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

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

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

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

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

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

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

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

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

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Olivia Sarah-Le Lacheur

The Association of Financial Advisers (AFA) has announced that the 2021 AFA Foundation Grants Program (the Program) is now open.

The Program invites AFA members to nominate a local charity, which may not otherwise obtain funding, to receive a grant.

“We encourage our members to nominate a charity in their local community and have an impact at a grass roots level,” said AFA CEO Philip Kewin. “This is a rare opportunity for members of the AFA to make a meaningful difference to the funding of these worthy causes in their local communities.”

In 2020, the AFA Foundation awarded grants to nine charities across NSW, Victoria, Tasmania, South Australia, Western Australia and Queensland.

Nominated charities must be registered as Deductible Gift Recipient (DGR) charities and applications are assessed by the AFA Foundation Committee and the AFA Executive. Grants representing a minimum of $2,000 are awarded to successful recipients. “The total number of recipients depends on the volume and quality of applications, and available funds,” Mr Kewin said.

AFA Foundation Chair, Olivia Sarah-Le Lacheur, said charities have seen demand surge due to COVID and the impact it has had on employment, incomes, mental and physical health. At the same time, donations have contracted, and funding is harder for small charities to source.

“What better way could an AFA member serve their local community than spending a short amount of time completing an AFA Foundation Grant application form to potentially secure funds that will make a difference to local people?” she said. “I encourage AFA members to participate in their community efforts to revive and thrive by completing an application form. Look at what a difference this made to the recipients of the 2020 Grants.”

Members have until 30 April 2021 to nominate their local charity via a one-page application form, available at the following link: https://www.afa.asn.au/foundation-grants-2021

Successful recipients will be advised by the end May 2021.

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Phil Kewin

The Association of Financial Advisers (AFA) acknowledges the announcement by Government yesterday on strengthening and streamlining oversight of the financial advice sector.

Significantly, the Government announced the winding up of FASEA and the expansion of the role of the Financial Services and Credit Panel (FSCP) within the Australian Securities and Investment Commission (ASIC) to create a single, central disciplinary body for financial advisers. Standard setting functions within FASEA will be transferred to Treasury.

AFA CEO, Philip Kewin said the AFA has been continually calling for the streamlining of regulation relating to financial advisers and while there is still more detail to come, this is a positive step towards removing unnecessary duplication for financial advisers, who have been at the frontline in helping their clients through the pandemic.

“Financial advisers and the advice industry as a whole have been hit with layers and layers of regulation that have increased the cost to provide advice without any clear consumer benefit,” Mr Kewin said. “While there is still much work to be done, we support moves that remove red tape for advisers and improve outcomes for consumers.”

Mr Kewin said that while FASEA will be wound up, advisers will need to continue to meet their obligations to pass the FASEA exam and ultimately obtain a Degree equivalent.

“Functions currently undertaken by FASEA will be transferred to other agencies,” he said.  “Advisers will still need to pass the FASEA exam by the end of 2021 and achieve the education standard by the end of 2025. We expect further news in relation to the FASEA Code of Ethics.”

Legislation to implement the changes will be introduced into Parliament in the first half of 2021.

“The AFA will continue to campaign for better outcomes for advisers and the clients they serve,” Mr Kewin said.

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Mr Nowak has been a member of the AFA Board for eight years and is the immediate past Vice President, serving two consecutive terms. He was also the 2013/14 President during the Future of Financial Advice (FOFA) reform period.

“I am honoured to again serve as the AFA’s national president,” Mr Nowak said. “The AFA has set a firm forward strategy, with a strong policy and advocacy focus and a business plan that is well positioned to meet the current challenging COVID-19 economic conditions.

“I acknowledge that there are significant challenges ahead for financial advisers, but it is encouraging to see a change in the tone regarding reform. It is crucial that reform is delivered to ensure that financial advisers can continue to serve the financial advice needs of Australians.”

The AFA also announced Katherine Hayes has been appointed to the Board as the new State Director for NSW/ACT and Stephen Knight has been appointed to the Board as WA State Director.

Six of the nine Board members will remain, including the three Executive members and also Sam Robinson in Victoria, Patricia Garcia in Queensland and Jawad Ahmad in South Australia.  This provides continuity and stability for the AFA.

Members of the AFA Board hold office for two years and must be practising financial advisers.

AFA CEO, Philip Kewin said, “We welcome the new AFA Board Executive team and the new State Directors and are looking forward to working with them to further our vision for financial advice.

“We would also like to thank our outgoing President, Marc Bineham, for his outstanding contribution to the AFA. Marc is a passionate advocate for financial advice, and has served on the Board for 10 years, including two consecutive terms as President. We would also like to acknowledge the contribution from outgoing WA State Director James Ford, who steps down after six years on the Board.”

