annual review 09 - fpa€¦ · fpa they are far more likely to get the right result or at least be...
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Annual Review 09Financial Planning Association of Australia
a changing landscape
we actively consult with members on every issue that involves a change in direction or a new policy in order to broaden awareness and to produce better outcomes
1� FPA�Annual�Review�09
My�involvement�with�the�Financial�Planning�
Association�extends�back�to�one�of�its�predecessor�
associations,�the�International�Association�of�
Financial�Planners.�I�can�safely�say�that�in�nearly�
20�years�I�have�never�experienced�the�sort�of�
disruption,�change�and�uncertainty�that�we�have�
witnessed�over�the�last�12�–�18�months�as�both�a�
financial�planner,�and�as�a�member�of�the�FPA.�
I�am�also�pleased�to�say�that�over�the�last�couple�of�
months�whilst�visiting�members�as�part�of�the�FPA’s�
32�Chapter�Roadshow,�there�have�indeed�been�
signs�of�recovery,�and�cautious�optimism�is�now�
emerging.�Members�are�starting�to�see�good�signs�
not�only�through�the�share�market,�but�also�through�
improvements�across�a�range�of�economic�indicators.�
Clients�are�settling�down�again.�Financial�planning�
practices�are�still�addressing�a�range�of�business�
issues,�but�with�confidence�rather�than�fear.�
The�FPA�Board�has�guided�the�FPA�through�this�
tumultuous�period�with�clear�resolve�and�calm.�
Our�three�year�strategic�plan,�forged�in�2006,�
has�held�us�in�good�stead.�Focusing�on�member�
engagement,�robust�and�active�stakeholder�
relationships,�raising�professional�standards,�
community�and�social�responsibility,�and�a�viable�
and�technologically�efficient�business,�we�have�
exceeded�our�goals.�The�Board�has�been�actively�
developing�our�strategic�vision�for�the�next�three�
year�period,�and�we�will�engage�members�in�that�
process�as�the�2010�year�unfolds.�
We’ve�had�a�successful�year�financially,�and�I’m�
happy�to�report�a�small�operating�surplus�of�
$214,538�(after�tax),�which�is�the�fifth�consecutive�
surplus�we�have�achieved.
Summary of Financial Results:
Revenues from operating activities�� $12,187,076
Expenses� $12,138,908
Surplus for the year (after tax)�� $214,538
Total Members’ funds� $6,359,715
Cash & cash equivalents� $8,834,142
The�global�financial�crisis�has�stress-tested�our�business�
models,�and�the�policies�and�practices�that�had�served�
us�well�in�the�past.�We�have�been�challenged�by�our�
own�members,�and�by�the�media,�by�Government�and�
by�ASIC�to�address�those�practices�that�are�no�longer�
sustainable.�The�FPA�Board�has�risen�to�the�challenge�
and�led�the�debate�with�steely�determination,�showing�
a�willingness�to�make�the�appropriate�changes�but�in�
a�sensible�and�considered�manner�rather�than�have�
change�thrust�upon�us.
Amidst�the�significant�and�very�adverse�media�
commentary,�the�plethora�of�Government�reviews��
and�Parliamentary�Inquiries,�and�the�lack�of�trust�
within�the�community,�the�FPA�has�continued�to�
raise�the�bar,�bringing�financial�planning�closer�to�
professional�recognition.�We�launched�the�first�
set�of�Practice�Standards�for�financial�planning�
professionals;�we�revised�our�Code�of�Ethics�to�
enshrine�the�principle�of�‘client�first’;�we�dramatically�
changed,�expanded�and�improved�our�Continuing�
Professional�Development�(CPD)�policy;�and�we�have�
publicly�progressed�our�professional�accountability�
actions.�Importantly,�we�have�led�the�debate�in�the�
move�away�from�commission-based�advice.
Chair’s Report
2� FPA�Annual�Review�09
We�do�all�this�through�our�Board�committees,�who�
implement�the�strategy�as�set�out�by�the�Board,�as�
well�as�advising�the�Board�about�issues�that�should�
be�addressed.�There�are�two�Board�Committees�
comprised�only�of�Board�members:�Audit�&�Risk,�and�
Remuneration�&�Succession�Planning,�and�their�roles�are�
self�explanatory.�There�are�five�other�Board�committees�
comprising�Board�members�and�other�FPA�members,�
who�direct�and�fulfil�much�of�the�work�of�the�FPA.
Our�newly�established�Board�Certification�Committee�
has�been�focused�on�revamping�the�CFP®�Certification�
Program,�and�many�changes�have�already�been�
announced�on�that�front,�along�with�greater�
promotion�and�awareness�of�the�CFP�Mark�and�the�
value�it�brings�to�practitioners�and�their�clients.
Our�Strategic�Policy�Board�Committee,�which�
emerged�from�the�Policy�and�Government�Relations�
Board�Committee,�has�oversight�of�the�very�
important�Henry�Tax�Review,�the�Pensions�Review,�
Retirement�Incomes�Review,�and�more�recently�the�
Cooper�Review,�as�well�as�bedding�down�issues�
relating�to�the�new�Financial�Ombudsman�Service�
and�Retail�Client�Compensation�in�general.
The�Board�Professionalism�Committee�has�had�
a�very�active�agenda�overseeing�the�Code�of�
Ethics,�Practice�Standards,�the�streamlined�Code�
of�Professional�Practice�and�the�Financial�Planner�
Remuneration�paper,�to�name�a�few�initiatives.
The�Marketing�and�Membership�Board�Committee�
has�carriage�of�our�key�member�segments,�our�
award�programs,�Financial�Planning�Week,�member�
servicing�and�major�promotions.
And�last�but�not�least,�the�Conduct�Review�
Commission�has�had�a�number�of�investigations�
referred�to�it,�the�results�of�which�we�publish�each�
quarter�in�Financial Planning�magazine.�
The�work�of�our�Board�committees�and�any�sub�
committees�that�they�might�establish�not�only�
ensures�that�the�Board�is�on�track�with�its�strategy,�
but�also�that�we�represent�the�interests�and�views�of�
our�members.�We�actively�consult�with�members�on�
every�issue�that�involves�a�change�in�direction�or�a�
new�policy�in�order�to�to�broaden�awareness�and�to�
produce�better�outcomes.
Looking�ahead,�we�remain�focused�on�supporting�the�
needs�and�interests�of�individual�professional�financial�
planners�and�our�key�designations:�CERTIFIED�FInAnCIAL�
PLAnnER™�professional,�Associate�Financial�Planner,�
and�LRS®�Life�Risk�Specialist.�We�remain�focused�on�
embedding�our�professional�framework.�We�remain�
committed�to�advocacy�and�good�policy�outcomes.�
We�remain�entirely�and�resolutely�focused�on�ensuring�
that�the�community�is�aware�of�the�professional�
commitments�that�our�members�sign�up�to�as�
financial�planning�professionals.�In�the�ever-changing�
world�of�financial�services�we�must�restore�trust�and�
confidence�in�our�great�profession.�When�consumers�
look�for�advice,�when�clients�seek�assistance�from�their�
financial�planner,�they�ought�to�take�comfort�from�the�
fact�that�if�their�financial�planner�is�a�member�of�the�
FPA�they�are�far�more�likely�to�get�the�right�result�or�at�
least�be�able�to�hold�their�financial�planner�to�account.�
Despite�some�of�the�challenges�over�the�past�year,�
I�have�thoroughly�enjoyed�leading�the�FPA�Board,�and�
working�with�the�FPA’s�management�team.�Together�
we�are�all�making�a�real�difference,�and�I�am�proud�of�
our�achievements.�Engaging�with�members�is�always�a�
highlight�and�I�have�been�heartened�by�your�support.�
You�have�looked�to�your�professional�association�
for�leadership�through�these�difficult�times,�and�the�
signs�are�that�you�have�not�been�disappointed.�With�
another�year�of�challenge�and�change�ahead,�I�urge�
members�to�get�behind�the�FPA,�the�Value�of�Advice�
campaign,�the�difference�that�being�a�member�of�the�
FPA�makes,�and�work�with�us�to�ensure�a�better�and�
brighter�future�for�our�clients,�and�our�businesses.
Julie Berry CFP® FFPA��|��Chair
3� FPA�Annual�Review�09
It�has�been�a�financial�year�like�no�other.�
While�we�now�look�forward�to�our�improving�
economy�with�optimism,�we�will�not�forget�the�
widespread�upheavals�we’ve�seen�in�the�financial�
landscape.�Unfortunately,�the�catalyst�for�much�of�
this�change�was�the�big�‘Storm’�that�tore�across�
Australia,�decimating�consumer�confidence�and�
financial�planners’�reputations�as�it�went.�Much�of�
our�time�and�effort�this�year�was�spent�evaluating�
the�damage,�helping�those�hurt�by�the�Storm�
debacle�and�convincing�the�community�that�despite�
Storm�Financial,�the�vast�majority�of�FPA�members�
commit�to�high�standards�of�professional�conduct�
and�provide�excellent�service�to�their�clients.�
The�global�financial�crisis�(GFC)�and�several�
high�profile�corporate�collapses�had�the�Federal�
Government�and�ASIC�focusing�their�considerable�
attention�on�financial�services,�and�financial�
advice.�The�FPA�spent�more�time�than�ever�before�
in�Canberra,�working�with�the�Parliamentary�
Joint�Committee�(PJC)�on�Corporations�and�
Financial�Services�Inquiries�and�making�formal�
submissions�to�government�and�regulators�on�
major�advice�issues.�From�the�Henry�Tax�and�
Retirement�Income�Reviews�through�to�Budget�
submissions�and�Intra�Fund�Advice,�we�have�
spent�an�inordinate�amount�of�time�on�drafting,�
consulting,�engaging,�communicating�and�lobbying�
to�achieve�appropriate�outcomes�for�members,�
and�the�community.�
Whilst�some�of�these�submissions�and�inquiries�
have�at�times�seemed�pointless,�distracting,�and�
tedious,�they�have�also�provided�an�opportunity�for�
reflection.�In�particular,�the�PJC�Inquiry�into�financial�
products�and�services�enabled�the�FPA�to�release�
significant�frameworks�for�regulatory�change,�quality�
advice,�and�consumer�capability.�Our�PJC�submission�
was�an�outstanding�example�of�active�member�
engagement,�clear�FPA�vision,�and�a�result�that�
stands�out�amidst�over�300�submissions�lodged.
Our�membership�grew�in�three�categories:�CFP®�
practitioners,�Student�and�Retired,�and�the�trend�
to�growing�practitioner�members�continues.�
The�growth�in�Student�members�has�been,�in�part,�
the�result�of�the�concerted�efforts�of�our�Future�
Financial�Planners�Council�(FFPC)�which�has�been�
working�to�increase�the�awareness�amongst�students�
and�career-changers�of�financial�planning�as�a�career.
