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FPA Congress looks 'beyond FOFA'

This Thursday and Friday saw the inaugural Financial Planners Association of Australia Congress at Sydney's Convention Centre, bring together delegates from all over the country.

Wealth Professional took the chance to speak with CEO, Mark Rantall, who believes strongly in the importance of events like this.

Video transcript below:

Anna Temple: This Thursday and Friday sees the inaugural Financial Planning Association of Australia Congress at Sydney’s Convention Centre bringing together delegates from all over the country. Wealth Professional took the chance to speak with CEO, Mark Rantall who believes strongly in the importance of events like this.

Mark Rantall, Financial Planning Association of Australia

Mark Rantall: Look, these sorts of events are significantly important to get professional financial planners together through networking, through educational and professional development and it’s a signature I think of, you know people collaborating in a face to face way when there are so many other ways of doing that through social media and webinars, you can’t beat interactions on a one on one basis.

Anna Temple: With regards to the hot topics of the day, Rantall says there are quite a few recurrent themes, naturally surrounding the upcoming FOFA reforms.

Mark Rantall: There is absolutely no doubt that financial planners are concerned about a number of things that have happened through the Future of Financial Advice Reform process. Grandfathering is one outstanding issue that we are working pretty hard with the government and treasury to get result, to ensure that there is an appropriate flow on effect through to the financial planner, which it was always designed to do. Other issues around fee disclosure statements, best interest duty, allowing for scaled advice, removal of opt in are all issues that are top of mind for financial planners and something that the FPA is working pretty hard on.

Anna Temple: However, Rantall also notes that many advisors are starting to look beyond FOFA and thinking what next?

Mark Rantall: Many financial planners are probably FOFA-ed out and you know they are looking at what’s next. And you know, what’s next is really focusing back on the client, which is what this Congress is really all about. You noticed in this morning’s session, you know we had 3 clients and 3 advisors talking about their stories and the great work that the vast majority of financial planners do and you know also focused professionalism and where is the profession going, what’s the role of Certified Financial Planner and the importance of certification and signing up to a professional framework. That’s the way that financial planners will get their professional recognition that they deserve by the general public and that’s something that financial planners have been wishing for, for a long time.

Anna Temple: This is Anna Temple reporting for Wealth Professional Online.