Members of the current AFA Board include:

Executive

• President – Michael Nowak
• Vice President – Sam Perera
• Treasurer – Matthew Hawkins
• Company Secretary – Philip Kewin

State Directors

• NSW/ACT – Katherine Hayes
• VIC – Samantha Robinson
• QLD – Patricia Garcia
• SA/NT – Jawad Ahmad
• WA – Stephen Knight
• TAS – Vacant

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Olivia Sarah-Le Lacheur

The Association of Financial Advisers (AFA) is pleased to announce the recipients of the 2020 AFA Foundation Grants Program (the Grants Program).

Nine local charities from around the country were chosen from 25 submissions to receive a grant of between $2,000 and $5,000 each from the AFA Foundation.

AFA Foundation Chair, Olivia Sarah-Le Lacheur said, “We were very pleased to see so many submissions this year, for charities right across Australia, including remote and regional locations, plus our very first submission from Tasmania.”

The Grants Program recipients include:

• Mama Lanas Community Foundation, NSW
• Goulburn Valley Family Care, VIC
• Pete’s Pantry, QLD
• The Pyjama Foundation, QLD
• Cancer Council – Gawler Relay for Life, SA
• Jamestown and District Royal Flying Doctor Service support group, SA
• A Paw Up, TAS
• Free 3D Hands, VIC
• St Patricks Community Support Centre, WA

Ms Sarah-Le Lacheur said that while fundraising opportunities have been limited this year, the AFA Foundation Committee, with the support of the AFA Executive, made the decision to continue with the 2020 Grant round.

“Restrictions imposed by COVID-19 mean the AFA is currently unable to host face-to-face events, which is where most of our fundraising traditionally takes place,” she said.

Ms Sarah-Le Lacheur said the AFA Foundation is now exploring new ways of fundraising using online donation capabilities and virtual fundraising events, like the Geoff Ramm ‘Celebrity Service’ webinar in July.

AFA CEO Philip Kewin said the AFA Foundation has reported that a number of the Grants Program recipients provide food or meal services, which are vital for those who have been impacted by COVID-19 changes to their income and employment status.

“It’s encouraging that our members are recognising and championing charities within their communities that are going the extra mile in these extremely difficult times,” he said. “The AFA Foundation has also reported that members are staying closely connected to the charities they have nominated, which allows us all to understand and appreciate the impact that the grants are having.”

Launched in 2019, the Grants Program offers AFA members the opportunity to nominate local charity partners that would benefit from a small donation, but might face challenges in finding funding via other avenues such as government assistance or larger charities. The nominated charity must have deductible gift recipient status and those nominating must be members of the AFA.

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Phil Kewin

The Association of Financial Advisers (AFA) has announced the On-Demand program and Masterclasses for the AFA VISION Conference.

The On-Demand program includes sessions on how to run a best practice business, including sourcing smart technology for maximum efficiency. Other sessions will take deep dives into FASEA standards, consumer trends, ethical investing, estate planning, outsourcing, TPB obligations and retirement. There will also be sessions focussed on personal health, disease prevention and mindset training.

AFA CEO, Philip Kewin, said, “The On-Demand program supplements the live, two-day AFA Conference program and includes professionally filmed presentations from industry experts. The aim is to help delegates discover new opportunities to lead the way in trusted advice, to transform and take advantage of opportunities through disruption, and to lift themselves and their businesses to the next level.”

The AFA also announced this year’s optional Masterclasses, which are being run by the AFA’s Genxt, Inspire and Pulse communities of practice.

The AFA Genxt Masterclass is: The Professional Year – growing the future of the financial advice profession. This masterclass will focus on best practice professional year management and deliver a blueprint for both advisers and licensees to successfully meet compliance and professional development obligations.

“We will be welcoming the first graduate of the FASEA professional year to the AFA Genxt Masterclass, as well as representatives from his practice and licensee who supported him throughout the experience,” Mr Kewin said.

The AFA Inspire Masterclass, sponsored by Trilogy Funds Management, is: The Art of Persuasion – learning the science, tools and techniques to influence others.

“This Masterclass is for those who want to understand how their personal brand influences others and offers a research-based toolkit of useful skills for advisers to use in different situations: face-to-face, on the phone and in writing.”

The AFA Pulse Masterclass, sponsored by Intelliflo, uncovers a roadmap for developing a professional paraplanner model for Australia.

“Increasingly, paraplanning is being considered as a profession in its own right,” Mr Kewin said. “Paraplanners are the heart of a financial advice business. They put compliance front and centre, while working side-by-side with advisers to help clients understand what they want from life and how to achieve it.”

