The strategic vision and priorities that will take the FAAA through to 2030 has three key pillars – members first; grow the profession; and lead the profession, with a crucial goal to one day be able to self-regulate as a profession.
Speaking on the opening day of the 2024 FAAA Congress in Brisbane, chair David Sharpe said the FAAA Strategy 2024-2030 was developed collaboratively with the FAAA board and management, as well as through feedback and engagement with members “…and is deliberately ambitious”.
The strategy maps out the vision the FAAA aims to achieve as it approaches 2030 and sets out how it intends to accomplish this.
Sharpe noted that the environment in which advisers operate is rapidly changing, and financial planners are being challenged more than ever before.
“The rapid pace and uncertainty surrounding regulatory change, rising costs, falling numbers of professional financial advisers and improving public perceptions of our profession are all significant trends that we aim to address.”
Members First
First and foremost, the FAAA is a member organisation, and its role is ensuring its members, and their careers and businesses, are successful, said Sharpe.
“This means ensuring members are connected to valuable communities, that they are up-to-date with advances to run their businesses, and that they have access to high quality and relevant professional development and education.”
The next pillar is to grow the profession.
“We continue to lose financial planners and we recognise that with numbers falling, it becomes more difficult to service the growing advice demands of Australians.”
Sharpe said the association is working on promoting entry and career pathways to new and returning financial advisers “…including promoting the profession as a career-change option and to make Australia an attractive option for skilled migration. We are already working to build the pipeline for financial advice in education and the Professional Year.”
The third pillar is leading the profession.
“Our members tell us that they expect the FAAA to be on the front foot, boldly and loudly speaking on their behalf and leading our profession forwards.”
…We’ve been too beholden to those outside our profession to govern our fate and to determine our standards…
Sharpe said that “…a crucial goal is to one day be able to self-regulate as a profession, and we believe the first step is that by 2030, some level of co-regulation should exist.
“We’ve been too beholden to those outside our profession to govern our fate and to determine our standards – we believe we are now ready and qualified to ultimately control our own education standards and training, code of ethics and disciplinary regime. This is a long-term process but we are committed to moving towards what other professions already have. This shouldn’t be controversial.”
Sharpe said the FAAA will continue to work for, and with, members, to achieve their goals.
