Draft:Financial Advice Association Australia
Submission declined on 12 June 2025 by Chetsford (talk).
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The Financial Advice Association Australia (FAAA) is a professional association representing financial advisers in Australia. It was established in 2023 through the merger of the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA).[1]
History
[edit]In 2022, the FPA and AFA announced a proposal to merge, citing a shared vision to create a unified voice for financial advisers. Following member consultations and a successful vote, the merger was legally completed in 2023.[2] [3]
Mission and Vision
[edit]The FAAA’s stated mission is to support its members in helping Australians achieve a better financial future. It aims to:
- Promote the highest standards of professional and ethical conduct,
- Advocate for policy settings that support access to quality financial advice,
- Provide education, certification, and professional development opportunities.[1]
Its vision is: “Great advice to help more Australians build a better financial future.”
Membership
[edit]As of 2024, the FAAA represents over 11,000 members and affiliates, including more than 4,000 CERTIFIED FINANCIAL PLANNER®, or CFP® professionals.[1] Membership categories include:
- CFP® Professional
- Practitioner Member (AFP®)
- Affiliate
- Retired
- Academic
- Student Affiliate
CERTIFIED FINANCIAL PLANNER designation
[edit]The CERTIFIED FINANCIAL PLANNER and CFP logo mark are owned outside the U.S. by the Financial Planning Standards Board (FPSB). The FAAA is the marks licensing authority for the CFP marks in Australia, through agreement with FPSB.[4]
Programs and Events
[edit]The FAAA hosts a range of professional development initiatives, including:
- An annual Congress,
- An annual Roadshow series,
- Local chapter events across 30 regions in Australia,
- Continuing Professional Development (CPD) programs,
- The Money & Life platform, which provides consumer education and adviser resources.[5] [1]
Advocacy and Public Engagement
[edit]The FAAA actively engages with government, regulators, and the media to advocate for the profession. It runs public awareness campaigns to highlight the value of financial advice and contributes to policy discussions on issues affecting advisers and consumers alike.[6]
The association's direct advocacy to regulators such as the Australian Securities and Investments Commission (ASIC) aims to contribute to ongoing improvements in the financial advice profession.[7]
Joint Associations Working Group (JAWG)
[edit]The Financial Advice Association Australia (FAAA) is a founding member of the Joint Associations Working Group (JAWG), a coalition of professional bodies in the financial advice sector. JAWG includes organisations such as the Financial Services Council (FSC), SMSF Association, CPA Australia, Chartered Accountants ANZ, and others.[8]
In 2024, JAWG proposed a set of core principles to reform the education standards for new financial advisers. The proposal aimed to improve flexibility while maintaining professional standards, and was developed in response to a significant decline in adviser numbers since 2019.[9]
The proposal was welcomed by the federal government, and discussions with Treasury are ongoing. FAAA CEO Sarah Abood noted that the association, along with JAWG partners, had submitted a range of proposals to Treasury to help address the adviser shortage and improve entry pathways into the profession.[10]
Leadership
[edit]The FAAA is governed by a board of directors and led by a Chief Executive Officer. Leadership is drawn from across the financial advice profession to ensure broad representation and strategic direction.
See Also
[edit]- Australian Securities and Investments Commission
- Certified Financial Planner
- Financial Planning Association of Australia
References
[edit]- ^ a b c d "About the FAAA". Financial Advice Association Australia. Retrieved 5 June 2025.
- ^ "FPA and AFA officially merge to become the FAAA". IFA. 3 April 2023. Retrieved 5 June 2025.
- ^ "'We worked bloody hard': FPA, AFA merger gains overwhelming support". Professional Planner. 28 February 2023. Retrieved 5 June 2025.
- ^ "FPSB Member Organizations". Financial Planning Standards Board. Retrieved 5 June 2025.
- ^ "Money & Life". Money & Life. Financial Advice Association Australia. Retrieved 5 June 2025.
- ^ "Jones and Robert 'very, very pleased' with FPA and AFA merger". IFA. March 2023. Retrieved 5 June 2025.
- ^ "Promoting ongoing improvements in financial advice". ASIC. 6 March 2024. Retrieved 5 June 2025.
- ^ "Grandfathered commissions back on agenda as anti-JAWG alliance forms". Professional Planner. February 2024. Retrieved 5 June 2025.
- ^ "JAWG pushes for more 'flexible' adviser education standards". IFA. 24 April 2024. Retrieved 5 June 2025.
- ^ "Government to improve 'unsustainable' advice qualification requirements". Money Management. 10 February 2025. Retrieved 5 June 2025.
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