The AFA Conference will also feature a range of high profile keynote speakers and five panel sessions, including a regulators panel, an economists panel, an insurers CEO panel, a technology panel and a licensee panel.

Plenary and panel sessions will be hosted on a main stage in a state-of-the-art television-style Sydney studio and broadcast live from the Museum of Contemporary Art across the country. The AFA Conference also includes a virtual exhibition of partners and sponsors and a virtual community event on the evening of 14 October.

All sessions are AFA accredited and cover FASEA learning categories. Delegates will have access to conference content for four months through to 12 February 2021, allowing them to watch what they want, when they want, while earning up to 36 CPD Hours.

Read more about the Masterclasses.

Read more about The On-Demand program.

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Jane Hume

Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, has been confirmed as the opening keynote speaker at The Association of Financial Advisers (AFA)’s VISION Conference (the AFA Conference), which will be broadcast from the Museum of Contemporary Art, Sydney on 14-15 October, 2020. Australian Olympic champion, Cathy Freeman, OAM is the closing keynote speaker.

AFA CEO, Philip Kewin, said, “Over the past year, Senator Hume has spoken with many advisers within our community and we are very much looking forward to hearing more from her about the Government’s future plans for financial advice.”

In a pre-conference video message to the advice community, Senator Hume acknowledged that financial advice is an essential service during the current period and publicly thanked the advice industry for helping Australians to face current financial challenges. Watch the video.

Opening keynote speaker on day two of the conference is Shadow Assistant Treasurer and Shadow Minister for Financial Services, Stephen Jones, MP.

Mr Kewin said the AFA is also looking forward to welcoming Cathy Freeman to conference. “Ms Freeman is an inspiring Australian who will be sharing the story of her journey to Olympic gold, and the mindset that ultimately made her a champion.” Ms Freeman is brought to the AFA Conference by TAL.

Other keynote speakers include futurist Dr Catherine Ball, high-performance manager, Darren Burgess, gold medallist and five times Olympian, Natalie Cook, OAM, OLY and Chicago-based Head of Decision Sciences at Morningstar, Ryan Murphy.

Dr Ball will speak on the ethics of automation in the digital age and future technology challenges and opportunities. Dr Ball is brought to the AFA Conference by AIA.

Mr Burgess will share his thoughts on how advisers can build resilience and manage teams for optimal performance, especially during tough conditions. Mr Burgess has a wealth of experience within the domestic and international sporting landscape, having worked with Arsenal in the English Premier League,  Liverpool Football Club and Port Adelaide Football Club. He is brought to the AFA Conference by Zurich and OnePath.

As well as being a sporting hero, Natalie Cook is an international award-winning wellness coach who, in line with this year’s conference theme, will inspire delegates to set their own vision to achieve gold medal outcomes.

Morningstar’s Ryan Murphy will be looking at goals-based risk and presenting a better approach to managing client risk preferences.

The AFA Conference will also feature five panel sessions, including a regulators panel, an economists panel, an insurers CEO panel, a technology panel and a licensee panel.

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.

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. The Conference also includes a virtual exhibition of partners and sponsors and a virtual community event on the evening of 14 October. Delegates will  have four-month access to the AFA Conference sessions, and associated content including the virtual exhibition, meaning they will be able to tailor their own viewing schedule.

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The Holistic Adviser Wellbeing Toolkit is comprised of two parts:

• 1. My Wellbeing Hub
  2. CPD-accredited training modules hosted on _Zone, the new on-demand financial adviser learning platform. These are the first modules focussed on mental health within _Zone.

My Wellbeing Hub is a brand-new, purpose-built website with tools and resources that can be accessed by anyone at any time, although it has particularly been designed for Zurich and OnePath Life customers, distribution partners and communities.  Its curated and regularly updated resources consider:

• Mental wellbeing: ways to manage mental health, stress, and sleep.
• Nutrition and fitness: tips for healthy living.
• Community: health and wellness organisations.
• Tools and support: links to financial adviser support resources from AFA Care and FPA Wellbeing, as well as national support services such as R U OK?, Lifeline and Beyond Blue.

The Holistic Adviser Toolkit was developed in collaboration with a cross-industry working group borne out of the Zurich Leaders Forums in late 2019. The working group was established to help fight the rising levels of mental ill-health amongst financial advisers, setting out to provide greater guidance and better coordination of resources to help advisers take care of their wellbeing. Feedback from the industry also showed that advisers wanted tools and support to provide industry-leading care, understanding and coaching for their clients and teams.

The working group included: Philip Kewin, CEO Association of Financial Advisers (AFA); Dante De Gori, CEO Financial Planning Association; Nettie Handley, Consultant at Bombora Advice; and Aaron Williams, CEO and co-founder of Mindstar – alongside Zurich Life & Investments’ Kristine Brooks, Chief Distribution Officer, Tim Atley, Head of Strategic Account Management, and Maria Falas, Head of Mental Health & Wellness.