The�commission�versus�fees�debate�drew�headlines�
in�May�2009�when,�following�member�consultation,�
the�FPA�recommended�that�from�2012�fee�based�
remuneration�should�replace�commission�based�
advice.�We�were�faced�with�tough�criticism�from�
some�sections�of�our�membership,�but�strong�
support�from�others�and,�for�once,�the�media.�It�was�
a�brave�move�from�the�FPA�and�one�that�we�felt�had�
to�be�made.�Our�role�as�a�professional�association�is�
to�represent�not�only�our�members,�but�also�the�best�
interests�of�consumers,�and�creating�transparent�fee�
structures�is�an�important�step�towards�encouraging�
Australians�to�seek�financial�advice.
We’ve�accomplished�much�more�this�year�than�
I�can�mention�here.�Our�Board�has�continued�
to�guide�the�FPA�in�a�strategically�responsible�
way.�A�first-rate�management�team�ensures�
that�the�Board’s�vision�is�met�and�that�members�
are�well�represented.�
CEO’s Report
4� FPA�Annual�Review�09
Deen�Sanders,�as�Deputy�CEO�and�General�
Manager�of�Professionalism�has�guided�us�through�
our�remuneration�review,�the�new�Code�of�Ethics�
and�Professional�Practice,�our�new�CPD�policy,�and�
a�far�more�proactive�and�professional�accountability�
program,�to�name�some�key�outcomes.�
Rebecca�Murray�leads�the�Membership�and�
Marketing�teams�with�staunch�dedication�to�
improving�the�member�experience,�to�improving�
awareness�of�our�brands,�and�to�improving�
member�engagement.
Ged�Fitzpatrick�heads�Policy�and�Government�
Relations�with�the�energy�and�focus�needed�
to�navigate�the�vast�array�of�reviews�and�
announcements�made�this�year.�Ged�spends�
many�hours�in�behind-the-scenes�consultations,�
committee�meetings�and�phone�calls�to�delve�into�
the�detail,�which�is�where�all�the�issues�usually�exist.
Our�newest�General�Manager,�Ian�Read,�is�an�
unflappable�Company�Secretary�and�Head�of�
Operations�who�has�calmly�cut�a�swathe�through�
the�seemingly�impenetrable�forest�of�contracts�and�
technological�issues,�as�well�as�achieving�the�almost�
seamless�outsourcing�of�our�technology�provider.�
I�remain�indebted�to�Wendy�Smith�who�assists�me,�
and�the�Board,�and�generally�runs�the�FPA�with�a�
quiet�determination�and�resolve�that�is�something�
to�behold.�We�are�all�very�appreciative�of�Wendy’s�
efforts�and�are�very�lucky�to�have�her�on�the�team.
Our�staff�has�worked�incredibly�hard�in�sometimes�
difficult�circumstances,�to�anticipate�members’�
needs,�create�intelligent�policy�and�provide�the�
professional�support�and�education�our�members�
demand.�Together�they�combine�to�create�a�
formidable�team�that�I’m�proud�to�lead.�
I�wish�also�to�thank�Julie�Berry�for�her�counsel,�
good�humour,�and�support�through�some�tough�
times,�along�with�some�very�rewarding�times.�
Julie�has�a�very�clear�vision�about�the�future�of�
financial�planning�and�what�constitutes�professional�
advice,�and�it�is�refreshing�to�work�with�her�as�a�
practitioner,�as�well�as�Chair�of�the�FPA.�
And�finally,�I�thank�you,�our�members,�for�your�
ongoing�support�and�your�words�of�wisdom,�your�
advice,�your�ideas,�and�your�ever�increasing�flow�of�
communication�and�engagement.�We�all�appreciate�
every�email,�letter�and�phone�call,�and�we�learn�
so�much�each�time�we�visit�a�Chapter�and�explore�
the�issues�of�the�day.
We�cannot�predict�exactly�where�this�Government�
will�take�financial�planning�nor�can�we�anticipate�
the�journey.�But�we�can�work�hard�to�influence�
the�outcomes�with�sensible�and�well�articulated�
policies,�arguments,�and�evidence.�The�future�of�
our�profession�remains�positive�and�we�know�that�
more�Australians�will�seek�advice�as�they�plan�for�
their�own�financial�futures.�We�also�know�that�the�
community�is�best�served�when�they�receive�that�
advice�from�a�member�of�the�FPA.
Jo-Anne Bloch��|��CEO
while we now look forward to our improving economy with optimism, we will not forget the widespread upheavals we’ve seen in the financial landscape
this year a growing number of our members have made a difference to the lives of disadvantaged australians through future2, the charitable foundation of the financial planning profession
FPA�Annual�Review�09��Membership� 7
The�FPA�leads�the�way�as�the�peak�professional�
body�for�Australia’s�financial�planners.�
Our�members�also�take�a�leadership�role,�helping�
their�clients�to�navigate�the�opportunities�and�
obstacles�that�ultimately�lead�them�to�financial�
freedom.�Over�the�last�12�months�members�
have�done�this�despite�the�increased�pressure�
of�the�changing�financial�landscape.�Seeking�to�
support�members�in�this�difficult�climate,�the�
FPA�has�focused�on�increasing�the�availability�
of�quality�education,�improving�services�for�
members,�and�promoting�their�professionalism�
to�the�wider�community.�
Member Growth
This�year�was�characterised�by�good�growth�
in�CFP®�practitioners,�and�particularly�strong�
growth�in�the�numbers�of�Student�and�Retired�
members.�This�growth�was�offset�by�a�net�loss�of�
Principal�members,�partly�as�a�result�of�ongoing�
consolidation�in�the�market.�The�number�of�General�
members�also�reduced.�Exit�interviews�confirmed�
that�most�General�members�who�do�not�renew�are�
leaving�the�industry�or�changing�roles.�
The�trend�is�towards�an�increasing�percentage�of�
practitioner�members,�from�69%�at�30�June�2008�
to�71%�a�year�later.
Service levels
Service�levels�to�members�have�been�improved.�
Best�practice�service�levels�have�been�set�and�
achieved�under�a�member�servicing�strategy�
implemented�by�a�new�Member�Services�
Manager,�Gavin�Josef,�and�his�team�who�report�
daily�to�management.�
More�issues�are�being�resolved�with�the�first�
call,�the�quality�of�data�in�the�member�database�
has�improved,�interactions�with�members�are�
better�recorded,�and�management�is�receiving�
more�timely�and�comprehensive�reports�on�issues�
important�to�members.
Value of Advice Awards 2008
now�in�its�third�year,�the�Value�of�Advice�Awards�
(VOA�Awards)�continue�to�publicly�recognise�FPA�
members�who�demonstrate�‘best�practice’�financial�
advice�for�their�clients,�while�also�promoting�the�
professionalism�of�all�FPA�practitioner�members.�
Following�a�survey�of�past�entrants,�winners�and�
judges,�the�2008�program�was�enhanced�with�
some�changes�in�categories,�simplified�submission�
of�entries�and�the�introduction�of�three�national�
finalists�in�each�category.
01 Membership
CategoryMembers at
30 June 2008Members at
30 June 2009Change
%
CFP�practitioners 5573 5736 +3%
AFP 2272 2246 -1%
Total practitioners 7845 7982 +2%
General�–�Student 86 190 +121%
General�–�Retired 45 83 +84%
General 3324 2927 -12%
Principal 539 468 -13%
Total members 11,839 11,650 -2%
FPA�Annual�Review�09��Membership� 8
From�73�submissions�received,�the�three�overall�
national�winners�selected�by�judges�were:
1.� Leanne�Bull�CFP®�–�Pre-retirement�planning�
2.� �Dacian�Moses�CFP®�–�Post-retirement�planning�
and�management
3.� �Sharon�Walker�CFP®�–�Wealth�accumulation�
and�protection.
The�winners�were�announced�at�the�Gala�Dinner�at�
the�FPA�2008�national�Conference,�and�were�profiled�
extensively�in�the�media�during�2008�and�2009.
Leanne Bull
CFP®
Dacian Moses
CFP®
Sharon Walker
CFP®
Value of Advice Campaign
As�part�of�the�Value�of�Advice�initiative,�the�
Good Advice is Money Well Spent case�study�
booklet�was�released�in�December�2008�to�promote�
the�value�of�advice�to�consumers.�This�booklet�was�
based�on�a�compilation�of�real�life�client�stories�
from�VOA�award�entrants,�showing�the�benefits�of�
professional�advice�from�an�FPA�practitioner�member.�
Each�case�study�showed�in�clear�dollar�terms�the�
projected�financial�benefits�of�the�advice�provided.
Due�to�its�past�success,�the�Value�of�Advice�campaign�
will�continue�to�run�in�future�years�to�showcase�and�
reward�the�valuable�work�of�FPA�members.
Thanks to our generous Principal members
for supporting our Value of Advice marketing
campaign, now in its fourth year.
�\ Advice�Partners
�\ Asgard�Wealth�Solutions
�\ AMP�Financial�Planning
�\ Australian�Wealth�Management�
�\ BT�Financial�Group
�\ Commonwealth�Financial�Planning
�\ Financial�Wisdom
�\ Fiducian
�\ Genesys�Wealth�Advisers
�\ Haller�Wealth
�\ Hn�Financial�Partners
�\ Hillross�Financial�Services
�\ InG�Financial�Planning
�\ John�Castle�&�Associates
�\ Millennium3�Financial�Services
�\ MLC
�\ newton�Glover�&�Associates
�\ Professional�Investment�Services
�\ RetireInvest
�\ Savings�and�Loan�Credit�Union
�\ Skeggs�Goldstein�&�Associates
�\ Tandem�Financial�Advice
�\ Trethewie�&�Partners
FPA�Annual�Review�09��Membership� 9
Financial Planning Week 2009
Financial�Planning�Week�(FP�Week)�is�a�national�
initiative�now�in�its�ninth�consecutive�year.�
This�important�week�unites�FPA�members�in�
building�greater�community�awareness�of�the�
value�of�professional�advice.�
Held�over�the�last�week�of�May,�this�years’�theme�
was�‘global�crisis,�local�help’,�an�acknowledgement�
that�while�times�are�tough,�there�are�local�FPA�
members�available�to�help�Australians�to�take�
control�of�their�financial�futures.�Highlights�of�the�
Week�included:
�\ National media coverage�–�104�media�
articles�and�broadcasts�promoting�the�value�
of�advice�and�locally�based�financial�planners�
in�regional,�metropolitan�and�national�press,�
and�on�radio.
