Webinar Replay - Why Individual Registration is a Win/Win/Win situation
or should we call it "why the Licensing model won't work going forward"
This is a recording of the Webinar (Panel DIscussion) that Nick Hannan & Joanna Matthew from FPA Australia delivered on behalf of The Advice Movement on the 28th of Auguts, 2020. Below is just some of what we covered in the Webinar:
When the FPA came out in June with their call for a move to Individual Registration within 5 years, it was met with mixed responses. On one hand it received overwhelming support within the Advice Movement - Advice Provider Community (Financial Advisers), with an AM Poll showing 76% of respondents were in favour of the change. On the other hand the Advice Supporter Community (Licensees) expressed concern around the benefits of Individual Registration, and raised their own concerns around whether or not Financial Advisers are actually set up to run in an Individual Registration environment.
In this AM exclusive, we thought we go straight to the source and ask two of the FPA Australia team to join us to discuss the key drivers behind their proposal.
• How did we get here (evolution of the licensing model in Australia)….
• Why the FPA believes the current system needs to change…
• What an advice community under Individual Registration will look like and how it will benefit everyone involved
And to flesh the discussion out for our AM family we’ll ask the FPA team of Nick Hannan (Senior Manager - Government Relations) and Joanna Matthew (Head of Education & Professionalism):
• How will individual registration be better for Advisers than staying as an AR
• How it is better for them than being self-licensed
• How it would be better for clients
• How it might work in practice (how do they register, who would handle complaints, what the ‘model’ could look for the support services they would need (compliance etc..)
• What Advisers can start doing now to ‘get ready’
• How professional learning and CPD are likely to work in the new world
Join us for what is sure to be a highly interactive and valuable look into the future of Financial Advice in Australia.
Due to the expected popularity of this Webinar, preference will be given to our Current and Aspiring Adviser community over product providers and licensees community.
Probably qualifies for CPD but let's ask Joanna... (kidding... it definitely qualified... 1 hour Reg Compliance and Consumer Protection)
Joanna has a broad range of experience from human resources to corporate services and business management, and in her previous role as Executive Director of the New Zealand Library Association oversaw the provision of their professional designation and education programs. Her experience provides her with the insights and skillset to provide industry compliant educational support for advisers, which is relevant to key areas of their businesses. Joanna is Head of Education and Professionalism and has been with the Financial Planning Association of Australia for just over two years, working closely with advisers to help them meet the new industry requirements and support them as the industry continues to evolve.
Nick is Senior Manager for Government Relations and has been with the Financial Planning Association of Australia since 2018. He is based in Canberra and is responsible for representing the FPA and its membership to the federal Government, Opposition and regulators. Prior to joining the FPA, Nick served as a policy adviser to several Cabinet Ministers in the Federal Government and has worked in legal and policy roles across a range of federal portfolios. Nick was a key author of the FPA’s new policy platform – Affordable Advice, Sustainable Profession – which focuses on the development of the financial planning profession over the next five years.
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