David Sharpe

In the three years since the Association of Financial Advisers (AFA) and the Financial Planning Association of Australia (FPA) merged to become the Financial Advice Association Australia (FAAA), the FAAA has become the unified voice speaking for professional advisers in Australia, says FAAA Chair David Sharpe.

“This Friday (3 April 2026) marks the three-year anniversary of the FAAA, formed with the overwhelming support and votes of members of both heritage organisations. Together, we now have 10,799 members, and the future of the profession is bright,” Sharpe says.

“What  I am most proud of is that the FAAA saw the coming together at the board, management and most importantly at the member level like we had always been one.

“The FAAA very quickly formed its own identity with members. Our communities have come together and created grassroots events and connections for members right across the country.

“The release of the 2030 Strategic vision and the Policy Platform at Congress 2024 consolidated what the FAAA stands for and what it hopes to achieve.

“With considerable challenges such as CSLR and confusion over AML – the benefit of a professional voice speaking for our members has never been more important,” Sharpe says.

Some key milestones for the FAAA since the merger include:

• The launch of the Advice Academy in November 2025 to help build and support a pipeline of new advisers entering the financial advice profession
• The announcement by the ATO in September 2024, after consistent lobbying from the FAAA, that greater deductions for upfront financial advice fees are now available
• The launch of the Advice Ambassadors program in February 2025, aiming to pair each member of parliament with a financial adviser in their electorate, ensuring their awareness of our issues and the value we add to local communities.
• The signing of a memorandum of understanding in November 2024 with FPSB India, a subsidiary of the Financial Planning Standards Board (FPSB), and the FAAA, to promote cross-border mobility and professional development for CERTIFIED FINANCIAL PLANNER (CFP) aspirants and professionals.
• The November 2024 launch of a major consumer digital marketing campaign, promoting professional financial advice to consumers and explaining the value of obtaining advice from a member of the FAAA
• The September 2024 launch of an upgraded Find a Planner tool to help members connect with their ideal potential clients and grow their businesses
• The launch of the FAAA careers centre in June 2024 which features advice related roles at all stages, and which is actively promoted to student members and graduate members seeking employment in advisory firms.

Marisa Broome, FPA chair from October 2018 until May 2022, said the goal was to present a strong unified voice to stakeholders, and this has been achieved.

“It was very evident to then FPA CEO Dante de Gori, and me, that when the AFA and FPA joined together to meet with our politicians and regulators, we had a far greater impact,” Broome says.

“The AFA and the FPA were more similar than different – and in fact shared well over 1,000 members.  It made sense to join resources and be able to represent the majority of the professional financial advice sector.

“It was fortunate that our work with previous AFA presidents had built a lot of trust.  The openminded approach of then AFA president Sam Perera, and the trust we continued to build, provided the opportunity for the merger to be presented to the AFA and FPA boards.”

Sam Perera, AFA president from October 2021 until the time of the merger, said the AFA pursued the merger to ensure the success and longevity of the 77-year-old Association against the backdrop of a profession that desperately needed a strong, unified voice.

“We were convinced that coming together as the FAAA would enable us to be better resourced, more sophisticated, and a respected voice for the profession,” Perera says.

“It is clear that the FAAA has indeed risen to be the legitimate voice for the profession, advocating relentlessly for policy settings that enable financial advisers and their practices to thrive.

“Another important measure of success was our Association’s ability to keep members at the heart of everything it pursues. To that end, I congratulate David Sharpe, the FAAA Board and FAAA CEO Sarah Abood for their tireless work in translating the vision we had in 2023 into a reality.”

Sharpe also paid tribute to board members who recently stepped off the transitional FAAA board: Patricia Garcia and Katherine Hayes.

“The creation of the transitional FAAA board following the merger, comprising eight directors from the FPA and four from the AFA, and tasked with overseeing the transition and guiding the new association for three years, was extremely successful. I thank Patricia and Katherine for their service to the profession and their activity on the board over the past three years.”

FAAA CEO, Sarah Abood says the one constant for the financial advice profession is legislative change.

