the company of the industry’s best new advisers.”

Natalie Jarvis, Head of Strategic Accounts and Sales Strategy at OnePath said, “ANZ OnePath is proud to have supported the AFA Rising Star since inception 15 years ago and we take much pleasure in congratulating this year’s finalists.”

This year’s judging panel included:

• Phil Kewin: AFA CEO
• Natalie Jarvis: OnePath, Head of Strategic Accounts and Sales Strategy
• Rebecca Pritchard: Wealth Enhancers, Financial Coach
• Matt Hale: Rising Tide, Director and Senior Financial Planner

All finalists will attend a full day Personal Breakaway workshop in Sydney. The 2019 AFA Rising Star will be announced at the Gala Dinner held during the AFA Conference in Adelaide on 29 August.

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Phil Kewin

The Association of Financial Advisers (AFA) and the Financial Planning Association of Australia (FPA) have teamed up to form a Life Insurance Task Force, two years out from ASIC’s review of the Life Insurance Framework (LIF).

AFA CEO, Philip Kewin, said the task force has been set up in order to have a combined association approach to the future of life insurance and the ultimate objective is to arrive at a life insurance industry that delivers the best possible outcomes for consumers.

“We believe it is very important to have a united and consistent message from the advice community about the future of life insurance, that we can share with Government and the regulators,” he said. “This will also allow us to work collaboratively as a community with Government, towards the shared goal of great outcomes for consumers.”

The task force will be made up of two senior representatives of the AFA, two senior representatives of the FPA and four advisers – two from each association.

A key focus of the task force will be helping to improve the general understanding of the role financial advice plays in improving insurance outcomes for consumers and the importance of offering them choice in how they pay for that advice. “The aim is to create greater understanding of financial advice, the role of advisers and how life insurance commissions offer consumers an affordable way to access life insurance advice,” Mr Kewin said.

The task force will also report back to advisers with a common view on what will be required of them after ASIC’s 2021 review of the industry.

FPA CEO Dante De Gori CFP said, “The FPA and AFA collectively represent many, many thousands of financial planning professionals, who in turn serve millions of Australians who care about life insurance. So, as a united taskforce we can make an impact for well-considered, positive change much more effectively.”

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Andrew Alcock

Research released by HUB24 Limited (ASX:HUB) and conducted with over 300 advisers has shown the Best Interests Duty (BID) has been overwhelmingly welcomed since its introduction in 2013, with over 4 out of 5 believing it was necessary to raise standards across the industry and indicating that the formal structure of the compliance regime has given advisers greater confidence that the quality of their advice has improved.

The research, conducted by CoreData and in partnership with the AFA, surveyed advisers on how they have implemented the Best Interests’ Duty regulation in their business over the past five years and how it has affected the provision of advice to their clients. HUB24 Managing Director, Andrew Alcock commented on the research, “At a time when there is increasing scrutiny on the quality of financial advice it’s very clear from this research that advisers are focused on meeting the best interests of their clients. In our experience, advisers have always considered a range of factors, and not just price, when selecting financial products to help deliver outcomes for their clients both now and for the future”.

Advisers who were surveyed were generally confident in their understanding of the Best Interests Duty and the implications for them as advisers, though when asked 70% of all advisers say they “definitely” or “may” need additional training or information. This could reflect a clear focus from advisers wanting to make sure they do their very best in the context of a rapidly changing market and community expectations.

When asked specifically about product selection, though cost is an important factor, by far the most significant consideration for advisers was whether a product matches the client’s assessed risk tolerance, or whether the product has better or more relevant features than available alternatives. Again, when asked specifically about platforms, advisers ranked features ahead of cost as the number one reason for platform choice.

There is clearly demand from advisers for platform technology that can add value for clients through active tax management of investment portfolios. 89% of advisers surveyed say they would consider it either extremely important or somewhat important if their platform could help achieve this. Whilst many platforms now provide tax management and modelling tools there are significant differences between the level of sophistication of these tools and the outcomes they can provide for clients over the long term, specifically when it comes to the ability to in-specie transfer assets and actively model client tax outcomes when selecting managed portfolio investments.

Mr Alcock also said “providing quality advice for clients relies on understanding their specific circumstances and also understanding how to incorporate the available products and features that can enhance client outcomes. Given the rapid pace of innovation the products we are building today are providing new opportunities for clients. As the industry evolves it is important to understand how new products and capabilities can contribute to client outcomes if our aim is to do the very best we can for them”.

