Month: November 2022

The Financial Planning Association of Australia (FPA) has announced the winners of the 2022 FPA Awards and the Gwen Fletcher Memorial Award at the FPA Professionals Congress in Sydney.

Now in its tenth year, the FPA Awards recognise individuals and businesses across Australia who deliver the highest standard of professional and trusted advice to consumers. The awards also acknowledge outstanding university students who represent the future of the financial planning profession.

The winner of the FPA CERTIFIED FINANCIAL PLANNER® Professional of the Year Award is Andy Reynolds CFP® of EFS Advice. The award acknowledges Andy’s commitment to the profession, and the care and diligence he shows clients who are going through life altering events.

FPA CEO Sarah Abood said: “Andy’s approach to supporting his clients’ understanding of complex financial issues, especially those clients with cognitive issues, is truly moving.

“Andy really does go above and beyond

…
Read More

Boy did the Republicans blow it. In midterm elections, on average, the president’s party loses 28 seats in the House of Representatives and four Senate seats. In addition to the snapback trend, Republicans were running against an unpopular president trying to explain away high inflation to cynical voters who largely think the country is going down the tubes. It should have been a Republican route.

It wasn’t. Democrats will keep control of the Senate and could even pick up one seat. Republicans seem set to win the House, with a net gain of 10 seats or less. Yet once all the outstanding votes were counted, the Republican margin could be so small that a couple of deaths or retirements during the next two years could give Democrats a chance to retake control. On the whole, Republicans put up the worst midterm showing since the Democrats in 2002.

It’s

…
Read More

Laws around financial product advice are the wrong way around and should change to focus on what consumers want rather than what financial planners need to do, says Michelle Levy, chair of the Quality of Advice review.

During a Q&A session at the FPA Professionals Congress with CEO of the FPA, Sarah Abood, Ms Levy said that the regulation of financial advice is one of the most complained about areas she has come across.

“It is clear that the law is too inflexible and we need to make it easier to apply.  Current regulation focuses on disclosure, the processes that planners must follow, who can and can’t provide advice, rather than what consumers need.  It’s then a case of hoping that the advice is good and that clients understand it.

“While the feedback I’ve received during the consultation process hasn’t come as a surprise to me,

…
Read More

Ever-increasing longevity means that financial planning is more important than ever before, but planners need to take into account a new range of factors when working with their clients, said Professor Andrew Scott during his keynote address at the FPA Professionals Congress on Wednesday 23 November 2022.

His session, RETHINK: The 100 year life, looked at the latest research on longevity, the broader economic, financial and social implications, and what it means for financial advice.

“There is a major shift in human existence underway and we need to find ways to adapt to it – if we don’t, people will age badly,” he said.

“When we talk about longevity, it’s not just that more of us are getting old, but also how old we are getting.  It is a really long run trend and essentially centenarians are now the fastest growing demographic group in the

…
Read More