“The overwhelming vote to merge the two associations was a strong endorsement, with almost 97 per cent of members who voted, across both heritage associations, having voted to come together. It was a clear message that financial advisers wanted a unified membership body to represent them, support them and to navigate the ongoing legislative and regulatory change that faces the profession.

“While the FAAA has achieved much over the past three years, there is still work to be done and the policy and advocacy team’s work is continuing apace.”

“We are proud to represent professional financial advisers and the great work our members do every day, helping Australians become better off financially and achieve their goals and dreams.”

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David Sharpe

The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have achieved legal completion of their merger to form the Financial Advice Association Australia (FAAA), and have confirmed the board directors of the new association.  

From 3 April 2023, FPA and AFA staff come together as a single team in one office, and activity will begin to be undertaken under the FAAA name.  

The FAAA has also unveiled its new logo, created following extensive member consultation. The logo and new branding will be rolled out during April. Central to the new logo design are the three “a”s of the name represented as three speech bubbles, to symbolise its voice in dialogue with key stakeholders.

While FPA members will start to see a transition to the new FAAA branding over coming weeks, the AFA will continue to operate under its own brand until 30 June, when those members who renew will move to the FAAA.  

David Sharpe will be the chair of the FAAA and Michelle Veitch has been appointed as deputy chair.  

The FPA directors who will serve on the FAAA board are:  

• David Sharpe – chair 
• Diana D’Ambra
• Kearsten James
• William Johns
• Jade Khao
•  Julie Matheson 
• Angela Martyn
•  Julian Place  

The nominated AFA directors who will serve on the FAAA board are:  

• Michelle Veitch – deputy chair 
• Katherine Hayes
• Patricia Garcia
• Shaun McDonagh  

AFA national president Sam Perera, who will not be joining the new board, said he is proud to have played a part in bringing together the two associations.

“I have decided to refocus my time toward my family, staff and practice who have been patient with my absence whilst I served on the AFA board. I will remain an active member of the FAAA and continue to contribute in the areas of policy and advocacy,” Mr Perera said. 

Mr Perera will remain the president of the AFA and an AFA Board member until the AFA is wound up.  

FAAA chair David Sharpe paid tribute to Mr Perera’s three and a half years on the AFA board and his tireless dedication to the profession over many more years.  

“I would like to thank Sam for his work as the AFA national president, and his deep commitment to bringing our two associations together.  I also thank the other AFA directors who have worked so hard to make this merger a reality,” Mr Sharpe said.

“I would also like to acknowledge and thank Marisa Broome who, as immediate past chair of the FPA, was deeply involved in the early stages of talks and integral to the ultimate success of our merger.  

“On behalf of the board of the FAAA, I would also like to extend our gratitude to all staff who have worked so hard to get us to this point.”  

Mr Sharpe added that the new board represents a unified voice for the financial advice profession.  

“We had already taken steps to bring the board members together to start discussions following the merger, and the AFA nominated directors participated as guests at the last FPA board meeting and strategy day.  

“We are now in a strong position to start our work as a merged association, advocating on behalf of members,” he said.  

FAAA deputy chair, Michelle Veitch, said the formation of the FAAA represents a new chapter in the financial advice profession.

“I urge all members to renew with the new association. The FAAA will speak with one strong voice for the vast majority of financial advisers in the Australian market, as we work towards ensuring better outcomes for advice practices and their clients,” she said.  

FPA and AFA membership renewals will kick off in May, with all branding, website and membership activity due to be fully transitioned to the FAAA branding by 30 June. 

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The runners up for the Life Company of the Year were:

• TAL
• MetLife

AFA President, Sam Perera, said, “The AFA congratulates NEOS on winning the platinum award for the first time, and all the winners and finalists of individual awards. Despite the challenges in this sector in recent years, life insurance companies continue to innovate and adapt to the changing environment. Most important is their ongoing role in providing certainty and security to millions of Australians every year.”

The categories for the Awards include the overall Platinum AFA Life Company of the Year Award and individual product awards, offered in conjunction with Plan For Life, and the Client Service Team Awards with the Beddoes Institute.