�\ Value of advice local advertising�–�In�a�new�
initiative,�244�FPA�members�contributed�to�the�
FPA’s�Value�of�Advice�advertising�and�had�their�
names�in�local�advertisements.�
�\ Ask an expert program�–�A�free�online�
question�and�answer�service�to�give�
Australians�access�to�general�financial�advice�
was�launched�during�FP�Week.�Over�two�
months,�460�questions�were�received�from�
consumers�and�over�100�members�from�
28�Chapters�provided�answers.�
�\ The website goodadvice.com.au�promoted�
FP�Week,�hosting�the�Ask�an�Expert�function,�
a�calendar�of�FP�Week�events,�consumer�
publications�and�more.�The�site�had�41,224�hits�
during�May,�64%�of�them�during�FP�Week,�
which�was�a�78%�increase�over�May�2008.�
Unique�visitors�to�the�Good�Advice�website�
more�than�doubled�during�May�2009�compared�
with�the�previous�month.�The�online�Find�a�
Planner�service�received�over�8,000�hits�during�
FP�Week�2009,�a�similar�number�to�2008.
�\ The brochure, How to Choose a Financial
Planner,�was�updated�to�include�advice�on�how�
to�make�the�most�of�an�ongoing�relationship�
with�a�planner�and�was�released�electronically.
�\ Financial seminars�were�rolled�out�by�
eight�FPA�Chapters�across�Australia�to�help�
consumers�understand�how�financial�planning�
can�benefit�their�lives.�
FPA 2008 National Conference
The�national�Conference�was�an�outstanding�
success,�providing�four�days�of�networking,�and�
technical�and�professional�development�for�1,783�
delegates�meeting�on�the�Gold�Coast.�More�‘hands�
on’�sessions�and�round�tables�allowed�better�peer�
to�peer�interaction�and�discussion�about�current�
issues�than�in�previous�years.�The�Gala�Dinner�
celebrated�the�winners�of�the�FPA�Value�of�Advice�
and�IFA�Best�Practice�awards.�Conference�plenary�
speakers�included�Tim�Costello,�Chief�Executive�of�
World�Vision�and�Dr�Jonathon�Welch,�Founding�
Musical�Director�of�the�Choir�of�Hard�Knocks.�
Four�out�of�five�delegates�(80.6%)�responded�
positively�to�the�conference�and�were�satisfied�with�
the�new�program�format�and�the�range�of�sessions�
available.�Of�those�attending,�90%�were�happy�to�
recommend�the�conference,�an�increase�of�nearly�
20%�over�the�previous�year’s�event.�
Exhibitors�also�rated�the�conference�far�
more�positively�than�the�previous�year,�impressed�
by�the�innovations�and�flexibility�introduced.�
The�atmosphere�was�lively,�engaging,�and�
entrepreneurial.�The�winner�of�the�sponsor�
achievement�award�was�BT�Financial�Group.
FPA�Annual�Review�09��Membership� 10
FPA 2008 Small Principals’ Conference
The�second�annual�Small�Principals’�Conference�
was�even�more�well�received�than�the�first,�with�
92%�of�delegates�saying�they�would�recommend�
the�conference�to�a�friend,�or�would�attend�again�
in�2010.�The�conference�was�held�in�Canberra�and�
offered�delegates�excellent�technical�and�interactive�
sessions.�Highlights�included�a�Q&A�session�with�
ASIC’s�Senior�Leader,�Financial�Advice,�Deborah�
Koromilas�and�a�political�perspective�from�Mr�Steve�
Ciobo,�MP�Shadow�Minster�for�Small�Business,�
Independent�Contractors,�Tourism�and�the�Arts.��
The�FPA�received�valuable�feedback�on�how�better��
to�meet�the�needs�of�small�Principal�members.�
Future Financial Planners Council
As�the�need�for�professional�advice�in�Australia�
continues�to�grow,�a�significant�number�of�
financial�planners�will�retire�in�the�next�five�to�
10�years.�The�Future�Financial�Planners�Council�
(FFPC)�was�established�to�increase�awareness�of�
careers�in�financial�planning�amongst�students�and�
career�changers.�In�its�second�year�of�operation,�
key�projects�included:�
�\ Make a Difference�–�A�newly�established�
sub-brand�to�encapsulate�a�vision�for�
the�profession�about�making�a�difference�in�
people’s�lives�through�financial�planning.�
�\ The website iplan2.com.au�–�An�interactive�
website�launched�in�March�2009�that�utilises�
social�media�technology�to�give�students�
a�genuine�insight�into�the�lives�of�financial�
planners�and�pathways�into�the�profession.�
The�FPA�‘Blog�Star’�(Kane�Piper,�a�university�
student�from�Wollongong�nSW)�was�recruited�
to�provide�regular�blogs,�video�podcasting�and�
polling�to�communicate�with�students�about�
a�career�in�financial�planning.�Through�the�
site,�students�can�view�financial�planning�jobs,�
get�career�advice,�watch�videos�of�financial�
planners�and�executives�in�the�profession,�
make�comments�and�ask�questions�via�blogs.�
Over�the�course�of�this�year�some�highlights�
have�been�Kane’s�video�interview�with�Paul�
Clitheroe,�interviews�with�2008�Paraplanner�
of�the�Year�winner�Justin�Pratt�as�well�as�blog�
posts�capturing�the�action�at�various�university�
careers�days�across�Australia.�
�\ Student collateral�–�To�support�the�overall�
campaign�a�range�of�student�collateral�was�
developed�including�A�Guide�to�Becoming�a�
Financial�Planner�student�brochure.
�\ Careers fairs�–�To�engage�university�students�
and�increase�their�awareness�of�financial�
planning�as�a�potential�career�option,�the�FPA�
attended�six�careers�expos�at�universities�across�
Australia�in�March�2009,�all�of�which�were�
a�great�success.
We�have�doubled�our�student�members�and�will�
continue�to�develop�programs�to�attract�students�
and�graduates�to�financial�planning,�particularly�
as�we�expect�consumer�demand�for�professional�
advice�to�pick�up�once�more.
FPA ‘Blog Star’, Kane Piper
FPA�Annual�Review�09��Membership� 11
Media
Early�in�the�financial�year�we�focused�on�placing�
stories�demonstrating�the�value�of�advice�in�the�
consumer�press.�In�four�short�months�over�120�positive�
stories�were�published.�By�late�2008,�the�global�
financial�crisis,�the�relentless�anti-advice�industry�
superannuation�campaign�and�corporate�collapses�
required�a�new�approach.�We�outsourced�our�media�
relations�to�strategic�public�relations�experts,�and�
began�to�focus�on�educating�the�media�and�key�
stakeholders�on�the�complex�issues�surrounding�
advice,�remuneration�and�consumer�choice.�
Importantly,�we�focused�on�professionalism,�and�the�
higher�standards�that�FPA�members�sign�up�to.
We�distributed�54�press�releases,�announcing�
initiatives�such�as�Financial�Planning�Week,�the�
Value�of�Advice�Awards,�and�our�referral�services�for�
Storm�clients�and�victims�of�the�Victorian�bush�fire�
disaster.�We�also�responded�to�many�government�
announcements�such�as�the�Parliamentary�Joint�
Committee�(PJC)�on�Corporations�and�Financial�
Services�Inquiries�into�financial�products�and�services�
and�the�new�Credit�Regulation�regime.�At�the�FPA�
2008�national�Conference�we�held�media�briefings�
on�our�Blog�Star,�our�Value�of�Advice�award�
winners,�a�new�Code�of�Ethics�and�Single�Code�
of�Professional�Practice�and�enhancements�to�the�
CERTIFIED�FInAnCIAL�PLAnnER™�Certification�Program.�
We�continued�to�rely�on�our�CFP®�professionals�
to�provide�comment�to�the�consumer�media�on�
financial�planning�issues,�expanding�to�85�our�
list�of�CFP�practitioners�available�for�comment.�
These�professionals�also�provided�answers�to�
consumers’�questions�in�national�and�regional�
newspapers,�a�valuable�resource�for�people�who�
cannot�afford�personal�financial�advice,�or�who�
had�not�previously�considered�seeking�it.
The�media�responded�positively�to�the�FPA’s�
remuneration�policy�and�position�on�higher�entry�
and�education�standards�for�financial�planners,�and�
they�remain�positive�when�it�comes�to�strategies�
and�tactics�relating�to�financial�advice.�However,�
commentary�on�corporate�collapses�continues�to�
reflect�negatively�on�financial�planners,�who�are�
easy�targets.�We�have�some�work�to�do�to�ensure�
a�greater�understanding�of�the�difference�between�
a�professional�financial�planner�who�is�an�FPA�
member,�and�an�authorised�representative�or�a�
‘financial�product�adviser.’�
Communicating with Members
CEO�enews�-�our�fortnightly�email�update�
on�policy�matters,�educational�opportunities,�
events�and�issues�affecting�the�financial�
planning�profession�–�continues�to�be�a�valued�
communication�for�members.�
Industry�research�in�early�2009�showed�that�
Financial�Planning�magazine�ranked�second�only�
to�Money�Management�in�readership�by�financial�
planners�and�ranked�highest�among�six�other�
industry�magazines�for�providing�quality�information�
to�help�financial�planners�to�run�their�businesses.�
Distributed�to�all�members�and�subscribers�11�times�
a�year,�the�magazine�includes�local�and�international�
news,�a�quarterly�complaints�and�discipline�report,�
updates�on�Government�inquiries,�features�by�
industry�experts,�member�profiles,�Centrelink�
updates,�CPD�Quarterly,�opinion�pieces�and�many�
other�topical�articles�and�resources.�
FPA�Annual�Review�09��Membership� 12
Small Principal services
Following�the�formation�of�a�Small�Principals’�
Forum,�chaired�by�Brad�Butler�CFP®,�in�2008,�
new�initiatives�for�small�Principal�members�in�
2009�included�the�second�annual�Small�Principals’�
Conference,�an�online�discussion�group�for�small�
Principal�members,�the�creation�of�a�practice�visit�
register�to�encourage�small�Principal�members�to�
visit�and�learn�from�each�other,�dedicated�events�
and�a�Small�Principal�Members’�Information�Centre�
on�the�FPA�website.
Medium and Large Principal services
Regular�meetings�were�held�with�medium�and�
large�Principals�to�address�their�specific�needs�and�
concerns.�One�forum�involved�a�frank�exchange�
of�views�with�ASIC’s�Deborah�Koromilas�on�the�
challenges�for�licensees�of�simplifying�Statements�
of�Advice�in�the�current�regulatory�environment,�
delivering�quality�advice,�and�ASIC’s�priorities.
National Member Roadshow
Our�second�national�Member�Roadshow�was�
held�in�August�and�September�2008,�visiting�
32�Chapters.�The�objective�was�to�gain�feedback�
from�members�on�FPA�priorities�and�plans�for�the�
2008-09�financial�year.�The�number�of�members�
who�attended�the�roadshow�doubled�over�2007�
and�the�event�received�an�overall�satisfaction�rating�
of�86%�from�members.
