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

Strong demand for early super access prompts FPA to launch digital Record of Advice solution for members


The Financial Planning Association of Australia (FPA) has today announced the availability of digital versions of the Record of Advice (ROA) solution ‘template’ to support members who have been inundated with requests for advice, following strong demand for early super access.

The FPA along with SMSFA, CA ANZ, CPA and IPA made available the ROA template to allow their members to quickly and efficiently provide advice to their clients through an easy to tailor ROA template.  The template allows advice to be provided for a single or a couple, and for withdrawals immediately, from July, twice, or to recommend no withdrawal is made.

The FPA has now partnered with fintech providers to make the template available in the modelling and advice generation systems they already use.

Dante De Gori CFP®, CEO of the FPA, said: “Like our digital SOA report, the digital ROA template is one of the many initiatives that has been developed by the FPA to drive efficiencies in advice practices and reduce the cost of advice. This will be key to improving the overall advice experience.

“The FPA understands that even with the relief provided by ASIC – i.e. the use of ROA and the extension of time from 5 days to 30 days – it will still be a difficult ask for members to be able to provide advice to existing clients on accessing super at the price point set.

“By partnering with Midwinter, Financial Mappers and AdviserLogic to make the ROA template available digitally, we are supporting our members by helping them quickly and efficiently provide advice within the parameters required. To date, more than a million Australians have applied for early access to their superannuation savings,” he said.

“We are excited to partner with the FPA again to deliver a digital solution to minimise the time spent on bulky printouts and make the client experience more engaging by offering a streamlined template,” said Glenis Phillips, the Designer of Financial Mappers.

“We look forward to our ongoing partnership with the FPA to develop more digital solutions to help financial planners provide advice in a timely manner to Australians.”

Members of the associations can tailor the layout of the template by inserting their own practice branding, making formatting changes and tailoring the ROA to their clients’ financial position and goals quickly and efficiently.”

The FPA calls on licensees to support this initiative and allow financial planners to use this template for the COVID-19 accessing super initiative and help as many Australians access the advice as needed.

“Financial advice is of national importance, especially in times like now, our members need to be armed with the tools and support needed to help their clients and where possible the greater public. This is what drives us at the FPA to develop greater efficiencies in financial planning practices across Australia,” Mr De Gori concluded.

The FPA and other associations have prepared the ROA template use by members in accordance with ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355.