The Overall and Product Life Company of the Year Awards

The overall award and product awards are based around Plan For Life’s Risk Products Benchmarking services, which benchmarks retail life insurers across five key metrics: financial strength, product features, premium rates, service and market strength. Sustainability of product features and premium rates, engagement, and health & wellness are also rated. Industry innovation in product is also recognised again this year.

Rael Solomon, Regional Managing Director, Plan For Life, said, “In 2022 the retail life insurance market continues to rebuild following the recent decline in numbers of advisers. While sales of new life insurance business remained at similar levels to the previous year, there are nonetheless distinct signs of strong activity in the ways that insurers are innovating their products and systems. This is reflected in Plan For Life Innovation Awards in three categories this year. The investment bond and annuity markets continued to forge ahead in the year and now represent substantial parts of the Savings and Retirement sectors.”

The Client Service Team Awards

The Client Service Team Awards, which recognise outstanding underwriting, claims and BDM teams, are based on feedback from advisers surveyed through the Beddoes Institute’s Adviser Experience Benchmarking Study.

In the Client Service Team Awards, NEOS Life was again announced Underwriting Team of the Year and also took out the BDM Team of the Year, whilst Zurich Australia won Claims Team of the Year.

Bill Nikolovski, CEO, Beddoes Institute, said, “We have seen the newer life insurance companies gain substantial traction in the marketplace recently, and it is clear why, when all the top performing insurers in the key touchpoints of Underwriting and Business Support were smaller companies. Congratulations to NEOS on taking out the Underwriting and Business Support Awards. Claims is at the heart of life insurance, and we congratulate Zurich on winning the award this year.”

The full list of winners are finalists are:

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Sam Perera

Members of the Association of Financial Advisers (AFA) and Financial Planning Association of Australia (FPA) have voted in favour of the proposed merger of the two associations at Extraordinary General Meetings (EGMs) in Sydney yesterday. 

Across all resolutions, an average of 96.5 per cent of AFA votes and 96.7 per cent of FPA votes were in favour.  The merger proposal required 75 per cent of the votes cast by eligible voting members to be in favour of the merger in order for it to proceed.

Sam Perera, president of the AFA, said the result showed overwhelming support by members for a merger. 

“A merged association gives us a united voice at a crucial turning point for our profession, including the proposed changes from the Quality of Advice review.   

“Our members have recognised the importance of having a strong, single voice representing them to government, regulators and other stakeholders 

“During our discussions in recent months with members, it was clear that there was significant support for a merger, but we never took this for granted and recognised the importance of members having their say,” he said. 

David Sharpe, chair of the FPA, added that both the AFA and FPA boards were unanimously in support of a merger since it was first proposed to members in September 2022. 

“The boards developed the proposal as they believed a merger for the two associations was in the best interests of all members, and of the financial planning and advice profession as a whole.   We saw substantial benefits from a merger, and it is clear from the vote that the vast majority of members also recognise these benefits. 

“This is a historic day. We are coming together at a critical time, when we have a real opportunity to drive much-needed change to strengthen and grow the profession of financial advice. I want to thank all members of the AFA and FPA who have engaged with us, asked many great questions along the way and taken the time to make their voices heard. You have put your trust in us to create a larger and stronger association to represent you, and we will be doing our utmost to deliver. 

“There has been a great deal of work going on since the proposal was first put forward, and we are now in a strong position to move ahead with formally establishing the merged association.” 

The full legal name of the new association will be the Financial Advice Association of Australia Limited.   

Legal completion is expected to take place on 3 April 2023 and a transition period will run from April to June, including adoption of the new name and constitution, finalising and launching a new brand and logo, new board formation, and membership transition.  The transition is expected to be complete by 1 July 2023. 

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David Sharpe

The member consultation period on a proposed merger between the Financial Planning Association of Australia (FPA) and Association of Financial Advisers (AFA) is due to close on 31 January, with members encouraged to provide their feedback before then.

Members of both associations have been asked for their views on two key documents – a merger summary which includes draft resolutions, and a draft constitution that would form the new constitution of the merged entity.

David Sharpe, chair of the FPA, says the next stage will be to incorporate member feedback, and finalise the draft documents.

 “Member feedback is essential to the proposed merger.  We want to ensure the voices of as many members as possible are heard during this process.

