FPA releases Evolution of Advice discussion paper

THE Financial Planning Association of Australia (FPA) has released a new discussion paper titled Evolution of Advice: The Financial Planning Profession from 2020 to 2025, and opened consultation on its proposed new pol icy platform.

The paper considers the major issues that will affect the profession over the next five years, including the affordability of advice, how financial planners interact with their clients, and the health of the profession.

FPA members will be asked to contribute their views over the next four weeks via the new FPA Community online forum, and their feedback will form the basis of the Association’s new policy initiatives for the next five years.

Dante De Gori CFP CEO of the FPA, said, “The FPA has a proud history of advocating for reforms that advance the financial planning profession, including education standards, ethics and professionalism.

“Back in 2014, the FPA released a landmark white paper on the future of the financial planning profession, providing a vision for elevating the profession and building consumer trust. In that paper, 10 key milestones were identified. The FPA’s advocacy since that time has resulted in nine of those 10 points being adopted – a proud achievement.

“Now we must look to the future and evolve our vision for the financial planning profession over the next five years. Feedback from members will underpin our policy and advocacy work so that we can promote new reforms that will benefit Australian consumers and financial planners alike.

“While the profession is going through a period of rapid change, Australians’ demand for high quality, independent and affordable financial advice remains undiminished. The FPA’s policy platform provides an opportunity for us to lead the conversation about the future of financial advice in this country and how we can better serve Australian consumers,” Mr De Gori said.

FPA members are encouraged to contribute their views by responding to a series of questions posed in FPA Community, which will be available in early December 2019.

The FPA is also presenting a webinar to its members on Tuesday December 3 at 1- 2pm AEST to walk through the details of the discussion paper including the current and emerging issues in financial planning and how these will be reflected in FPA’s new policy platform. The FPA expects to release its new policy platform in 2020.

ends