The Financial Planning Association of Australia The Financial Planning Association of Australia

FPA National Roadshow wraps up to unprecedented attendance

The Financial Planning Association of Australia (FPA) has wrapped up its National Roadshow program for 2016. A total of 3,200 FPA members and colleagues gathered across 33 locations to hear updates on current legislative reform, and new strategies in the area of further advice, retirement planning and aged care.

FPA CEO, Dante De Gori, CFP® said a reoccurring theme at this year’s roadshow was the impact of changes to the regulatory landscape.

“The roadshows reinforced that regulatory change is at the forefront of mind for financial planners. We know that our community is seeking clarity around the new legislative framework and we are committed to helping financial planners better understand what these changes mean. This is evident in the 22% increase in attendance from our 2015 event. This year’s roadshow addressed the new Life Insurance Framework (LIF), educational and professional standards reforms, the Future of Financial Advice (FoFA) reforms and the Tax Agent Services Act (TASA)” said Mr De Gori.

“This year we also dedicated some of the roadshow on high quality further advice, which is key to retaining existing clients, and building happy long-term client relationships. Research we commissioned via Business Health highlighted that advice businesses that deepen client engagement and retain a higher proportion of their client base, are ultimately more profitable.

We also know that clients who have enjoyed a consistently pleasing client experience are more likely to refer family and friends. For these reasons, our latest member guidance booklet “Further advice solutions for a superior client experience” focused on practical tools and tips in this area, ” said Mr De Gori.

For the first time at the FPA National Roadshow, live polling software enabled the audience to share their views on the key issues currently impacting financial planners.

“While uncertainty still remains on the detail of the education pathways for existing financial planners, our polling showed that the majority – approximately 93% of financial planners nationwide – are satisfied with the revised timeframes for new education and professional standards. In terms of the changes to superannuation, the polling showed that the majority of clients would be most impacted by the $500,000 non-concessional contribubtions lifetime cap on superannuation (63%),” said Mr De Gori.

Mr De Gori said the roadshows also provided financial planners with the tools that they needed to help clients achieve better retirement outcomes through tailored advice.

“In partnership with Challenger, this year’s event also connected financial planners with experts who can help them capitalise on the immense advice opportunity within the retirement space. The importance of planning for clients’ parents entering aged care was also highlighted, and this is an issue that financial planners may not have considerered,” said Mr De Gori.

Mr De Gori extended his thanks to those who had contributed to fundraising for the FPA’s charitable foundation, Future2.

“Thanks to the generosity of our professional community, we raised $17,000 to help make a difference to disadvantaged young Australians. The funds raised will enable Future2 to issue at least one more grant to a local not-for-profit. I would like to personally thank everyone who donated to such a worthwhile cause,” said Mr De Gori.