“We have had some very valuable conversations with members so far, and we hope that everyone who has a view on the merger has taken the opportunity to provide it,” Mr Sharpe said.

Sam Perera, president of the AFA, said there have been a couple of key areas of focus during the consultation period, including culture and a new name.

“Community and culture are critical issues for the members of both the AFA and FPA.  We have already established a committee to make recommendations on how to retain the best of both associations.

“As well, members are very interested in the selection of a new name, and we have received lots of feedback that we need a name that is practical, forward-looking, descriptive and professional,” Mr Perera said.

Following the end of the member consultation period, the final merger summary document and the new constitution, as well as the proposed new name of a merged association, will be sent to members of both associations on 6 February 2023.

This will also include details of the Extraordinary General Meetings for both associations, at which the vote will be held. Both EGMs are scheduled for Tuesday 28 February, and will be held at different times at the same Sydney CBD venue.

Members will be able to attend and vote in-person or digitally. They can also vote early by giving their proxy.

If the vote is in favour of the merger, then the new association is expected to legally commence in early April.  A new name and new constitution will be finalised, and the transitional board will start.

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In the next stage of consultation, drafts of key documents will be sent to all members in early December.

The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have provided an update to members on the merger proposal, with the vote timing confirmed to be in late February 2023. 

Since the proposal was announced in September, consultations have been taking place around Australia, with FPA CEO Sarah Abood and chair David Sharpe, and AFA CEO Phil Anderson and national president Sam Perera, meeting with FPA and AFA members responding to questions and feedback.  

In the next stage of consultation, drafts of key documents including the proposed information memorandum, resolutions, and constitution will be sent to all members in early December. An extended consultation period will follow, with members providing feedback on the drafts. 

Final versions of the documents will be issued to members and voting will open in early February 2023, closing in late February at separate Extraordinary General Meetings (EGMs) of the AFA and FPA. 

Both EGMs will be hybrid events, held at different times, to maximise members’ opportunity to attend. For the proposal to succeed, 75 per cent of members who vote will need to vote in favour. 

Mr Anderson said: “The AFA and FPA strongly believe there are substantial benefits to members from a merger, providing a united voice for financial planners and advisers.” 

Ms Abood said: “We are determined that a merged association would honour the heritage of both the FPA and AFA. This is clearly important to members of both associations, in particular recognising the AFA’s proud 76-year history as well as the FPA’s background of providing the globally recognised Certified Financial Planner (CFP) designation.” 

AFA members are also invited to attend the FPA Congress on 23-24 November in Sydney, at the FPA member price (registration details have been sent to AFA members via email). Both FPA and AFA directors will be attending, and there will be opportunities to engage with leadership, to participate in the high quality congress sessions and to network with colleagues, while the FPA celebrates its 30^th birthday. 

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David Sharpe

The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have agreed in principle to explore a merger between the two associations, with a goal of creating a united voice for the financial advice profession.

The boards of the two associations have signed a Memorandum of Understanding and will seek feedback from their members before inviting them to vote on the proposal.

After the period of consultation, it is expected that members of both associations will vote on the proposal by the end of this calendar year.

The FPA and AFA boards believe there are substantial synergies and other benefits for their respective members from a merger, providing a united voice and stronger advocacy for financial planners and advisers.

David Sharpe, chair of the FPA, says that in recent years, the AFA and FPA have worked closely together in advocacy, often making joint submissions on policy.

“Effective advocacy is consistently the number one priority for members of both associations and a merger of the FPA and AFA would create a single association which would speak for the profession.

“By creating a unified voice, the merged association would add clarity and power to the positions it takes and avoid duplication of activity and erosion of its messages. It also increases the likelihood of achieving crucial advocacy positions,” he said.

Sam Perera, National President of the AFA, says any merged association would honour the heritage of both the FPA and AFA, in particular recognising the AFA’s 76-year history.

“The AFA has a strong background in representing members from diverse groups and this would continue within any new association.  The Memorandum of Understanding aims to safeguard the interests of members and includes the AFA nominating four directors on the transitional 12 person board.”

