AFA Launches FoFA Working Group

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In a move to address forthcoming changes in the financial advice sector, the AFA has launched a Future of Financial Advice Working Group to investigate the impact of proposed reforms on the financial advice industry and to communicate those findings to the Government.

The formation of this group has been announced at a time when it is not known which party is to form the next Government, AFA CEO Richard Klipin commenting that the formation of the Working Group demonstrates his Association’s ongoing commitment to engaging with both Government and Treasury about the industry, ‘… regardless of which political party is ultimately in power.’

We believe the Working Group will lead the way in informing the Government on the real impact of reform on… the financial advice industry…

“In the interests of best representing AFA members, it is our role to discuss with the industry issues that affect how our members operate in the future and deliver our collective view to Canberra,” said Mr Klipin, adding, “We believe the Working Group will lead the way in informing the Government on the real impact of reform on consumers, advisers, the financial advice industry and on Australia as a whole.”

Dealer group heads Peter Daly (AFS Group) and Pierre Kraft(Aon Financial Planning & Protection/Aon Wealth Management) have been appointed as co-chairs of the working group, while others members of the group have been appointed to represent a cross section of the AFA member base of advisers, licensees and consultants.  They are:

  • Christina Kalantzis – Alexis Compliance Risk Solutions
  • Sean Graham – Millennium 3
  • Maria Cheers – Pivotal
  • Stephen Knight – Knight Management
  • Dr Jim Taggart – AFA National President
  • Mark Stubbings – PIS
  • Jennifer Brookhouse – Strategy Steps
  • Karen Davies– CommInsure

The AFA reports the working group has formed five sub-committees to develop its policy positions around:

  • Remuneration
  • Fiduciary duty
  • Intra fund advice
  • Volume related payments
  • Insurance

In a statement that acknowledges the prospect of a number of the Labor Government’s proposed Future of Financial Advice Reforms being implemented regardless of who eventually forms Government, Mr Daly, said “There is a lot at stake with these proposed reforms and it’s critical that Treasury understand the nuances of the market place.”