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Annual Review 09 Financial Planning Association of Australia a changing landscape

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Page 1: Annual Review 09 - FPA€¦ · 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

Annual Review 09Financial Planning Association of Australia

a changing landscape

Page 2: Annual Review 09 - FPA€¦ · 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

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

Page 3: Annual Review 09 - FPA€¦ · 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

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

Page 4: Annual Review 09 - FPA€¦ · 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

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

Page 5: Annual Review 09 - FPA€¦ · 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

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

Page 6: Annual Review 09 - FPA€¦ · 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

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

Page 7: Annual Review 09 - FPA€¦ · 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

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

Page 8: Annual Review 09 - FPA€¦ · 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

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

Page 9: Annual Review 09 - FPA€¦ · 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

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%

Page 10: Annual Review 09 - FPA€¦ · 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

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

Page 11: Annual Review 09 - FPA€¦ · 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

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.

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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

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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.�

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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®

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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.

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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.

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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

Page 18: Annual Review 09 - FPA€¦ · 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 30 formal submissions were made to government and regulators on major issues impacting financial planners and their clients

Page 19: Annual Review 09 - FPA€¦ · 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

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

Page 20: Annual Review 09 - FPA€¦ · 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

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.

Page 21: Annual Review 09 - FPA€¦ · 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

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)

Page 22: Annual Review 09 - FPA€¦ · 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

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

Page 23: Annual Review 09 - FPA€¦ · 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

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.

Page 24: Annual Review 09 - FPA€¦ · 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

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

Page 25: Annual Review 09 - FPA€¦ · 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

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

Page 26: Annual Review 09 - FPA€¦ · 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

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.

Page 27: Annual Review 09 - FPA€¦ · 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

a visible key benefit for both members and the FPA has been the online renewal of annual memberships

Page 28: Annual Review 09 - FPA€¦ · 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

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

Page 29: Annual Review 09 - FPA€¦ · 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

members are front of mind each day, and we set and meet their expectations reasonably, earning their trust along the way

Page 30: Annual Review 09 - FPA€¦ · 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

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

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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

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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

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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

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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

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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

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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�

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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

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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

Page 39: Annual Review 09 - FPA€¦ · 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

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

[email protected]

www.fpa.asn.au