Advisers to benefit from US free-trade deal

Financial planning groups have been given the chance to break down any barriers preventing them from pushing into the American financial services market as part of negotiations over Australia’s Free Trade Agreement with the United States.

The Financial Planning Association (FPA) has asked its members to provide feedback as to how they can potentially benefit from the agreement, following discussions between the association and Treasury.

“We have a very good relationship with Treasury, and they asked us for our input to determine if any of our members had any concerns regarding any barriers inhibiting them from operating effectively in the US,” FPA manager policy and government relations John Anning said.

The areas the FPA is looking to address surround the recognition of qualifications and training standards affecting Australian-based financial advisers operating in the US.

Anning said the association is looking to establish exemptions for its members, similar to those granted by the Australian Securities and Investments Commission (ASIC) to overseas groups.

The regulator recently granted exemptions to foreign providers working here who are regulated by an ASIC-approved overseas regulatory body.

Anning said the professional body was not expecting an influx of responses from its members because advisers in Australia recognise that the US is a sophisticated financial advisory environment, and therefore difficult to crack.

According to Anning, FPA members are more interested in Asia as a potential overseas market.