The Association of Financial Advisers (AFA) CEO Phil Kewin said “The Best Interests Duty is arguably the most important obligation for financial advisers. We welcome this research into adviser’s views on the Best Interests Duty. We would encourage more research being done in this space and more guidance provided to financial advisers to ensure that they can be confident that they are meeting their obligations. Ultimately an increased awareness of the Best Interests Duty and related obligations will result in improved outcomes for the consumers of financial advice.”

The full recommendations from the Royal Commission into Financial Services are due to be released imminently and as a result it is possible there may be further changes to the Best Interests Duty regulations and how advisers can adhere to them.

Download the full report: The Adviser’s Best Interests Duty: Creating Better Advice

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Philip Kewin

The Association of Financial Advisers (AFA) and the Beddoes Institute will reveal the life insurance companies that delivered superior product, service and claims experiences over the past year, according to life insurance customers themselves at the annual Consumer Choice Awards (the Awards) this week.

The Awards are based on the findings of the 2018 Beddoes Institute Policyholder Perceptions Study and Claims Journey Study.

Now in their third year, the Awards offer people who hold life insurance via financial advisers (policyholders) and people who make claims (claims customers) on those policies, the opportunity to evaluate their experience and in so doing inform future product, service and process development.

“Now, more than ever, it is vital that the community hears about the real-life experience of life insurance, identifies  those insurers who are exceeding expectations and in doing so helps continue to raise the standards for all,” said AFA CEO Phil Kewin.

“With around $9 billion in claims now being paid out annually, we know that life insurance plays an essential role in helping people manage the financial impact of death, disability and illness on their families, potentially lessening the burden on Australia’s social security system. We also know that at claims time, people who arrange life insurance via a financial adviser fare better than those who don’t.”

Recent APRA/ASIC statistics^[1] revealed that 98% of death claims made in relation to life insurance arranged via a financial adviser are paid out, versus only 88% of direct life insurance policies.

“The Awards are designed to encourage excellence, raise the bar for all life insurers and in doing so provide an invaluable contribution to the Australian Community,” Mr Kewin said.

Director of the Beddoes Institute, Dr Rebecca Sheils said, “Increasingly we see outstanding performance by insurers, each focusing on key areas of strength. We also see advisers and the AFA elevating the skills required to best help clients with insurance, skills such as being able to correctly identify a client’s needs by understanding their concerns, goals, values and beliefs and being able to critically evaluate insurance products in the light of these needs.”

Dr Sheils said that based on four years of Beddoes’ data, insurers can now predict the outcomes for customers on claim, better enabling them to improve their processes and allocation of resources when servicing customers on claim. “In these awards, once again consumers accessing cover with the assistance of skilled advisers have identified insurers that have excelled over the last year in providing exemplary insurance products and service.”

The Awards include the Policyholder Choice Awards and the Claims Customer Choice Awards. The Policyholder Choice Awards recognise outstanding customer service during 2018, as well as the value (other than protection) that personal life insurance provides such as education, health and wellness programs, communication and other consumer-focused initiatives provides.

The Claims Customer Choice Awards recognise outstanding service of claims customers from Income Protection, Trauma and Total and Permanent Disability (TPD) insurance during 2018 including claims processing, early intervention, support and holistic care.

Winners of the Awards will be announced on Thursday 15 November at The Langham Hotel, Sydney. The Award categories include:

The Consumer Choice Award

Policyholder Choice Awards:
•    Value for Money
•    Best New Customer Service
•    Most Satisfied Customer

Claims Customer Choice Awards:
•    Best Application Process
•    Best Turnaround Time
•    Best Claims Staff
•    Return to Health and Wellness
•    Focus on Early Intervention

[1] https://asic.gov.au/about-asic/news-centre/find-a-media-release/2018-releases/18-150mr-apra-and-asic-release-new-life-claims-data/

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Hugh Robertson

The Association of Financial Advisers (AFA) and Zurich have announced Hugh Robertson from Centaur Financial Services, QLD is the 2018 AFA Adviser of the Year, and West Australian practice, TWD Australia is the 2018 AFA Practice of the Year.

The Awards are presented to extraordinary and visionary advisers and practices, recognising qualities of leadership, innovation, customer focus and professional excellence.

