FPA TOOLS TO SUPPORT MEMBERS – RECORD OF ADVICE TEMPLATE
To support members giving client advice on early access to super under ASIC’s regulatory relief, the FPA has developed a Record of Advice (ROA) template. It can be customised with your own practice branding and tailored to your client’s financial position and goals and is available is digital and word formats. The template, sample ROA and how-to video are available now. If you have any questions, please access FPA Community.
REGULATORY RELIEF FOR FINANCIAL PLANNERS AND LICENSEES
The provision of financial advice is subject to the requirements set by multiple regulators. Each of these regulators have announced relevant relief measures to assist business to adapt to the current social distancing requirements while still providing vital services to clients, and to reduce the regulatory burden during the COVID-19 crisis.
The FPA has consolidated the relevant information from each regulator for financial planners in the following pages, which will be updated regularly as needed.
The FPA encourages members to use FPA Community to keep in touch with the FPA and to provide feedback on how you are and any issues you are facing, particularly from a regulatory perspective that we may be able to help with.
Government action to help the community
The Government has announced three economic stimulus packages to assist in supporting individuals and businesses manage the economic effects of the coronavirus (COVID-19) outbreaks. Regulators have also announced changes to their operations due to the current situation. The FPA has put together a summary of the government announcements to assist members in supporting their clients and managing their own businesses.
Federal Government stimulus packages and regulatory changes [Updated 7 April 2020]
HELPING YOU PREPARE YOUR BUSINESS
COVID-19 and financial planning
Considering the level of human interaction in the financial planning profession, whether that be within a licensee, related business or in a practice dealing directly with its clients, our profession is particularly exposed to the risks of COVID-19 and we encourage you to be on the front foot to address the circumstances.
It is timely now to have ready a business continuity plan, as well as an immediate response plan for your business and staff in the event of escalating circumstances.
Here are some tips for financial planning related businesses to prepare for the business implications of COVID-19:
- Accurate information is paramount. The government has COVID-19 information resources available.
- Take immediate steps to reduce the risk of you, your staff and your clients being exposed to someone that may be infected, including being ultra-vigilant about personal hygiene and adhering to government health advice on social distancing and isolation as required.
- Assess how your business may be impacted operationally and financially and develop some mitigation strategies – revising budgets, business plans, IT infrastructure and travel plans may be necessary and having a plan in place for employees to work remotely.
- Talk with all of your stakeholders and suppliers who are most likely wanting to collaborate and work together with you to get through this issue.
- Make the most of available government support programs and stimulus packages that will focus on keeping small businesses operating in this difficult time.
- Seek professional help where required, including from the FPA Wellbeing service.
More information is available on the Australian Department of Health website.
SUPPORTING YOUR HEALTH AND WELLBEING
Given the severity of the COVID-19 outbreak, we understand many of you may be experiencing feelings of increased anxiety and distress. While it’s reasonable to be concerned, there are simple and effective steps you can take to help take care of yourself, and the people around you.
Through the FPA Wellbeing program, you can access free, confidential support and resources. We’ve partnered with Benestar to offer FPA members this program. Benestar has also developed resources to help you and your employees during this challenging time. Access the resources below.
- Steps to protect yourself and others from COVID-19
- Understanding health anxiety
- Managing teams working remotely
- Preventing fatigue
- Building resilience
- Keeping fit whilst working from home
- Supporting children during the COVID-19 pandemic
- Supporting customers during the COVID-19 pandemic
For more information
Please access the latest information on COVID-19 from the Australian Government Department of Health.
CFP® CERTIFICATION PROGRAM AND WEBINARS
The CFP® Certification Program and our webinar program will be running as normal.
If you are currently residing in a country severely affected by COVID-19 and have had difficulty accessing any FPA online content, please contact us directly and we will discuss alternatives to enable you to continue with the program or view a webinar at another time.
HELPING YOU MEET YOUR CPD REQUIREMENTS
With the cancellation of many industry continuing professional development (CPD) conferences and other events due to COVID-19, we encourage FPA members to make use of FPA My CPD, your online education platform to plan, access and track your CPD requirements. FPA My CPD aggregates hundreds of hours of CPD from a wide range of partners allowing easy and convenient access to online CPD options including webinars, courses, articles and quizzes.
FASEA has announced that any financial planner with a CPD year which has been affected by COVID-19 will have an additional three months to meet their CPD requirements. FASEA has stated this is a one-off recognition of the difficulties faced this year in light of COVID-19.
The health and safety of FPA members and all attendees are our top priority and in light of the evolving situation around COVID-19, we have made changes to our program of face-to-face events. We thank you in advance for your understanding and patience as we make the necessary adjustments.
2020 FPA National Roadshow & Professionals Congress postponed
We’d planned to visit your home town at 30+ locations across Australia for the annual FPA Roadshow, and then to see you in Adelaide in November at the 2020 FPA Congress. With ongoing COVID-19 restrictions in place, these events have been postponed for 2020 and we are now working on new dates for 2021. The Careers in Financial Planning event series, Chapter events and FPA Professional Practice workshops are also on hold.
From July – October 2020, we’re introducing FPA [Virtual] Congress, a series of 16 masterclass sessions and a signature keynote event brought to live and on-demand. Disruption offers the perfect time for reinvention and the series offers the opportunity to delve deep into the subjects to help you adjust to the new world. The program is designed by FPA members for members and includes facilitated member discussion and peer to peer learning throughout the sessions.
You can also head online to FPA Community, your online member forum, to ask questions, connect and chat with the FPA and your fellow members.