Market Volatility Centre
In�response�to�the�global�financial�crisis,�the�FPA�
developed�a�market�volatility�resource�centre�
containing�tools�and�advice�to�support�our�
members�in�this�period�of�great�financial�upheaval.�
The�resources�were�well�received,�with�over�5,500�
hits�on�the�online�centre�throughout�the�year.�
FPA Honorary Awards 2008/2009
The�following�members�received�
Honorary�Awards�for�their�contribution�
to�their�profession.
FPA Fellow Awards
Scott�Alman�CFP®
Rick�Arnheim�CFP®
Greg�Cook�CFP®
Ken�Drummond�CFP®
Gary�Jones�AFP�
neil�Kendall�CFP®
Peter�Lake�CFP®
Wayne�Leggett�CFP®
Laura�Menschik�CFP®
Peter�Roan�CFP®
nigel�Sands�CFP®
Rod�Scurrah�CFP®
Timothy�George�White�CFP®
FPA Distinguished Service Awards
Sharon�Knightley�CFP®
Louise�Lakomy�CFP®
Delma�newton�CFP®
Jo�Tuck�CFP®
Thomas�Russell�Tym�CFP®
Life Member
Dominic�Alafaci�CFP®
FPA�Annual�Review�09��Membership� 13
Professional and Education Services
CFP® Certification
CFP®�Certification�is�the�global�symbol�of�excellence�
in�financial�planning,�a�standard�over�5,700�of�our�
members�have�already�attained.
The�CFP�Certification�Program�continues�to�progress�
from�strength�to�strength.�Enhancements�were�
introduced�to�the�program�following�feedback�from�
students�and�in�preparation�for�the�alignment�of�the�
program�to�new�global�standards.�notably,�education�
entry�requirements�were�streamlined,�three�enrolment�
periods�introduced,�exam�and�assessment�processes�
for�CFP5�improved,�the�interactive�online�service�for�
students�was�upgraded,�with�immediate�verification�
of�receipt�of�assignments�submitted�electronically.
CFP�Certification�enrolments�were�steady�
despite�the�volatile�economic�times.�Planners�are�
realising�that�the�process�of�rigorous�education�
and�experience�that�leads�to�admission�as�a�CFP�
professional�is�valued�by�their�clients.�
Compliance Audit for CFP Certification
The�internationally�recognised�CFP�Certification�
Program�is�owned�(outside�of�America)�by�the�
Financial�Planning�Standards�Board�Ltd.�(FPSB�Ltd.).
Under�the�provisions�of�the�License�and�Affiliation�
Agreement,�FPSB�Ltd.�periodically�assesses�and�
monitors�the�FPA’s�conformity�with�the�agreement�
and�the�CFP�certification�standards.�The�FPA�
was�taken�through�a�rigorous�compliance�audit�
in�mid�to�late�2008.
The�assessment�process�ensures�that�our�CFP�
Certification�Program�is�being�implemented�
correctly,�maintains�its�high�standard,�and�meets�
the�guidelines�set�out�in�the�Licensing�Agreement.
FPSB�Ltd.’s�report�congratulated�the�FPA’s�
commitment�to�standards,�professionalism�and�to�
rigorously�implementing�its�programs.�
Specialist Accreditation programs
Following�our�announcement�in�March�2008�
of�the�Life�Risk�Specialist�(LRS®)�Accreditation�
Program�for�practitioner�members,�enrolments�in�
the�program�continued�to�grow�with�very�positive�
feedback�from�students.�The�first�graduates�of�
the�program�will�become�full�LRS�certificants�in�
October�2009,�allowing�them�to�use�the�FPA�post�
nominal�designation�of�LRS®�Life�Risk�Specialist.�
Development�is�currently�underway�on�the�next�
specialist�program�for�practitioners�in�the�area�of�
Estate�Planning.
New Continuing Professional
Development Policy
Following�comprehensive�member�consultation,�
the�Board�of�the�FPA�approved�the�final�version�
of�our�new�Continuing�Professional�Development�
(CPD)�Policy�which�became�effective�from�the�start�
of�the�next�triennium�period,�1�July�2009.
The�policy�presents�a�new�way�forward�for�
professional�development�and�has�been�designed�
to�offer�members�a�more�rewarding�and�wider�
range�of�educational�options�to�help�maintain�and�
develop�their�professional�proficiency�and�status.�
The�broadening�of�the�definition�of�CPD�has�been�
encapsulated�in�the�Professional�Dimensions�model,�
which�outlines�six�broad�categories�of�recognised�
CPD�that�members�can�now�undertake�to�maintain�
their�professional�credentials.
A�new�interactive�online�training�program�was�
developed�to�educate�both�financial�planners�and�
FPA�accredited�CPD�assessors�about�the�policy.�
Feedback�on�the�new�policy�and�programs�has�
been�very�positive.
FPA�Annual�Review�09��Membership� 14
Continuing Professional Development
A�range�of�new�CPD�programs�were�offered�
throughout�the�year,�including:
�\ Ethics�and�the�professional�adviser
�\ Referral�marketing�and�lead�generation
�\ Paraplanning�Masterclass
�\ �Aged�care�advice
�\ �The�Authentic�Adviser
�\ �Business�essentials�for�challenging�times
�\ �CPD�Policy�Education�Program�for�advisers.
The�FPA�conducted�a�number�of�interactive�half�
day�CPD�workshops�on�a�range�of�relevant�subjects�
at�the�2008�national�Conference�with�over�150�
workshop�delegates�attending.
A�further�range�of�innovative,�cost�effective�
e-learning�CPD�programs�are�planned�for�members�
to�complement�existing�delivery�mechanisms.
Professional Services
The�Professional�Services�area�of�the�FPA�continued�
to�support�members�with�a�range�of�cost�effective�
practice�management�and�continuing�education�
tools�and�programs,�developed�with�the�assistance�
of�its�education�and�practice�management�
partners,�including:
�\ Business�diagnostic�tools�with�Business�Health
�\ Reference�books�and�information�resources�
with�Thomson�Reuters
�\ Comprehensive�Anti�Money�Laundering/CTF�
tools�with�Deloitte
�\ Compliance�management�tools�with�Goldseal
�\ PI�insurance�support�(Pro�PI)�with�Jardine�
Lloyd�Thompson.
Community and Social Responsibility
Pro Bono programs
The�FPA�continues�to�foster�the�provision�of�pro�
bono�financial�advice�by�members,�a�framework�
within�which�free�financial�advice�may�be�given�to�
disadvantaged�Australians�who�have�no�alternative�
access�to�professional�help.�During�the�recent�
financial�year,�FPA�members�have�continued�to�help�
others�less�fortunate.�
A�joint�pilot�program�with�the�Rural�Financial�
Counselling�Service�(RFCS)�was�extended�nationally�
from�1�July�2008,�allowing�all�rural�financial�
counsellors�throughout�Australia�to�refer�clients�
for�pro�bono�advice.�There�have�been�requests�and�
enquiries�from�RFCS�counsellors,�and�we�expect�
this�to�increase�as�counsellors�become�more�familiar�
with�the�program.
The�FPA�is�working�with�a�number�of�our�local�
Chapters�to�establish�networks�with�community�
based�organisations�which�will�refer�clients�in�need�
of�pro�bono�advice�or�provide�physical�facilities�
where�clients�and�pro�bono�financial�planners�can�
meet.�Both�the�Adelaide�Chapter�and�the�Albury�
Wodonga�Chapter�have�developed�programs�
with�Anglicare�and�discussions�are�taking�place�
with�The�Cancer�Council�of�nSW�concerning�
providing�pro�bono�advice�for�cancer�patients�
at�Westmead�Hospital.
During�the�recent�Victorian�Bushfires,�over�100�
FPA�members�registered�to�assist�those�affected�
by�the�bushfires�and�help�them�to�get�back�on�
their�feet�again.�FPA�members�from�new�South�
Wales,�Queensland,�and�Victoria�also�assisted�
many�clients�affected�by�the�collapse�of�Storm�
Financial,�by�providing�advice�and�assistance�on�
their�financial�situations.
FPA�Annual�Review�09��Membership� 15
Future2 Foundation
This�year�a�growing�number�of�our�members�have�
made�a�difference�to�the�lives�of�disadvantaged�
Australians�through�Future2,�the�charitable�
foundation�of�the�financial�planning�profession.�
The�FPA�continued�its�active�support�for�Future2.�
David�Haintz�CFP®�has�provided�a�vital�link�between�
the�two�organisations�as�both�an�FPA�Director�and�
Future2�trustee.�Additionally,�the�FPA�has�given�
assistance�to�Future2�in�a�variety�of�ways�including�
financial�management,�communications�with�FPA�
members�and�funding�of�part�time�support�staff.
In�2008�the�FPA�national�Conference�again�
offered�the�opportunity�for�Future2�to�raise�its�
profile�among�delegates.�Friday�21�november�was�
designated�“Future2�Day”.�Individual�contributions�
from�FPA�members�and�guests�at�the�Charity�Golf�
Day�and�at�the�subsequent�two�conference�days�
totalled�over�$14,000.�In�addition,�Future2�was�the�
beneficiary�of�a�$2,270�donation�from�Women�in�
Finance�following�the�breakfast�hosted�jointly�with�
the�FPA�during�the�conference.�
FPA�members�had�their�first�opportunity�to�see�
the�work�of�the�Future2�Foundation�during�the�
conference�when�a�film,�“Your�Support�–�Their�
Future”,�was�screened�before�a�plenary�audience�
and�followed�by�an�inspiring�speech�from�World�
Vision’s�Tim�Costello.�The�film,�made�possible�by�a�
grant�from�AMP,�showcased�the�positive�impact�the�
first�four�Future2�grants�had�on�the�lives�of�young�
disadvantaged�Australians,�and�highlighted�the�role�
of�FPA�members�in�supporting�Future2.�
This�year�a�number�of�FPA�Chapters�organised�
fundraising�on�behalf�of�Future2,�making�this�an�
integral�part�of�their�Chapter�activities.�Several�
Chapters�also�endorsed�applications�from�local�
charities�for�Future2�Make�the�Difference!�grants.�
Trustees�announced�the�2008�grants�on�27�
november�2008,�with�a�total�of�$30,000�allocated��
to�three�projects�supporting:
�\ Youth�leadership�development�in�north�central�
Victorian�rural�communities�(the�Loddon�Murray�
Community�Leadership�Program,�$10,000)
�\ Employment�opportunities�for�socially�excluded�
young�people�in�Mackay,�Queensland,�by�
helping�them�gain�their�drivers�licences�(Youth�
Information�and�Referral�Service’s�Young�Driver�
Program,�$5,000)
�\ A�program�to�assist�young�Sudanese�refugees�
adapt�to�their�new�lives�in�Adelaide�(nile�United�
Youth�Group�and�Young�Sudanese�Women’s�
network,�$15,000).