AFA CEO Phil Kewin said, “The AFA congratulates Hugh and TWD Australia for their roles as industry ambassadors in advocating for advice and the great outcomes it delivers.”

Tim Bailey, CEO, Zurich Life & Investments said, “This year’s winners are at the very pinnacle of financial advice. While the advice profession undergoes a transformation, this exceptional adviser and outstanding practice are shining examples for their peers.”

Mr Bailey said there is a heightened responsibility for this year’s winners to demonstrate that quality financial advice is available to all and can play a crucial role in shaping and protecting the lives of Australian families.

“With reputation and trust a driving factor for the whole industry, Hugh and TWD Australia have been able to lift this perception across the profession through their unwavering ethics, unique ideologies and actions. Their leadership and courage can forge a path forward in these challenging times.”

Now in its sixteenth year, the AFA Adviser of the Year Award is a joint initiative between the AFA and Zurich and represents the pinnacle of achievement and recognition for Australia’s premier financial advisers. Nominees submit to a rigorous process and, amongst many other things, are judged for the contribution they make to improving the financial literacy of their clients and their community.

In its fifth year, the AFA Practice of the Year, which is also a joint AFA/Zurich initiative, recognises advice businesses which are at the forefront of taking the profession forward through innovation, customer centricity and advice excellence.

The Awards were presented at a Gala Dinner at the AFA National Adviser Conference on the Gold Coast this evening.

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Donna Lee Powell

Donna Lee Powell from DLP Life Design has been announced as the winner of the 2018 Association of Financial Advisers (AFA) Female Excellence in Advice Award (the Award) by the AFA and TAL.

A joint initiative of the AFA and TAL, the Award recognises and showcases the talents and contributions of women in financial advice to their clients, the community and their profession. The Award criteria includes assessment of each candidate’s contributions to financial literacy in the community and/or campaigns targeted specifically at helping female clients take control of their financial lives. The Award has steadily gained momentum since launch in 2011 and this year attracted over 300 nominations,100 more than in 2017.

AFA CEO, Phil Kewin said, “Donna Lee is a truly inspiring individual and a worthy winner of the 2018 Female Excellence in Advice Award. She has used her personal adversity to educate and improve the lives of many women in the community.”

Donna Lee started her career in financial services in 1995, and launched her own consulting business in 2017. She specialises in helping women who are facing life-changing events.

Niall McConville, TAL General Manager, Retail Distribution said, “Congratulations to Donna Lee on this fantastic achievement. Donna Lee is a worthy winner in a year where we saw record nominations for the Award.

“We’re very proud of partnering with the AFA since 2011 on the Female Excellence in Advice Award. We believe this Award continues to be an important influence in generating awareness around the need for more diversity within the profession itself whilst also addressing the underrepresentation of women seeking financial advice.”

Donna Lee will receive a $15,000 tailored education package, courtesy of TAL.

The Award was presented at the AFA National Adviser Conference on the Gold Coast this morning.

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Felicity Cooper

The Association of Financial Advisers (AFA) and Asteron Life (Asteron) have announced Felicity Cooper of Cooper Wealth Management as the winner of the 2018 AFA Excellence in Education Award (the Award).

Finalists of the Award were 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.

Judges placed a weighting across the four criteria areas – 60% on education and 40% on their practice, industry and community combined.

Ms Cooper will receive an education scholarship for study with Kaplan to the value of $25,000.

AFA CEO Phil Kewin said, “Felicity has a refreshing approach to education, proving it is not just about study but true personal development which results in enhanced skills.”

Asteron Life Head of Life Intermediaries, Daniel Waller said, “For 11 years, Asteron Life has proudly supported this Award. We’re delighted to recognise Felicity Cooper who through her education, continues to improve herself and demonstrate uncompromising care for her clients.  This in turn helps strengthen the overall profile of the advice profession.

“I would also like to acknowledge Caleb Dozzi as highly commended for his significant achievements in furthering his education.”

The Award was presented at the AFA National Adviser Conference on the Gold Coast this morning.

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Philip Kewin

Financial advisers and financial planners (financial advisers) who engage in leading “know your client” behaviours see 72 per cent higher net client growth and 56 per cent more of their clients are very willing to recommend their services to family and friends, according to a major new benchmarking study.

