The Advisers Association celebrates 100 years
After surviving significant evolutions of the Australian financial advice industry, The Advisers Association is now celebrating a century of advocating for advisers.
Established on 24 June 1925, The Advisers Association (TAA) was initially formed as the AMP representatives’ association in NSW and Victoria to support the growing community of advisers operating under the AMP Society, which was formed in 1849.
Though it started out relatively small, the association has gone through a number evolutions and mergers, including the incorporation of the AMP Financial Planners Association, the Hillross Advisers Association, and the Authorised Representatives Association, to become what it is today.
Looking back at some of its early history, the mid-1920s saw the association spread across the country, opening chapters in Queensland, South Australia, Tasmania and Western Australia, and finally in 1947 the state association presidents began meeting in Sydney, which later became known as the Federal Board of Management.
The advice industry continued to grow and evolve over the next 50 years, with AMP expanding its operations into boutique dealers, such as Hillross, leading to an association subcommittee under the Federal Board of Management.
But as AMP grew, so did the association, with 1994 marking the formation of the Australiasian Board of Management as a peak body with representatives from each state association and the NZ AMP Agents Association.
While the TAA’s history is very much intertwined with AMP’s, the association said it is important to note that the association actively supports and represents all Australian financial advisers, not only those aligned with AMP.
This is particularly relevant given AMP’s decision to sell its advice business to Entireti in August 2024 for $10.2 million.
In recent years, the TAA has been vocal on a number of key issues such as calling for an end to the financial adviser exam in late 2023 and raising concerns regarding the collectively charged intra-fund advice, the “nudge” regime, and the “practical impacts” of the statement of advice (SOA) changes put forward in the Delivering Better Financial Outcomes (DBFO) 1.5 reforms.
Speaking on the anniversary of the association, TAA chief executive Neil Macdonald said: “This centenary is a testament to the resilience and adaptability of our organisation and the advisers we represent.
“For 100 years, we have been at the forefront of supporting quality financial advice in Australia, and we remain committed to this mission as we enter our second century.”
AUTHOR
Shy-Ann Arkinstall
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