Samantha Clarke

The Association of Financial Advisers (AFA) has outlined its recommendations to Treasury on draft legislation and regulations to help facilitate standards in the Australian advice profession.

In its submission titled ‘Revised Professional Standards Framework for Financial Advisers’, the AFA recommendations include fair Board level representation including a small business advice practitioner, flexibility around examining advisers, mandatory membership of a professional association and a common sense approach to the supervision of new advisers.

The AFA has also called for urgency around the future passage of legislation and establishment of the Standards Body.

“To deliver clarity on the requirements and education pathways for advisers, it is imperative the Standards Body be established sooner rather than later,” says AFA Policy and Professionalism General Manager Samantha Clarke.

“This significant development for the Australian advice profession should be given every reason for success, and we believe urgency as well as a common sense approach to professional standards is paramount.”

The AFA’s recommendations to Treasury include:

• At least one director of the Standards Body should have experience managing or advising in a small financial advice practice.
• Further, the remaining industry directors should have financial advice experience or be involved in a financial advice practice.
• The Standards Body should have the discretion and flexibility to adapt the standards to the different specialisations, experience, skills and background of advisers, and consult before making and reviewing standards.
• Further clarification should be given around the role quality advisers can play in teaching their craft to the next generation of advisers.
• Membership of professional associations should be mandated, as their role includes upholding the highest standards of behaviour, improving, monitoring and enforcing standards.
• Code compliance monitoring to require timely and transparent communication between all stakeholders.

“Our recommendations have been made following extensive communication with our members as well as what is in the best interests of consumers,” says Clarke. “We look forward to the ongoing dialogue with Government, Treasury and other professional associations to help shape this historic development for the profession.”

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The AFA has welcomed Troy Nutley to the newly created role of Senior Adviser, Policy and Professionalism. Reporting to the AFA’s General Manager, Policy, Professionalism and Marketing, Samantha Clarke, Mr Nutley is responsible for the research, development and documentation of the AFA’s public policy and association professionalism agenda.

“Troy has an impressive financial services background, having consulted to Centrepoint Alliance on professional standards for the past two years,” said AFA CEO, Brad Fox. “He also brings with him a great understanding of consumers, having previously worked as a case manager for the Financial Ombudsman Service. Over a period of seven years, Troy had first hand experience of consumer disputes and played an important role in helping to resolve them.”

Mr Nutley completed a Bachelor Laws/Bachelor of Business, with a Business Major in Financial Management in 2013 and recently completed a Graduate Diploma in Legal Practice at the Australian National University.

Also joining the AFA team in 2016 is Peter Windle who has been appointed General Manager, Financial Operations. Mr Windle has a long and distinguished accounting career.

“Peter previously worked as a Chief Operating Officer for a number of professional services companies in Australia, and had responsibilities across the Asia Pacific Region. He was also briefly based in the United Kingdom,” Mr Fox said. “He brings with him a high level of financial management experience and business operations capability and is a welcome addition to the AFA’s senior management team.”

Mr Windle is a Chartered Accountant and holds a Bachelor of Commerce, Accounting and Financial Management.

The AFA has also welcomed Events Associate, Natasha Raleigh. Ms Raleigh’s primary responsibility is the planning and delivery of AFA events.

“The AFA has continued to invest in our ability to meet the expectations of our rapidly growing membership, and particularly to support policy and professionalism to stay ahead of the regulatory curve,” said Mr Fox.

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In announcing the appointment, Nick Hakes, General Manager, Member Services, Partnerships & Campus AFA said, “Over the past 12 months, the AFA has grown by over 40 per cent and there was a need to expand our team to support this growth. We are delighted to have someone of Roz’s calibre and expertise join the AFA leadership team.”

Prior to joining the AFA, Ms Kaye was the Head of Operations for Netwealth. “Roz brings an incredible passion for and knowledge of the financial advice profession,” Mr Hakes said. “When she starts in the role in November, she will be responsible for continuing to deliver high-value member services and support the AFA’s incredible membership growth.”

