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

Labor and Coalition support Financial Planning Week

Both the government and the opposition have provided their support for the 13th annual Financial Planning Week running nationwide from 26th August to 1st September this year.

The Financial Planning Association initiative is designed to encourage, empower and educate all Australians about the positive difference that trusted financial advice can make to their lives.

The Hon. Chris Bowen MP, Treasurer said:

“The year 2013 will be remembered as the year superannuation commenced its increase to 12% and the year FOFA commenced. I commend the work of the Financial Planning Association who has played an instrumental role in helping to shape the reforms and improve professionalism in financial planning. An important priority for a re-elected Rudd Labor Government will be to ensure that legislation to enshrine the term financial planner is passed through the parliament as rapidly as possible. I support the FPA’s work through its Financial Planning Week initiative to help Australians gain a better understanding of how quality financial advice can help them to retire with comfort and dignity.”

Senator Mathias Cormann, Shadow Assistant Treasurer and Shadow Minister for Financial Services and Superannuation said:

“There is no doubt that Australians who start planning early, with the benefit of high quality advice to help them make informed decisions about financial challenges and opportunities throughout their lives, will end up better off. Those organisations which step up to the plate to champion the importance of high quality professional financial advice deserve our support. That’s why I strongly support the Financial Planning Association’s commitment to the promotion of professional standards and high quality advice. With increased public trust in the high standards of Australia’s professional financial planners more Australians will seek advice and benefit from the improved financial health and wellbeing which comes with having a plan.”

The FPA welcomed support from the government and the opposition, highlighting the significance of cross party support for increasing access to advice for all Australians.

Mark Rantall, CEO of the FPA welcomed the support of government and the opposition.

“Our research tells us that 61% of Australians do not receive financial advice and 87% are unaware of the Future of Financial Advice (FoFA) reforms.1 The FPA community is committed to improving these statistics and Financial Planning Week is one way we can do this. Our qualified financial planners have volunteered their time through the Ask an Expert campaign and are providing the general public with free financial advice throughout Financial Planning Week. We encourage all Australians to use this opportunity to improve their financial futures,” said Rantall.

1 A national online study of n=1,000 Australians conducted by Galaxy Research August 2013