In�February�2009,�Future2�trustees�launched�an�
appeal�for�funds�to�assist�victims�of�the�Victorian�
bushfires.�Though�many�FPA�members�had�already�
responded�to�the�Red�Cross�and�other�nationwide�
appeals,�a�number�also�contributed�to�this�appeal.�
Trustees�were�delighted�to�receive�a�$65,000�
donation,�made�at�the�request�of�Genesys�Wealth�
financial�planners�through�their�state�representative�
on�the�Genesys�national�Advisory�Council.�
Future2 Victorian Bushfire Appeal: Andrew Creaser, Genesys Wealth Advisors, addresses Genesys staff and guests
over 30 formal submissions were made to government and regulators on major issues impacting financial planners and their clients
FPA�Annual�Review�09��Embedding�the�professional�framework� 17
As�we�negotiate�the�ever�more�complex�landscape�
of�financial�services�within�Australia,�the�FPA�has�
focussed�on�two�main�aims;�to�raise�the�standards�
of�financial�planning�professionals�in�Australia,�
and�to�advocate�the�specific�interests�of�both�
financial�planners�and�consumers�to�the�myriad�of�
Government�bodies�and�committees�that�seek�to�
shape�the�future�of�financial�planning�in�Australia.
Our�success�in�both�has�been�hard�won�this�year:�
FPA�members�were�recognised�as�being�held�to�
higher�standards�than�non-members,�along�with�
the�FPA’s�influential�role�in�financial�services�reform�
these�past�twelve�months.�FPA�members�are�now�
19�times�less�likely�to�face�ASIC�investigation�for�
breaching�financial�advice�regulatory�requirements�
than�are�non-FPA�members.�CFP®�practitioners�in�
particular�are�now�32�times�less�likely�to�trigger�a�
breach�of�financial�advice�obligations�from�ASIC.*
Professional Accountability actions in
the profession
An�important�part�of�promoting�oneself�as�a�
professional�is�to�be�subject�to�professional�peer�
review�and�discipline.
02 Embedding the professional framework
The�following�table�outlines�all�professional�accountability�actions�including�those�that�have�resulted�
from�ASIC�actions.
Complaints and Disciplinary Report
July 08 – June 09September Quarter 08
December Quarter 08
March Quarter 09
June Quarter 09
Total FY 08 – 09
(28 ongoing at close of period)
On-going�investigations�as�at�commencement�of�the�period 21 31 44 40 n/a
new�Investigations�for�the�period 28 29 39 15 111
Investigations�Closed�for�the�period 18 16 43 27 104
Total�Members�Suspended�for�the�period 0 0 1 0 1
Members�Suspended�by�the�CRC�or�DC 0 0 1† 0 1
Total�Members�Terminated�for�the�period 1 8 0 6† 15
Members�Expelled�by�CRC�or�DC 0 2 0 1 3
Other�Sanctions�issued�by�CRC�or�DC�for�the�period�(includes�fines,�supervision,�admonishment,�apologies�&�costs�orders�where�these�form�a�discrete�order�other�than�suspension�or�expulsion) 2 0 3* 0 5
*�Based�on�cross-referencing�ASIC’s�publicly�available�data�on�ASIC�actions,�with�FPA�membership�data�from�June�2008�to�July�2009.
†� Figure�Revised�from�Quarterly�Complaints�Report�Data
FPA�Annual�Review�09��Embedding�the�professional�framework� 18
Breach notification issued Alleged Conduct
Referred for Hearing
Conduct Review Commission Finding
Sanction applied
Rules�106,�107,�110,�111,�112,�113�Ethic�1�(integrity)
Failure�to�observe�financial�product�advice�disclosure�obligations.�FPA�came�to�the�opinion�the�member�made�a�financial�product�recommendation,�therefore�requires�the�member�to�observe�disclosure�obligations.
Yes Member�found�guilty
Suspension�of�CPF�Certification�status�+�fine�+costs
Rules�103,�105,�106,�107,�110,�111,�112,�113,�135��Ethic�1�(integrity)
Principal�Members’�failure�to�effectively�supervise�its�representative’s�activities�and�recommendation�to�clients.�The�representative�failed�to�observe�financial�product�advice�disclosure�obligations.�The�Principal�member�was�subject�to�the�same�conduct�as�its�representative,�as�per�Rule�132.
�Yes Principal�Member�found�guilty
Fine�
Rule�127�Constitution�3.3(f),�3.6.3.1
Member�failure�to�assist�in�compliance�review�and�investigation�by�FPA.�
Yes Member�found�guilty
Member�expelled�+�fine�+�costs
Rule�127�Constitution�3.3(f),�3.6.3.1
Principal�Member�failure�to�assist�in�compliance�review�and�investigation�by�FPA.
Yes Principal�Member�found�guilty
Member�expelled�+�fine�+�costs
Rules�101,�115 Slow�implementation,�no�provision�of�FSG�and�PDS,�allegations�of�falsifying�documents.
no Unsupported�in�evidence�
Rules�104,�105,�111,�112,�135
The�authorised�representative�of�a�Principal�member�failed�to�disclose�the�limited�capacity�of�his�financial�planning�service,�failed�to�explain�the�investment�risks,�failed�to�put�recommendations�in�writing.�The�Principal�member�failed�to�maintain�an�effective�system�of�supervision.
no Unsupported�in�evidence�
Rules�101,�105,�135,�Code�of�Ethics�–�4,�5,�6�
Member�misled�complainant�regarding�fee�schedule.
no Conduct�Review�Commission�chair�dismissed�complaint
Rules�131,�135 Principal�members’�poor�standards�of�appointing�authorised�representatives�and�supervision.
Yes Pending
Rules�110,�111,�135
Principal�members’�representatives�providing�inappropriate�investment�recommendations�regarding�barrier�warrants�and�non�disclosure�of�risks.
no Dismissed�–�no�case�to�answer
In�the�last�year�the�Conduct�Review�Commission�has�issued�61�breach�notifications�to�14�members,�held�four�
formal�hearings�and�arrived�at�the�following�schedule�of�determinations.
FPA�Annual�Review�09��Embedding�the�professional�framework� 19
Breach notification issued Alleged Conduct
Referred for Hearing
Conduct Review Commission Finding
Sanction applied
Rules�110,�111,�135,�127�and�Code�of�Ethics-8
Principal�members’�representatives�providing�inappropriate�investment�recommendations�regarding�margin�lending�strategies�and�non�disclosure�of�risks.
Yes Member�expelled�prior�to�hearing�(due�to�S�16�of�Constitution)
Rules�101,�106,�110,�127�and�Code�of�Ethics-6
Member�providing�inappropriate�investment�recommendations�regarding�margin�lending�strategies�and�misleading�information.
Yes Pending
Rule�127,�Code�of�Ethics-8
Member�not�co-operating�with�FPA�investigation�and�compliance�review.
no� Dismissed�–�no�case�to�answer
Rules�101,�106,�110,�and�Code�of�Ethics-6
Member�providing�inappropriate�investment�recommendations�regarding�margin�lending�strategies�and�misleading�information�to�client.
Pending
Rules�110,�111,�135
Principal�members’�representatives�providing�inappropriate�investment�recommendations�regarding�managed�investment�scheme�and�non�disclosure�of�risks.
Pending
Rules�104,�105,�111,�112,�135,�code�of�Ethics-8
Principal�members’�representatives�not�disclosing�investment�risks�of�a�discounted�promissory�note�in�an�overseas�unlisted�company.�Poor�supervision�by�Principal�member�to�ensure�recommendations�were�on�approved�product�lists.
Yes Pending
Rules�110,�111,�135,�127�and�Code�of�Ethics-8
Principal�members’�representatives�providing�inappropriate�investment�recommendations�regarding�margin�lending�strategies�and�non�disclosure�of�risks.
Yes Member�expelled�prior�to�hearing�(due�to�S�16�of�Constitution)
FPA�Annual�Review�09��Embedding�the�professional�framework� 20
Streamlined Code of Professional Practice
november�2008�saw�the�launch�of�the�first�
elements�of�the�streamlined�Code�of�Professional�
Practice�–�including�a�revised�FPA�Code�of�Ethics�
adopting�the�global�Code�of�Ethics�established�
by�the�Financial�Planning�Standards�Board�(FBSB).�
Practice�Standards�1-6�were�also�introduced.�
The�new�Code�of�Ethics�and�Practice�Standards�1-6�
are�effective�from�1�July�2009.
Drafting�work�continued�under�the�guidance�of�the�
Professional�Conduct�Committee�to�develop�the�
final�elements�of�the�single�code�for�consultation:�
Practice�Standards�7-8�which�identify�Practitioner�
and�Principal�member�professional�conduct�
obligations�respectively�and�an�extensive�re-write�
and�modernisation�of�the�Rules�of�Professional�
Conduct.�The�Board�approved�these�for�member�
consultation�in�June�2009.�
The�completed�code�will�be�known�as�the�
Code�of�Professional�Practice�and�will�represent�
the�first�comprehensive�piece�of�professional�
regulation�in�financial�planning,�fully�aligned�to�
the�global�FPSB�Ltd.�expectations,�anywhere�in�
the�world.�Members�will�be�able�to�use�the�Code�
of�Professional�Practice�as�a�touchstone�of�good�
professional�practice�and�a�clear�statement�of�
professional�expectation.
Code of Ethics
Adopted: November 2008
Enforceable: 1 July 2009
Conditional Moratorium ends:
30 June 2010
Practice Standards 1-6
Adopted: November 2008
Enforceable: 1 July 2009
Conditional Moratorium ends:
30 June 2010
Practice Standards 7-8
Proposed Adopted: November 2009
Proposed Enforceable: 1 July 2010
Proposed Conditional Moratorium to:
30 December 2010
Rules of Professional Conduct
Proposed Adopted: November 2009
Proposed Enforceable: 1 July 2010
Proposed Conditional Moratorium to:
30 December 2010
Board Approved Member Consultation
FPA�Annual�Review�09��Embedding�the�professional�framework� 21
Advocating sound policy to government
and regulators
Interest�in�financial�services�issues�by�government�
and�regulators�increased�over�the�period�as�a�
result�of�the�global�financial�crisis.�The�FPA�actively�
engaged�in�this�debate�through�direct�discussions�
and�submissions�on�key�issues.
The�FPA�maintained�regular�contact�with�
Ministers,�MPs�and�officials�in�Canberra,�on�
key�policy,�professional,�and�practice�issues.�
This�contact�was�particularly�valuable�given�
the�high�profile�Parliamentary�Joint�Committee�
(PJC)�on�Corporations�and�Financial�Services�
Inquiries�into�financial�products�and�services�and�
agribusiness�managed�investment�schemes.
