AFA’s Anderson positive on advice profession

As the financial advice moves away from legislation implementation and towards the design of the profession going forward, the Association of Financial Advisers (AFA) new chief executive, Phil Anderson, is positive on the future.

Anderson told Money Management he was happy to take on the broader responsibilities that came with being CEO and implementing what the association had agreed to work on for 2022.

Anderson was appointed CEO on 4 January, 2022, after former CEO Helen Morgan-Banda stepped down from the role after five months. 

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He said there was no question the advice profession was subject to challenges this year and that would be reflected in the number of advisers left after the January exam cut off.

“But I think the positive thing that we can take out of it is, yes the number of advisers will be down but the need for the value of advice will only continue to increase and I think we can take quite a lot of comfort from the fact that the momentum has started to change,” he said.

“We've gone from this constant barrage of reforms that were only increasing the complexity and cost of advice to now both the government and an opposition that are listening to the implications of reform on access and affordability.

“We can probably expect to see that momentum moving the other direction as the pendulum swings back more towards the middle, which will hopefully lead to an environment that is more conducive to the delivery of financial advice and the efficient running of financial advice practices.”

Anderson, who was the association’s former general manager for policy and professionalism, would now have a broader remit focused on operational activity as well as policy and advocacy.

“I'm very much expecting that I'll stay quite actively involved in the policy stuff whether that's the education standard or the quality of advice review as those remain important focuses of the AFA and myself,” he said.

“The vision for the AFA is to continue to play a critical role as a professional association of choice for our members to be actively advocating for what is in the long term best interest of the financial advice profession, but also delivering to the needs of our members.”

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..... and maybe merging with the FPA as part of the rationalisation of the whole industry ??

Won’t become a profession if the AFA supports the roll back of education standards

Congrats Phil - very much a safe pair of hands

At the moment, the AFA can only be an "Industry" Association, definitely if it supports the education rollbacks.
If it wants to be a Professional Body then it needs to support the pathways to professionalism that have included the Fasea Exam and now the Education criteria.
I can't believe we are still talking about this.
Move on everybody and just do the courses.
You have until 2026
I can't believe that some advisers think they can be a professional without professional qualifications.

Yes and no CP. Reasonable education standards are definitely required for professionalism. But the education standards laid out by FASEA were not reasonable. They were unnecessarily dismissive of perfectly adequate prior education. They were imposed to funnel more fee paying students into courses associated with conflicted FASEA Board members.

Many advisers are supporting the "experience exemption" as a workaround to FASEA's conflicted and unreasonable education standards. The adviser associations should be pushing hard to fix those education standards, which are the real heart of the problem.

"...conflicted FASEA Board members." 100% spot on!!

Hopefully the recent AFA survey on the proposed education standards rollback sends a loud and clear message that the majority of advisers want to leave things as they are to become a true profession.

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