The launch of a national curriculum for financial planning degrees by the Financial Planning Education Council was a major win for the industry in 2012. It took pole position in the Top Five List's wins for 2012.
1. Education
A big win for the industry this year was on the education front, when the Financial Planning Education Council launched its approved national curriculum framework for financial planning university degrees.
The Council has defined the financial planning curriculum for degree qualifications to prevent courses varying widely, as has been the case in the past.
Financial Planning Association (FPA) chief executive Mark Rantall said this would ensure a clear and dedicated relationship between academia and the profession.
2. Financial Planning Association
The FPA’s side-deal with the Industry Super Network (ISN) (see Top 5 Fails) caused quite a ruckus in the industry, with criticism coming from other industry associations as well as the Shadow Minister for Financial Services, Mathias Cormann.
Despite this the FPA has claimed success on the lobbying front as the deal achieved what the chief executive officer Mark Rantall regarded as the best outcome for its members and consumers.
The Future of Financial Advice (FOFA) bill passed through the Parliament containing the opt-in intact, but the requirement has been significantly amended, with the FPA receiving an all-but-confirmed concession.
Furthermore, Minister for Financial Services Bill Shorten started to deliver on his promise to the FPA by releasing the draft legislation for enshrining the term ‘financial planner/adviser’ into law.
3. Industry Super Network
The ISN had the Government’s ear again with regards to many key policy issues this year – a huge win for this association.
The ISN’s side-deal with the FPA saw the opt-in requirement – initially proposed by the ISN – remain as part of FOFA, albeit significantly altered.
Furthermore, the Parliamentary Joint Committee decided that all approved MySuper funds would become eligible default funds – an outcome for which the ISN had lobbied hard over the last few months, and one which contrasts with the approach taken by the Financial Services Council.
The success of the ISN’s lobbying efforts caused some frustration among other industry bodies.
4. BT Wrap
Count Financial and BT Financial Group have had a lasting partnership for over two decades, which could have recently been jeopardised by CBA’s acquisition of the dealer group.
However, despite the ensuing war over Count practices and rumours around the alleged “sign-on fees” offered by BT, Count renewed its distribution agreement with BT Wrap.
The deal has seen a repricing of BT Wrap products for Count advisers, which Count chief executive officer David Lane regarded as “an excellent outcome for Count and its clients”.
5. Richard Klipin
Having completed what he called ‘the FOFA mission’ at the Association of Financial Advisers, Richard Klipin decided it was time to move – and landed a CEO position at ANZ-owned millenium3 Financial Services.
millenium3 is the second-largest dealer group in the country with more than 830 authorised representatives, according to Money Management’s Top 100 Dealer Groups List.
In his new gig in the bank-aligned advice space, Klipin will guide the dealer group through regulatory change, with current managing directors Daryl Foster and Barry Martin at his side. Not a bad career move.