In�addition�the�FPA�continued�its�active�
participation�in�key�Government�committees�
including�CEO�Jo-Anne�Bloch’s�membership�
of�the�Government�Superannuation�Advisory�
Committee,�and�General�Manager�of�Policy�
and�Government�Relations,�Gerard�Fitzpatrick’s�
membership�of�the�national�Consumer�Credit�
Consultative�Group�and�continued�active�role�in�
the�Government’s�Disclosure�Working�Group.�
The�FPA�also�contributed�to�the�Australian�Financial�
Centre�Forum�(AFCF)�Reference�Group.
Over�30�formal�submissions�were�made�to�
government�and�regulators�on�major�issues�
impacting�financial�planners�and�their�clients,�
including�significant�policy�positions�on�credit�
regulation,�simple�advice,�the�retirement�income�
system,�and�broader�issues�for�the�Henry�Tax�
Review.�These�were�supplemented�by�a�number�
of�informal�submissions�on�a�wide�range�of�issues�
such�as�lobbying�on�family�trusts,�prescribed�private�
funds,�minimum�payout�requirements�for�account�
based�pensions�and�changes�to�the�actuarial�
test�for�SMSF�complying�pensions.�A�further�20�
additional�papers,�letters�and�communications�were�
submitted�in�support�of�these�submissions.
The�FPA�maintained�direct�contact�with�relevant�
regulators.�Regular�and�ad�hoc�meetings�with�
ASIC�were�intensified�to�address�key�issues�
such�as�professional�indemnity�insurance,�the�
Financial�Ombudsman�Service,�disciplinary�actions,�
disclosure,�and�training.�Anti-Money�Laundering,�
taxation,�and�superannuation�issues�were�
addressed�through�direct�liaison�with�AUSTRAC,�
Treasury,�APRA�and�the�ATO.�
The�FPA�has�maintained�contacts�with�key�
stakeholders�such�as�industry�and�consumer�
associations�and�actively�participated�in�key�fora,�
such�as�the�Finance�Industry�Council�of�Australia.��
The�FPA�also�sought�to�improve�communications�
with�members�on�policy�issues�through�direct�
consultations,�ad�hoc�taskforces,�working�groups�
and�FPA�committees.�A�highlight�was�the�series�
of�national�member�summits�in�early�2009�which�
sought�member�feedback�on�the�FPA’s�PJC�
submissions�and�enabled�members�to�directly�voice�
their�opinions�on�key�issues�facing�the�profession.�
Policy�issues�have�featured�highly�on�the�agenda�
in�CEO�enews, Financial Planning�magazine,�and�
the�web-based�Policy�Update�monthly�round-up�of�
emerging�developments.
The�committee�structure�was�revised�and�refocused�
to�more�effectively�deliver�the�current�Board�
strategy,�represent�member�views,�and�ensure�
effective�allocation�of�resources.�This�has�enabled�
the�FPA�to�address�the�needs�of�members�with�
regard�to�key�tools�such�as�simplified�statements�
of�advice,�an�anti�money�laundering�toolkit,�and�
other�resources�for�members,�delivered�through�the�
revamped�policy�pages�on�the�FPA�website.
FPA�Annual�Review�09��Embedding�the�professional�framework� 22
Submissions in 2008-09
Submission issue Recipient Date
Green�Paper�on�Financial�Services�and�
Credit�Reform
Corporations�and�Financial�Services�
Division,�Treasury
03/07/08
Improving�Disclosure�for�Retail�investors�–�
Mortgage�Schemes�and�Unlisted�Property�Schemes
Australian�Securities�and�Investments�
Commission
05/07/09
Simple�Advice�on�Choices�with�an�Existing�
Superannuation�account
Financial�Services�Working�Group 15/07/08
Cross�Border�Recognition� Australian�Securities�and�Investments�
Commission
31/07/08
Inquiry�into�the�Tax�Laws�Amendment�(2008�
Measures�no.4)�Bill�2008�–�Family�Trusts
Senate�Economics�Committee 08/08/08
Award�Modernisation�AM2008/1�–�
superannuation�default�funds
Australian�Industrial�Relations�
Commission
19/08/08
IOSCO�Point�of�Sale�Disclosure:�Issues�Paper Australian�Securities�and�Investments�
Commission
24/09/08
Pension�Review Pension�Review�Panel 26/09/08
Joint�FPA/IFSA�Award�Modernisation�–�
superannuation�default�funds�(2nd�submission)
Australian�Industrial�Relations�
Commission
10/10/08
Australia’s�future�tax�system Tax�Review�Panel 21/10/08
Developing�new�terms�of�reference Financial�Ombudsman�Service 28/10/08
Australian�Law�Reform�Commission’s�Report�
on�Australian�privacy�law
Department�of�the�Prime�Minister�
and�Cabinet
31/10/08
Superannuation�forecasting Australian�Securities�and�Investments�
Commission
14/11/08
Dispute�resolution�–�Review�of�RG139�and�RG165 Australian�Securities�and�Investments�
Commission
19/11/08
Abolishing�the�capital�gains�tax�on�trust�
cloning�exception
The�Treasury 03/12/08
Superannuation�clearing�house�and�lost��
members�framework
The�Treasury 19/12/08
FPA�Annual�Review�09��Embedding�the�professional�framework� 23
Submission issue Recipient Date
Fair�Work�Bill�2008 Senate�Education,�Employment�and�
Workplace�Relations�Committee
09/01/08
Tax�Agent�Services�Bill�–�Senate�Inquiry Senate�Economics�Committee 12/01/09
Prescribed�Private�Funds The�Treasury 14/01/09
2009-10�Federal�Budget The�Treasury 16/01/09
APRA�superannuation�performance�data Australian�Prudential�Regulation�
Authority
23/01/09
SMSF�complying�pensions�failing�actuarial�test Department�of�Housing,�Community�
Services�and�Indigenous�Affairs�
(FaHCSIA)
26/02/09
Retirement�Income�System�Review Tax�Review�Panel 27/02/09
FPA�response�to�questions�from�the�Tax�Review�
Panel
Tax�Review�Panel 23/03/09
FOS�exposure�draft�terms�of�reference Financial�Ombudsman�Service 22/04/09
FPA�Feedback�on�SMSF�investment�performance�–�
proposed�Tax�Office�methodology
Superannuation�Consultative�
Committee,�Australian�Taxation�Office
05/05/09
Australia’s�future�tax�system�(submission�2) Tax�Review�Panel 08/05/09
national�credit�regulation Corporations�and�Financial�Services�
Division,�The�Treasury
22/05/09
FPA�response�to�submissions�received�by�FOS Financial�Ombudsman�Service 28/05/09
Margin�lending Corporations�and�Financial�Services�
Division,�The�Treasury
29/05/09
FSWG�intra-fund�advice Financial�Services�Working�Group,�The�
Treasury
05/06/09
Tax�Laws�Amendment�(2009�Budget�Measures�
no.1)�Bill�2009
Senate�Standing�Committee�on�
Economics�–�Legislation
09/06/09
Agribusiness�MIS�Submission�–�final Parliamentary�Joint�Committee�on�
Corporations�and�Financial�Services
26/06/09
FPA�Annual�Review�09��Embedding�the�professional�framework� 24
Board committee structure
The�FPA�Board�sets�the�strategy�and�priorities�for�
the�Association,�delegating�responsibility�for�policy�
development�and�implementation�to�a�number�
of�board�committees.�Most�board�committees�
are�chaired�by�a�board�director�with�membership�
representing�the�FPA’s�member�segments.�Jo-Anne�
Bloch,�as�Chief�Executive�Officer,�sits�on�all�the�
board�committees�in�an�ex-officio�capacity.�The�
FPA�is�dedicated�to�ensuring�our�committees�are�
accountable�to�the�Board.�A�number�of�changes�to�
the�committees�were�made�throughout�the�year�
to�ensure�they�remained�focused�on�outcomes�
that�align�closely�to�the�strategic�priorities�of�
the�FPA.�The�two�primary�Board�Committees,�
Audit and Risk Management Committee�
and�Remuneration and Succession Planning
Committee�met�quarterly.�
The�Membership�and�Strategic Marketing�
committees�merged�in�January�2009�to�form�
the�Membership and Marketing Committee.�
The�Policy and Government Relations
Committee�ceased�in�December�2008�while�the�
Strategic Policy Committee�commenced�February�
2009.�The�two�remaining�board�committees�are�
the�CFP® Certification Committee�and�the�
Professionalism Committee.
In�addition�to�the�board�committees,�the�
independent�Conduct Review Commission�
reports�directly�to�the�Board�and�is�responsible�for�
the�disciplinary�procedures.
a visible key benefit for both members and the FPA has been the online renewal of annual memberships
FPA�Annual�Review�09��Managing�a�financially�viable�business� 26
The�FPA�reported�an�operating�surplus�of�
$214,538�(after�tax)�for�the�year�ending�30�June�
2009,�a�better�than�budgeted�result.�A�surplus�for�
the�fifth�consecutive�year�has�assisted�the�FPA�to�
build�reserves�with�accumulated�members’�funds�
increased�to�$6,359,715�at�year�end.
The�surplus�was�achieved�by�keeping�expenses�low,�
particularly�in�relation�to�travel�and�printing�costs�
and�legal�and�consultancy�fees.
Membership�revenue,�at�$6,489,579,�was�3%�above�
that�for�2007-08�although�lower�than�budget.
Chapters�reported�an�overall�surplus�of�$41,654,�
better�than�expected�while�the�FPA�2008�national�
Conference�achieved�a�surplus�of�$547,490,�slightly�
lower�than�projected.
Lower�participation�in�the�CFP®�Certification�Program�
resulted�in�lower�net�contributions�than�expected,�
while�the�cost�to�the�FPA�of�the�CFP®�trademark�
fee�increased.�Continuing�education�revenue�was�
maintained�at�the�same�level�as�the�previous�year.�
Summary of Financial Results:
Revenues from operating activities� $12,187,076
Other income� $93,146
Expenses� $12,138,908
Surplus before income tax benefit� $141,314
Surplus for the year� $214,538
Total assets� $10,181,477
Total liabilities� $3,821,762
Total members’ funds� $6,359,715
Cash & cash equivalents� $8,834,142
The�complete�set�of�Financial�Statements�
is�available�for�viewing�at�www.fpa.asn.au
04 Managing a financially viable business
Upgrading�technology�to�deliver�improved�service�
to�members�was�the�focus�of�much�work�this�year.�
The�new�membership�system,�Coresoft,�was�
phased�in�to�replace�a�number�of�disparate,�
unconnected�systems.�A�visible�key�benefit�for�
both�members�and�the�FPA�has�been�the�online�
renewal�of�annual�memberships,�which�was�well�
received�by�members.
now�that�Coresoft�has�been�implemented,�the�
system�will�be�progressively�developed�to�deliver�
further�internal�savings�and�efficiencies.�Other�
significant�technological�initiatives�included�further�
consolidation�of�telecommunication�providers�
and�outsourcing�the�operation�of�FPA�systems�to�
provide�‘best-in-class’�technology�with�full�disaster�
recovery�capability.
