FAAA Focus on Rebuilding Adviser Numbers


In continuing to advocate for its members, one area the FAAA will focus on is rebuilding the number of financial advisers, says the association’s chair David Sharpe.

In a message on social media marking a year since the association was formed, Sharpe says rebuilding the number of financial advisers is important “…as this represents future staff members to support business growth, succession and the overall health of our profession.” (See: AFA/FPA Merger Confirmed).

David Sharpe

Other areas of continued advocacy include the continued reduction of red tape through the QoA Review and beyond, and opposition to current CSLR implementation.

Sharpe also notes the FAAA will release its the new policy platform during its roadshow in April and May, which has been “…developed with members for members.”

Its new strategic vision will be released at Congress in Brisbane in November.

Reflecting on the past 12 months, Sharpe’s highlights include:

  • A unified, credible voice speaking for the lion’s share of professional advisers
  • Policy and advocacy has been busy with close to 50 submissions made in the last 12 months and it has seen some wins:

– Reduction in ASIC levy (but it is still too high)

– Recognition by ATO of broader deductibility of financial advice fees

– Recognition of the profession with ANZSCO

– Tranche 1 release of legislation for QoA Review which represents a start to reducing the unnecessary burden on financial advisers

  • Membership renewal was strong with 10,700 members, including nearly 9,000 practitioners
  • Almost 1,000 student members as the FAAA continues to focus on the now, but also the future of the profession
  • The inaugural Congress in Adelaide attracted more than 1,300 delegates

With regard to the QoA Review legislation Sharpe noted “…it’s early days and the work isn’t done by any stretch, but the signs of engagement from both sides of politics and regulators is heartening.”

Sharpe acknowledged the “herculean effort” of Sarah Abood, Philip Anderson and the FAAA team and the work of AFA President, Sam Perera, and his predecessor at the FPA, Marisa Broome, for their “incredible” contribution to the merger’s success.