Mr Hakes attributed the drivers of membership growth in part to the AFA’s Communities of Practice, including Genxt and Inspire, which he said are encouraging younger advisers and women to join the AFA. AFA CEO Brad Fox said Ms Kaye’s appointment follows the redesign of the AFA leadership team.

“We recently appointed Samantha Clarke to the newly created role of General Manager, Policy, Professionalism & Marketing and refocused the role of Nick Hakes to General Manager, Member Services, Partnerships & Campus AFA.”

Over the past 12 months the AFA has also seen dramatic growth in enrolments into its Fellow Chartered Financial Practitioner (FChFP) designation.

“We also launched the Your Best Interests TV show and consumer website, refreshed our mentoring program, continued to advocate on behalf of advisers and consumers, delivered national roadshows on finology and life insurance transition to over 3,000 advisers as well as completing an upgrade to our technology platforms.”

Mr Fox said it has been a contrasting year of growth and a lot of hard work on the regulatory front for the AFA. “With the focus still on professionalism and regulatory reform, there is no doubt members are experiencing challenging times,” he said. “Despite these headwinds we have positioned the AFA for the future and will continue to work towards our vision of great advice for more Australians.”

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Ms Clarke will be accountable for the public policy, association professionalism, and marketing and communication strategies for the AFA. Responsibility for the AFA-to-Consumer initiatives, including Your Best Interests (YBI), is also within the remit of the role as is delivery of the AFA’s market leading events.

Ms Clarke has an exceptional 25-year track record in financial services, including leading roles with AMP, Macquarie, Rothschild, MLC and most recently, consulting in B2B FinTech development supporting adviser efficiency and small business growth.

Ms Clarke said she is looking forward to joining the AFA and working closely with the advice community. “I believe in the value of great advice to transform people’s lives. I am excited to join the AFA to help support the growth and professionalism of our industry, helping Advisers improve outcomes for clients.”

AFA CEO Brad Fox said he is delighted to have someone with Ms Clarke’s wealth of experience, values and vast knowledge join the AFA team. “Samantha brings an extra dimension to the AFA team that will see us build upon the relevance we hold in the areas of policy and professionalism. Just as importantly, Samantha’s experience in innovative technologies and marketing will empower the AFA to raise the public’s perceptions and understanding of financial advice through the AFA-to-Consumer initiative, Your Best Interests. This is a terrific appointment for the AFA.”

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Ms Clarke joins the newly formed business unit from AMP Capital where she was Head of Marketing. 

Ms Clarke’s appointment completes the AMP SMSF leadership team which also includes Andrew Hamilton as Director, SMSF Administration and Craig Jameson as Director, SMSF Business Operations, all reporting to Paul Sainsbury.  Also joining the team is SuperIQ Chief Financial Officer Peter Lalor. 

Ms Clarke will be accountable for managing the portfolio of SMSF administration brands, their value propositions and channel strategies. 

Ms Clarke’s SMSF Solutions team will work with AMP Financial Services and AMP Capital to design and deliver products that meet the needs of SMSF investors. 

AMP SMSF Managing Director Paul Sainsbury said Ms Clarke’s expertise in leading successful multi-disciplined marketing strategies and superannuation product development will be a driving force for AMP SMSF. 

“We’re pleased Samantha is joining our team.  She brings significant expertise and passion to the business and I’m looking forward to working with Samantha and the rest of the AMP SMSF team to develop solutions that are attractive to customers, financial planners, accountants and other SMSF advisers,” Mr Sainsbury said. 

Ms Clarke’s appointment follows the 27 June launch of AMP SMSF – a new business unit established by AMP to expand its presence in the fast growing SMSF market.  

Prior to joining AMP in early 2011, Samantha was Head of Marketing, Macquarie Adviser Services for Macquarie Bank.  She was also Head of Marketing and Products at Rothschild Asset Management and held senior marketing, communications and product roles at MLC.

AMP SMSF comprises AMP’s existing SMSF administration businesses, Multiport and Ascend, and The Cavendish Group, acquired by AMP in July 2012.  It also works closely with SuperIQ which is 49 per cent owned by AMP.

2 August 2012 

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