03 Positioning and maximising technology
members are front of mind each day, and we set and meet their expectations reasonably, earning their trust along the way
FPA�Annual�Review�09��Retaining,�challenging�and�rewarding�staff� 28
The�FPA�corporate�values�developed�in�early�
2008�have�been�embedded�in�everything�the�FPA�
team�do.�Staff�are�encouraged�to�‘Live�the�Values’:
�\ Member focus�–�Members�are�front�of�
mind�each�day,�and�we�set�and�meet�their�
expectations�reasonably,�earning�their�trust�
along�the�way
�\ Integrity�–�We�are�ethical,�honest�&�
transparent,�and�show�respect�in�all�our�
dealings�with�members,�staff�and�others
�\ Professionalism�–�We�utilise�our�skills�
and�experience�toward�creating�a�competent�
organisation�capable�of�achieving�
effective�outcomes
�\ Accountability�–�We�take�ownership�
of�our�actions�and�commit�to�delivering�
end�to�end�solutions
�\ Care and respect�–�We�support�each�
other,�we�respect�our�differences,�
and�we�value�diversity.
The�core�behaviours�that�support�the�values�
have�been�defined�and�embedded�into�all�staff�
key�performance�indicators�(KPIs)�and�annual�
appraisals.�As�a�result,�staff�better�understand�
the�‘big�picture’�and�how�their�role�and�those�of�
colleagues�fit�in,�allowing�them�to�stay�focused�
and�flexible.�Each�year�we�survey�staff�and�it�is�
pleasing�to�see�that�in�April�2009,�82%�“enjoyed�
working�at�the�FPA”.�
Staff Working Group
The�staff�working�group�(SWG)�has�been�
re-invigorated�and�empowered�and�now�meets�
regularly�and�puts�suggestions�to�management�
for�consideration.�
05 Retaining, challenging and rewarding staff
FPA�Annual�Review�09��Retaining,�challenging�and�rewarding�staff� 29
the fpa board has risen to the challenge and led the debate with steely determination, showing a willingness to make the appropriate changes but in a sensible and considered manner rather than have change thrust upon us
FPA�Annual�Review�09��FPA�board�and�board�committees� 30
FPA Board
06 FPA board and board committees
Julie�Berry�CFP®
Chair
Louise�Lakomy�CFP®
Mark�Spiers�CFP®�Deputy�Chair
Julie�Matheson�CFP®
Jo-Anne�Bloch�CEO
Rob�Pederson�CFP®
Louise�Biti�CFP®�
Philip�Pledge
Bruce�Foy
Matthew�Rowe�CFP®
David�Haintz�CFP®
Andrew�Waddell
Board Committees
FPA Board
CFP® Certification
Membership & Marketing
Remuneration & Succession
Planning
Conduct Review
Commission
Strategic PolicyProfessionalism Audit & Risk
Management
Chapter Chairs
Small Principals
Forum
Medium to Large Licensee
Forum
Future Financial Planners Council
Regulations
Technical
Retirement Incomes Task
Force
Student Care and Support
Value Proposition and Brand
Education Content
Professional Conduct
Financial Planner
Remuneration
Investment
FPA�Annual�Review�09��Retaining,�challenging�and�rewarding�staff� 31
we cannot predict exactly where this government will take financial planning. but we can work hard to influence the outcomes with sensible and well articulated policies, arguments, and evidence
FPA�Annual�Review�09��Committees�and�taskforces� 32
The�members�listed�below�represent�those�who�served�on�a�committee�or�taskforce�for�all�or�part�of�2008-09.
Board Membership Committee
Julie�Berry�CFP®,�FFPA,�ChairBerry�Financial�Services
Paul�Barrett�Financial�Wisdom
Brad�Butler�CFP®
Butler�&�Butler�Investment�Services
Peter�Daly�Australian�Financial�Services
Pippa�Elliot�CFP®
Momentum�Planning
Pierre�Kraft�CFP®
AOn�Wealth�Management
Danny�Maher�CFP®
TFS�Financial�Planning
Delma�newton�CFP®
Total�Portfolio�Management
Karen�novak�CFP®
Westpac�Banking�Corp
Rob�Pedersen�CFP®
Matrix�norwest
Phil�Thompson�CFP®
Rise�Financial
Meaghan�Unsworth�Liontamer�Investments
Strategic Marketing Committee
nicolette�Rubinsztein,�Chair�Colonial�First�State
Julie�Berry,�CFP®,�FFPA�Berry�Financial�Services
nick�Bruining,�CFP®,�FFPA�Bruining�&�Associates
Peter�Daly�Australian�Financial�Services
Rob�Gerrand,�Director
Christine�Howard�Fiducian
Phil�Mason-Cox,�CFP®
Hayes�Knight
Kate�McCallum�Multiforte�Financial�Services
Board Membership & Marketing Committee
(This�committee�was�formed�to�replace�the�Strategic�Marketing�and�Board�Membership�committees)
Delma�newton�CFP®,�ChairTotal�Portfolio�Management�
Christine�Howard�Fiducian
Danny�Maher�CFP®
TFS�Financial�Planning
Julian�Battistella�CFP®
Battistella�Financial�Services
Julie�Berry�CFP®,�FFPA,�ChairBerry�Financial�Services
Kate�McCallum�Multiforte�Financial�Services
Keith�Peel�Financial�Wisdom
nick�Bruining,�CFP®,�FFPA�Bruining�&�Associates
nicolette�Rubinsztein,��Colonial�First�State
Phil�Mason-Cox,�CFP®
Hayes�Knight
Pierre�Kraft�CFP®
AOn�Wealth�Management
Board Professionalism Committee
Matthew�Rowe�CFP®,�ChairHood�Sweeney�Securities
Guyon�Cates�Genesys�Wealth�Advisers
Corinna�Dieters
Bruce�Foy
David�Haintz�CFP®
Haintz�Financial�Services
Greg�Miller�MLC
Tim�Townsend�CFP®
Financial�Planning�Services�Australia
Board Remuneration and Succession Planning Committee
Julie�Berry�CFP®,�FFPA,�ChairBerry�Financial�Services
Bruce�Foy
Mark�Spiers�CFP®
BT�Financial�Group
Rob�Pederson�CFP®
Matrix�Planning�Solutions
Audit and Risk Management Committee
Philip�Pledge,�Chair
Louise�Lakomy�CFP®
Yellow�Brick�Road�Investment�Services�
Andrew�Waddell�AXA
Policy & Government Relations Board Committee
(This�Board�Committee�was�replaced�by�the�Strategic�Policy�Committee�from�January�2009)
Mark�Spiers�CFP®,�ChairBT�Financial�Group
Jason�Andriessen�CFP®
State�Super�Financial�Services
Kath�Bowler�Strategy�First�Financial�Planning
Seng�Wing�Chong�Hillross�Financial�Services
Ian�Donaldson�CFP®
Donaldson�Financial�Planning
Chris�Drummer�MBF�Australia
Anne-Marie�Esler�CFP®
Centric�Wealth�Advisers
Paul�Gerrard�CFP®
APT�Strategy
David�Middleton�CFP®
Prescott�Securities
Peter�O’Toole�Private�Wealth�Management
Rob�Pedersen�CFP®
Matrix�norwest
Jo�Tuck�CFP®
Financial�Wisdom
07 Committees and taskforces
FPA�Annual�Review�09��Committees�and�taskforces� 33
Regulations Sub Committee
Seng�Wing�Chong,�Chair�Hillross�Financial�Services
Bruce�Beakey�CFP®
Aon�Wealth�Management
Corinna�Dieters
Allan�Hansell�InG
Jason�Holandsjo�Australian�Unity
Mark�Horton�Andrews�Australian�Unity�Investments
Wayne�Hughes�Suncorp�Wealth�Management
Steve�Humphreys�MBF�Australia
Danielle�Permezel�Herbert�Geer
Brian�Pollock�AMP
David�Squire�MLC
Michael�Summers�CFP®
My�Adviser
Brett�Walker�FSI�Consulting
Superannuation Sub Committee
(This�Committee�was�merged�with�other�technical�committees�to�form�the�Technical�Committee�in�January�2009)
Anne-Marie�Esler�CFP®,�ChairCentric�Wealth�Advisers
Peggy�Barker�CFP®
Barker�Wealth�Management�Group
Jennifer�Brookhouse�CFP®
Zurich
David�Causer�CFP®
CLU�Financial
Edward�Chan�CFP®
St�Andrew’s�Australia
Ian�Dalziell
Dante�De�Gori�ClearView�Retirement�Solutions
Sean�Fannin�BT�Financial�Group
Helena�Gibson�Perpetual
Mark�Lowe�CFP®
Financial�Services�Partners
Brian�Pollock�AMP
Keith�Powell�CFP®
Powell�Capel�Securities
Ken�Robinson�Compliance�and�Risk�Services�
Deborah�Rognlien�CFP®
Financialcare�Group�
Paul�Sarkis�MLC
Jeffrey�Scott�CFP®
CommInsure
Ben�Smythe�Heffron�Consulting
Taxation Sub Committee
(This�Committee�was�merged�with�other�technical�committees�to�form�the�Technical�Committee�in�January�2009)
Chris�Drummer,�Chair�MBF�Australia
Peter�Bobbin�Argyle�Partnership
Allan�Butson�Wealth�Merchants�Australia
Terry�Dwyer�Dwyer�Lawyers
Jade�Khao�Mercer�Wealth�Solutions
Michael�Kingston�CFP®
Kingston�Financial
Margie�Lemon�LBW�Financial�Services
Stephanie�Tee�AMP
Sarah�Vaughan�MLC
Life Risk Sub Committee
(This�Committee�was�merged�with�other�technical�committees�to�form�the�Technical�Committee�in�January�2009)
Rob�Pedersen�CFP®,�ChairMatrix�norwest
Dante�De�Gori�ClearView�Retirement�Solutions
Col�Fullagar�Genesys�Wealth�Advisers
Steven�Gall�Commonwealth�Financial�Planning
Simon�Harris�CommInsure
Peter�Lake�CFP®
AMP�Financial�Planning