The FPA and AFA boards have proposed that the CFP designation be the primary designation of the merged association.  The Fellow Chartered Financial Practitioner (FChFP) and the Chartered Life Practitioner (ChLP) designations previously offered by the AFA would continue to be recognised and supported (although not available to new applicants).

Members of each association will be invited to webinars in the coming days to hear more about the proposal, ask questions and provide feedback on the proposal. In addition, FPA members will be able to attend the AFA Conference on 21-23 September at member rates, and AFA members can attend the November FPA Congress at member rates.  A joint session of the AFA and FPA will be held at the AFA Conference.

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Sam Perera

The Association of Financial Advisers (AFA) today announced Sam Perera has been appointed the AFA’s National President.

Mr Perera’s appointment follows a decision by National President Michael Nowak to resign after many years of contribution to the AFA Board as a board member and President.

AFA Treasurer, Matthew Hawkins, also announced his resignation after seven years on the Board.

“I would like to offer my heartfelt thanks to Mike and Matt who have been long-serving members of the AFA Board,” Mr Perera said. “Mike has served for nine years, three of those as President, and Matt for seven years, a year as Treasurer.”

Mr Perera said the past few years have seen enormous pressures placed on advisers and the AFA, which represents them and advocates on their behalf.

“Mike has been an outstanding President of the AFA, tireless in his advocacy on behalf of the AFA as the Royal Commission reforms have continued unabated and the COVID-19 pandemic created major operational challenges for the AFA and our members,” he said.

“As Vice President, I had a unique insight into how the passion and absolute commitment Mike has for the AFA translated into a huge workload as President on top of his family and business commitments.

“The AFA Board fully supports Mike’s decision to share the load and allow somebody else to take on the presidential responsibilities.”

Mr Perera also acknowledged the contribution made by Matthew Hawkins.

“Matt also has significant work and family commitments and it’s time for somebody else to take on this significant role to allow him to focus on his other commitments,” he said.

Mr Perera said that at a Board meeting following the AGM, the other appointments made were:

• Michelle Veitch, Vice President
• Samantha Robinson, Treasurer

The AFA’s new president has been a member of the AFA Board for two years, one as Treasurer and one as Vice President.

All appointments are effective immediately.

The appointment of Sam Perera as President, Michelle Veitch as Vice President and Samantha Robinson as Treasurer are decisions of the Board to fill casual vacancies until the next AGM in 2022.

The AFA Board is now:

• President – Sam Perera
• Vice President – Michelle Veitch
• Treasurer – Samantha Robinson
• NSW/ACT – Katherine Hayes
• VIC – Vacant
• QLD – Patricia Garcia
• SA/NT – Jawad Ahmad
• WA – Stephen Knight
• TAS – Vacant
• Shaun McDonagh (Independent Director)

AFA CEO Helen Morgan-Banda thanked Mike and Matt on behalf of the AFA’s HQ team.

“Mike has been an inspirational leader for the AFA, and I want to thank him and Matt for supporting me and my team during a period of challenge and change,” she said.

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Michael Nowak

The Association of Financial Advisers (AFA) National President, Michael Nowak, Vice President, Sam Perera and Acting CEO, Phil Anderson appeared before the Parliamentary Standing Committee on Economics (the Committee) earlier today.

AFA National President, Michael Nowak said, “The AFA is pursuing a deliberate strategy to ensure that this important Committee was left with no illusion as to the significant issues facing the advice sector and the impact this is having on the accessibility of financial advice as a result of the continuing regulatory reform agenda.”

The AFA alerted the Committee to a number of significant issues, including that:

• financial advisers are drowning in red tape and compliance related costs, due to the aggressive and never-ending regulatory reform agenda
• access and affordability to financial advice continues to decline rapidly
• existing financial advice clients are satisfied with their advisers and are the missing voice that needs to be considered in the context of reform.

The AFA thanks its members for their continued support and are committed to working hard to maintain the trust and confidence of members in highlighting the issues impacting financial advisers and their clients.

Read the AFA’s Opening Statement.

The testimony of Michael Nowak, Sam Perera and Phil Anderson will be available on the Parliament of Australia website in due course.

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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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