Maria Falas, Zurich and OnePath Life’s Head of Mental Health & Wellness, said, “We’re very proud to be working in collaboration with the industry and our community partners to provide tools, resources and training to help advisers understand and manage their mental wellbeing, and to support customers in the same pursuit. Our ability to support each other as a community is needed like never before, and Zurich and OnePath Life will continue to take an active role in helping to address this pressing issue in all of our communities of influence.”

Philip Kewin, CEO, Association of Financial Advisers (AFA), said, “At a time when financial advisers are providing such valuable service and support to their clients to ease their emotional and financial burden, it is so important for they themselves to have access to tools and support to look after their own wellbeing.”

The Holistic Adviser Wellbeing Toolkit is another initiative within Zurich’s multi-faceted MindFIT program, which was established four years ago to support greater understanding and positive mental wellbeing for its employees, customers, distribution partners, and communities.

Its content enclosed draws upon the resources and expertise from Zurich and OnePath Life’s network of mental health community programs, partners and key industry bodies. This includes SuperFriend; Tackle Your Feelings, a community program for AFL clubs and coaches; and Mr Perfect, which encourages conversations and connections through informal BBQs across Australia.

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Phil Kewin

The Association of Financial Advisers (AFA) warmly welcomes the passing of The Treasury Laws Amendment (2019 Measures No. 3) Bill (the Bill) today, to extend the deadlines for the FASEA exam and education standard.

AFA CEO, Philip Kewin said, “We thank all involved in passing the Bill, for recognising the challenges facing financial advisers. It will allow advisers to continue to focus on the immediate needs of their clients, who are facing the economic impact of the COVID 19 crisis.”

The passing of the Bill by both Houses enables changes to the Corporations Act to provide:

• an extension of 12 months for the exam deadline from 1 January 2021 to 1 January 2022, and
• an extension of 24 months for the education standard from 1 January 2024 to 1 January 2026

Mr Kewin said, “Financial advisers will now be able to operate with certainty in planning for successfully passing the exam before the end of 2021 and the completion of their education requirements by the end of 2025.”

The Bill was introduced into the Senate for a third time today, after the Centre Alliance amendment was rejected in the House of Representatives for a second time yesterday afternoon. The Bill was passed in the Senate today without amendment, as a result of the Centre Alliance Party and other parties making the decision to enable the Bill to get through without amendment on this third occasion.

“We thank the Minister, Senator Jane Hume, for putting up the Bill to enable the extensions to the deadlines, and the ALP and the minor parties for their support of the Bill,” Mr Kewin said.

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Phil Kewin

The Association of Financial Advisers (AFA) calls on the Australian Labor Party (ALP) to support the passing of the Treasury Laws Amendment (2019 Measures No. 3) Bill in the Senate this week, that will provide a one-year extension for financial advisers who are required to complete the FASEA exam by the end of this year.

AFA CEO, Philip Kewin said the Government announced this policy back in August 2019, and the financial adviser community has been operating on this assumption and reassurances since that time.

“With the commencement of the coronavirus crisis, financial advisers seeking certainty on this extension have been impacted by the closure of Parliament, delaying the necessary debate in the Senate and also the cancellation of face-to-face exams.

“The AFA reminds the Senate that at this stage, fewer than 30% of current advisers have passed the exam, leaving 70% who would be forced to cease providing financial advice if they cannot pass the exam by the end of this year. This leaves the hundreds of thousands of clients of these financial advisers exposed, the same clients who are now increasingly reliant upon their adviser for support and guidance.”

Mr Kewin said that for the past two and a half months, financial advisers have been focussed on supporting and advising their clients as they deal with the impact of the coronavirus, including people who have lost their jobs and had their businesses closed.

“We want our members to be focussed on their clients, not only at this critical time, but all the time. The delay in passing this legislation is, however, causing anxiety and having an increasing impact on the mental health of financial advisers.”

Mr Kewin said the financial advice community had previously received confirmation that there was bipartisan support for the exam extension legislation, which it understood was based upon an acknowledgement of the delay in the availability of the exam, but more recently the impact of the coronavirus and the cancellation of face-to-face exams.

“We have now been advised that this bipartisan support has been withdrawn and the ALP wants to include an unrelated amendment that will most likely prevent it being addressed in the Senate this week.”

Mr Kewin said the passing of the exam extension legislation is a simple request from a profession that is essential during this crisis, and where the consequences are both well-known and completely avoidable.

“We request that the Senate take action to pass this Bill this week and avoid jeopardising the future and wellbeing of the financial advice profession, and their clients.”

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