Financial Advice Association Australia (FAAA)

🚀 We’re only 4 weeks away from this year’s Financial Advice Association Australia (FAAA) Congress, and there’s still time to join us in Brisbane later this month for three action-packed days as we Power Up through networking, personal development, and dynamic sessions featuring an array of inspiring speakers, including Mark Gallagher, Bernie Collins, Troy & Zara Love, and Caspar Craven. 📅 Our comprehensive agenda of technical workshops and specialist sessions is designed for everyone—CFP® professionals and advisers, business owners, licensees, support staff, PYers, and students. 🎉 With a wide range of networking events across the three days, why not add the Awards Gala Dinner or the FAAA Community Breakfast to your schedule as well? 📍 Register now: https://ow.ly/FPv950TSZYU #FAAACongress24 #Networking #Brisbane #Policy

FAAA Members, join Financial Advice Association Australia (FAAA) CEO Sarah Abood and FAAA Chair David Sharpe CFP® tomorrow for their bi-monthly webinar series "In Conversation with Sarah & David - Advocacy & Projects" for FAAA members. Hear from Sarah and David as they share important insights into the major advocacy projects underway with the FAAA. Email questions to cpd@faaa.au and engage in the discussion. Register now: https://lnkd.in/gR9aAmAz #FAAA #CPD #Webinars

The Financial Advice Association Australia (FAAA) WA State Community Committee invite you to attend their end of year Bowls Event on Friday 6 December. Get your team together for an afternoon of friendly competition and networking with your fellow members, friends and colleagues at the Scarborough Bowls Club. Whether it be team bonding for your staff, networking with peers or a chance to show off your bowling skills! Come and join in the run and be part of an event that will get the whole industry celebrating and working together. This event will is in support of the Future2 Foundation. 50% of the registration fees for this event will be donated to the Future2 Foundation. Register now: https://lnkd.in/gr9Rjvyq #FAAA #WABowls #Future2

Last Tuesday the Financial Advice Association Australia (FAAA) Melbourne Metro Community held their Inspire Lunch Event, thank you to all our event attendees, event partners, and in particular our guest speaker Samantha Gash We look forward to seeing you all at the next Melbourne Metro event. #FAAA #FAAAInspire

In the latest Money&Life article, hear from Julia Newbould on why now is the time to think about your (aged care) future. To read the full article visit: https://lnkd.in/g6fGpe-6 #MoneyandLife #FAAA

Adviser Spotlight: Sacha Burchgart, Founder of Burcheart, has 13 years’ experience and says her passion is creating financial happiness. She believes no two people are alike and neither should their financial plans be. Check out Sacha's Find a Planner profile here https://lnkd.in/gkuqrzcG or enhance your profile in the FAAA Portal here: https://ow.ly/Jwwx50TO39J

Register now for the webinar 'Revisiting Standard 12 of the Financial Advisers & Planners Code of Ethics' On Thursday, 31 October at 12pm, join our expert panel as they give a spotlight to Standard 12, in a continuation of our recent series Revisiting the Financial Advisers & Planners Code of Ethics. We’re joined by Deborah Kent CFP®, Founder and Co-director of Integra Financial Services, and Neil Kendall OAM CFP®, Managing Director of Tupicoffs, for their valuable insight into ethical considerations around Standard 12. Deborah and Neil will draw on their experience to explore real-life examples of situations common in financial planning to which Standard 12 applies, including reviewing the advice of colleagues, client disclosures, and employer practices. Register now: https://ow.ly/gsQ950TO3qN #FAAA #CPDWebinar #Ethics

Another Important Step in the CSLR Journey The opportunity to meet with the leadership of the CSLR yesterday was very beneficial. Whilst it is still early days and they have ‘only’ paid out $9m so far, it gave us a good opportunity to see what the progress has been and where the complications are. It was also a chance for the FAAA to put forward our concerns and feedback more broadly. We were able to articulate what we have learnt over recent weeks, including with respect to the business models of firms placed into administration/liquidation and the actions evidently taken to deplete the assets within these businesses. Nothing we heard yesterday changed our estimate of the total potential impact to the advice profession from Dixon Advisory of $135m, however what was made clear is that when this will be paid will depend upon the timing of the processing of Dixon Advisory complaints, which could take a number of years. With $135m to be paid across what I expected to be 3 or 4 years, it was likely that the cost in the 2025/26 year could be as high as $50m. This will clearly depend upon how many Dixon Advisory complaints AFCA can process in that timeframe. Whilst Dixon Advisory will make up the majority of the CSLR levy for the advice profession in the short term, there are a number of other cases that will make a material contribution. With every bit of bad news about a company failure or reports of misconduct, we are now speculating on the likely impact on the CSLR. The recent news about the United Global Capital business model and likely extent of losses generated by client investments in the United Global Property Fund establishes a second major point of concern. This all paints a very clear picture that the total cost of advice complaints in the 2025/26 year will substantially exceed the $20m sector cap, forcing the Minister to make a decision on how it is allocated. We have long argued that these failures are not simply financial advice issues and the cost therefore should be spread more broadly. Amongst a long list of things we want to happen, is a commitment from Government that the advice profession will not need to pay any more than the $20m sector cap in any one year. We will know more in late January or early February about what the estimate for the cost in the 2025/26 year will be, however what is clear is that we will definitely need to pay the full $20m sector cap. What happens above that will play out next year, in what will be an election year. The Senate Economics Committee Inquiry into Dixon Advisory, other collapses and the design of the CSLR will be a critical exercise to get to the bottom of what has happened and what needs to be done to fix this mess. With submissions to the Senate inquiry due by the end of next week, we are definitely getting closer to getting this story told. #faaa #fixCSLR

Over the past two days, the Financial Advice Association Australia (FAAA) Head Office has been buzzing as we welcomed our finalists and judges to Sydney for the 2024 FAAA Awards Showcase. During this time, finalists met for the first time, made their final presentations to the judging panel, and filmed video content that you’ll be able to see at the FAAA Congress and Gala Awards Dinner in Brisbane next month. A big thank you to our finalists, judges, and award supporters for making this year's showcase one of the best yet. We’re proud to recognise the hard work and dedication of our finalists across all six categories, highlighting their contributions to the financial advice profession. We now look ahead to next month’s FAAA Awards Gala Dinner to be held at this year’s FAAA Congress in Brisbane. Tickets are still available for three days of networking and honouring members who set the highest standards in the profession. Get your tickets here: https://lnkd.in/ggvS4yzk #FAAAawards24 #FAAACongress24 #financialadvice

Financial Advice Association Australia (FAAA) General Manager for Policy, Advocacy & Standards Philip Anderson said the association had “long feared” the FY26 subsector cap would be $20 million, calling for more funding from outside the advice profession. To read the full article click below: #FAAA #fixcslr