FAAA canvassing members on policy platform

In order to “renew the focus” of its policy platform, the Financial Advice Association Australia (FAAA) has sought the feedback of its membership, which the association said would guide its policy and advocacy priorities through to 2030.

FAAA members will receive a short survey to share their views on “key policy areas”, including ease of providing advice, ease of servicing clients, improved technology and data, cost of providing advice, sustainability of financial advice, professional standards and education, licensing and registration, and those who can provide financial advice, and to whom.

David Sharpe, the chair of the FAAA, said that following the merger of the Financial Planning Association (FPA) and Association of Financial Advisers (AFA), the policy platform has formed a top priority for the combined body.

“With our merger now complete, we are starting the critical process of renewing the FAAA policy platform,” Mr Sharpe said.

“Our members consistently tell us that our efforts in policy and advocacy are their top priority. We have listened to their call and seek their input into this important project.

“It is critically important that our members help shape the policy and advocacy priorities of the FAAA, and I encourage them to take the time to let us know their views.”

Open until 19 October, the member survey is the first step of what the FAAA said would be a months-long journey to form the policy platform, which will include additional direct member consultation as well as through committees.

“The decisions that we make now, will help shape the future of our profession. Having created a unified voice, we add clarity and power to the positions we take. I urge all our members to complete the survey and be involved in this important project, to ensure that all voices are heard,” Mr Sharpe said.

The FPA and AFA officially merged in April 2023, after members of the bodies voted in favour of the merger at extraordinary general meetings (EGMs) held in Sydney in February.

According to the groups, across all resolutions, an average of 96.5 per cent of AFA votes and 96.7 per cent of FPA votes were in favour – well above the required 75 per cent.

At the time, Mr Sharpe said the combined 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,” he said.  

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

The previous FPA policy platform, “Affordable Advice, Sustainable Profession”, was released in June 2020. The 19 recommendations covered a range of topics, including a move to individual registration and removing general advice, through to making financial advice tax deductible.