Tony�Lye�Aon�Wealth�Management
Rhett�May�CFP®
Ebony�Rose�Group
Felix�Sher�CFP®
GWM�Adviser�Services
Jim�Simpson�Guardian�Financial
Kevin�Stone�AXA�Financial�Planning
Mark�Thompson�CFP®
MT�Services
Mark�Vilo�InG
Ian�Wickens�CFP®
Keysbrook�Financial�Services
Policy Technical Committee
(This�Committee�was�formed�in�January�2009�to�address�a�range�of�superannuation,�tax,�life�insurance�and�related�technical�issues)
Dante�De�Gori,�Chair�ClearView�Retirement�Solutions
Peter�Bobbin�Argyle�Partnership
Jennifer�Brookhouse�CFP®
Strategy�Steps
Allan�Butson�Wealth�Merchants�Australia
FPA�Annual�Review�09��Committees�and�taskforces� 34
David�Causer�CFP®
Hn�Financial�Partners
Edward�Chan�CFP®
St�Andrew’s�Australia
Ian�Dalziell
Terry�Dwyer�Dwyer�Lawyers
Anne-Marie�Esler�CFP®
Centric�Wealth�Advisers
Sean�Fannin�BT�Financial�Group
Steven�Gall�Commonwealth�Financial�Planning
Michael�Kingston�CFP®
Kingston�Financial
Jacqueline�Parker�Hn�Financial�Partners
Keith�Powell�CFP®
Powell�Capel�Securities
Ken�Robinson�CFP®
Compliance�and�Risk�Services�
Paul�Sarkis�MLC
Jeffrey�Scott�CFP®
CommInsure
Jim�Simpson�Guardian�Financial
Stephanie�Tee�AMP
Panel of expert contributors to the Policy Technical Committee
Peggy�Barker�CFP®
Barker�Wealth�Management�Group
Frank�Camilleri�CFP®
Shadforth�Financial�Services
Col�Fullagher�Genesys�Wealth�Advisers
Simon�Harris�CommInsure
Jade�Khao�Mercer�Wealth�Solutions
Peter�Lake�CFP®�AMP�Financial�Planning
nat�Lidestri�Prosolution�Wealth�Advisory
Tony�Lye�Aon�Wealth�Management
Ian�Wickens�CFP®
Keysbrook�Financial�Services
Claire�Mackay�CFP®
Quantum�Financial�Services
Tim�Mackay�CFP®
Quantum�Financial�Services
Ben�Smythe�Heffron�Consulting
Retirement Incomes Taskforce
Louise�Biti�CFP®,�ChairStrategy�Steps
Jason�Andriessen�CFP®
State�Super
Edward�Chan�CFP®
St�Andrew’s�Australia
Dante�De�Gori�ClearView�Retirement�Solutions
Ian�Donaldson�CFP®
Donaldson�Financial�Planning
Virgina�Dowd�Money�Solutions
Suzanne�Doyle�AMP
Ray�Griffin�CFP®
Capricorn�Investment�Partners
Justine�Marquet�AXA
Ken�Robinson�CFP®
Compliance�and�Risk�Services�
Harvey�Russell�Colonial�First�State
Paul�Sarkis�MLC
Stephen�Wait�CFP®
Tass�Group
Strategic Policy Board Committee
Louise�Biti�CFP®,�ChairStrategy�Steps
Jason�Andriessen��State�Super
Dante�De�Gori��Clearview
Ian�Donaldson�CFP®
Donaldson�Financial�Services
Sean�Graham��Millenium3
Julie�Matheson�CFP®
Sovereign�Bridge
Peter�O’Toole�CFP®
Private�Wealth�Management
Jo�Tuck�CFP®
Menico�Tuck�Financial�Services
Seng�Wing�Chong�Hillross�Financial�Services
Small Principals’ Forum
Brad�Butler�CFP®,�ChairButler�&�Butler�Investment�Services
Michael�Cole�CFP®
Gehde�Cole�
Tony�Gillett�CFP®,�FPA�FellowRetirewell�Financial�Planning�
Lynn�Holder�Warrington�Scott
Peter�Jackson�CFP®
Chalice�Financial�Services
Louise�Lakomy�CFP®
Yellow�Brick�Road�Investment�Services�
Martin�McIntosh�CFP®
Planning�Partners�
Brenton�Miegal�CFP®
Goldsborough�Financial�Services
nick�nedachin�CFP®
Eclipse�Asset�Management�
Deborah�Rognlien�CFP®
Financialcare�Group�
FPA�Annual�Review�09��Committees�and�taskforces� 35
Future FinancialPlanners Council
Paul�Barrett,�Chair�Colonial�First�State�Investments�Ltd
Philippa�Baker�Headon�Financial�Planning
Dr�Mark�Brimble�Griffith�University,�Qld
Warwick�Glaves�Professional�Investment�Services�
James�Godfrey�Godfrey�Group
Phil�Guest�CFP®
Guest�McLeod
Greg�Kirk�Genesys�Group
Allan�McKay�Silvanridge�Financial�Services
Geoff�Rogers�nAB�Financial�Planning
Tim�Steele�AMP�Horizons�Financial�Planning�Academy
Lisa�Weissel�Evergreen�Financial�Services
neil�Younger�Asgard�Wealth�Solutions
Chapter Chairs Committee
Scot�Andrews�CFP®
Magnitude�Group�Pty�Ltd
Wayne�Barber�CFP®
Securitor�Financial�Group
Paul�Bilson�CFP®
Hillross�Financial�Services
Glen�Boath�CFP®
RetireInvest�
Max�Bourne�CFP®
AMP�Financial�Planning�
Scott�Brouwer�CFP®
Outlook�Financial�Solutions
Matthew�Brown�Charter�Financial�Planning
Phillip�Campbell�CFP®
Integrity�Financial�Planners�
Roger�Colbeck�CFP®
Perpetual�Trustee�Company�
Brian�Davis�Charter�Financial�Planning
Robert�De�Lepervanche�CFP®
AXA�Financial�Planning�
Josh�Eisemann�CFP®
Professional�Investment�Services
Kerrin�Falconer�CFP®
Pinnacle�Partners
nathan�Frohloff�Professional�Investment�Services
Kim�Harper�Quadrant�First�
Adrian�Headon�CFP®
Headon�Investments
John�Green�CFP®
GuardianFP
Sandra�Hopps�CFP®
Matrix�Planning�Solutions
Robert�Jackson�CFP®
Patersons�Securities�
Gary�Jones�Professional�Investment�Services
Louise�Lakomy�CFP®
Yellow�Brick�Road�Investment�Services�
Rod�Lavin�CFP®
Financial�Wisdom�
Julian�McLaren�CFP®
The�Money�Managers
Paul�Murphy�CFP®
AMP�Financial�Planning�
Claus�Merck�CFP®
Commonwealth�Financial�Planning
Judith�Mullard�ComCorp�Financial�Advice
Delma�newton�CFP®
Total�Portfolio�Management�
Suellen�Ohl�CFP®
Kennas�Financial�Services�
Colleen�Peffer�CFP®
Bridges�Financial�Services�
Laurie�Pennell�CFP®
Oz�Plan�Financial�Services�
Julian�Place�CFP®
Heraud�Harrison
Brian�Quarrell�CFP®
Wheeler�Investment�Advisors�
Mark�Reeson�CFP®
newcastle�Permanent�Building�Society�
David�Richardson�CFP®
Symes�Warne�&�Associates�
Peter�Roan�CFP®
Roan�Financial�Group
Mark�Roberts�CFP®
national�Australia�Bank�
Tim�Rudd�CFP®
Adams�&�Associates�Financial�Planners�
Sean�Ryan�CFP®
TFS�Financial�Planning�
Matthew�Stevens�CFP®
FYG�Planners�
Stephen�Wait�CFP®
Professional�Investment�Services
Glenn�Worley�CFP®
Securitor�Financial�Group�
Sue�Viskovic�CFP®
Elixir�Consulting
FPA�Annual�Review�09��Committees�and�taskforces� 36
Sydney Disciplinary Committee
Michael�Perkins,�Chair�Cutler�Hughes�&�Harris
Sandra�Bowley�CFP®
Sandra�Bowley�Financial�Planning
Justin�Hooper�CFP®
Sentinel�Wealth�Management
Melbourne Disciplinary Committee
John�Puls,�Chair
neil�McKissock�CFP®
Bernie�Walshe
Conduct Review Commission
Dimity�Kingsford-Smith,�Chair�University�of�new�South�Wales
Kevin�Bailey�CFP®
The�Money�Managers�
Chris�Benson�CFP®
AMP
Sandra�Bowley�CFP®
Sandra�Bowley�Financial�Planning
Guyon�Cates�Genesys�Wealth�Advisers
James�Cotis�CFP®
Genesys�Wealth�Advisers�
Justin�Hooper�CFP®
Sentinel�Wealth�Management
Peter�Hutley�Rovingstone�Advisory�
Michael�Perkins�Diamond�Conway�Lawyers
June�Smith�The�Argyle�Partnership
Brett�Walker�FSI�Consulting�
Review Board
June�Smith,�Chair�The�Argyle�Partnership
Chris�Benson�CFP®
AMP
James�Cotis,�CFP®
Genesys�Wealth�Advisers�
Professional Conduct Committee
Guyon�Cates,�Chair�Genesys�Wealth�Advisers
Brad�Barr�AMP�
Chris�Benson�CFP®
AMP
Mark�Bland�Clarendon�Lawyers
Michael�Butler�Australian�Financial�Services
James�Cotis�CFP®
Genesys�Wealth�Advisers�
Phil�Creswell�SMF�Wealth�Management
Sean�Graham�Millennium3�Financial�Services
Kate�Humphries�Lonsdale
Margaret�Mote�Bongiorna�Financial�Advisers�(Aust)
Matthew�Rowe�CFP®
Hood�Sweeney�Securities
June�Smith�The�Argyle�Partnership
Cheyenne�Walker�Madison�Financial�Group
Board CFP® Certification Committee
This�committee�replaced�the��CFP�1,�2�and�3�Taskforces
Mark�Rantall�CFP®,�Chairnational�Australia�Bank
Anne�Bartholomew�CFP®
Alan�Broom�Hillross
Cameron�Howlett�CFP®
Personal�Wealth�Advisers
Rob�Pedersen�CFP®
Matrix�norwest
Leah�Pellizzaro�CFP®
Commonwealth�Financial�Planning
Robyn�Ward
Ian�White�CFP®
BT�Financial�Group
CFP®�and�CERTIFIED�FInAnCIAL�PLAnnER™�are�certification�marks�owned�outside�the�U.S.�by�the�Financial�
Planning�Standards�Board�Ltd�(FPSB).�Financial�Planning�Association�of�Australia�Limited�is�the�marks�licensing�
authority�for�the�CFP�marks�in�Australia,�through�agreement�with�FPSB.
Financial Planning Association of Australia LimitedABn�62�054�174�453
Level�4�
75�Castlereagh�Street�
Sydney�nSW�2000�
Phone�02�9220�4500�
Fax�02�9220�4580
Suite�8.02�
Aqua�Vista�Building�
401�Docklands�Drive�
Docklands�VIC�3000�
Phone�03�9627�5200�
Fax�03�9627�5280
Members�call�1300�337�301�
Consumers�call�1300�626�393
www.fpa.asn.au