For the first time, the international financial advice community has benchmarked how financial advisers come to know their clients. The study surveyed over 300 client-facing advisers in Australia, New Zealand and the US, and was supported by an international coalition, including: Financial Advice New Zealand; Association of Financial Advisers (Australia); Portfolio Construction Forum (Australia & New Zealand); Financial Planning Association (USA); Berkeley Executive Education (USA); Capital Preferences (USA & New Zealand); and T. Rowe Price (USA, Australia & New Zealand).

“This landmark study is a unique and powerful coalition, providing advisers the answer to the crucial question – ‘what does it mean to know your client?’ For the first time advisers have a benchmark across practices in USA, New Zealand and Australia,” says Katrina Shanks, CEO at Financial Advice New Zealand. She adds, “The data and findings released over the next six months will be an indispensable tool for firms who seek to grow their business and advice professionals who are serious about taking their client experience to the next level.” The study sought to identify the specific behavioural building blocks advice professionals can and should engage in to know their clients, spanning foundational to advanced behaviors and techniques. The building blocks cover areas ranging from how advisers understand client goals to how they manage client family dynamics to how they apply insights from understanding clients, so they can deliver a better client experience.

Other key takeaways include:

• Deeply Understanding Clients is More Personally Fulfilling for Advisers: Advisers who engage in leading “know your client” behaviors gain deep personal fulfillment from a greater share of their client relationships—up to 60 percent more of their client relationships.
• Emergence of the “Behaviouralist” Adviser: An emerging segment of advisers are using new tools and technology to focus deeply on clients’ actual behaviors, not just what clients report or say. That’s creating more surface area for advisers to deliver value to clients. Behaviouralists see significantly higher client willingness to recommend, double the referral rates and nearly triple the net client growth rate compared to other advisers.
• Family Matters: highly proficient know-your-client advisers spend a greater share of their time directly engaging partners and adult children of the primary client. They are 40 percent more likely to discuss aging-related lifestyle transitions, as well as cognitive decline, with their clients and their families.

“‘Know your client’ is one of the foundations of financial advice,” says Graham Rich, Managing Partner and Dean, Portfolio Construction Forum. “Yet there is surprisingly little measurement – and certainly no industry benchmark – for how well financial advisers really know their clients. Until now. Continuing to scientifically explore attitudes and behaviours around people and money is critical to delivering quality financial advice outcomes, so the Forum is delighted to actively support this ongoing study,” added Rich.

AFA CEO, Philip Kewin says, “The AFA was delighted to participate in this ground-breaking study which confirms our belief that the human aspect of the advice relationship is vitally important to both advisers and clients. It reveals that advisers who have strong relationships with their clients have strong businesses. Advisers with strong client relationships can potentially deliver superior outcomes, because they have a genuine understanding not just of the client’s specific needs, but also of the client as an individual.”

Pat Spenner, study team leader and Head of Product and Marketing for Capital Preferences, commented, “We were blown away by the participation from the Australia and New Zealand advisory community. It lets us provide powerful country-specific benchmarks that are unique to these markets, and at a very important time for the advisory community.”

“The values that this study encourage, particularly a client-centric approach, align strongly with the core values of our firm,” said Murray Brewer, head of relationship management in Australia and New Zealand for T. Rowe Price. “As today’s investors increasingly value advice through all stages of their wealth journey, we believe this study can provide advisers with the ability to benchmark and improve their offering, ensuring clients achieve the best retirement outcome.”

The benchmarking survey (Survey Link) will re-open September 27th thro November 15th to provide other financial professionals an opportunity to benchmark their client understanding practices against those of their peers. All client-facing financial planners and advisers are invited to participate. Participants will receive a customized benchmarking report that enables them to benchmark their “know your client” methods against those of their peers, as well as the greater advisory community.

Beyond benchmarking, the study is unique in that it aims to provide the step-by-step roadmap that financial advisers can use to evolve their approach to understanding their client and thrive in an era of a more empowered client. Additional information about the research initiative can be found here.

About the Study Methodology and Benchmarking Sample

Following intensive qualitative research with seasoned financial planners and domain experts, the research team developed an online benchmarking survey. The survey was fielded July – September, 2018. Survey respondents participated on a strictly voluntary basis, with no paid respondents. The total respondent sample size is 317, with 136 from Australia, 52 from New Zealand and 129 from the USA. All respondents are client-facing financial advisers or planners.

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