The Financial Advice Association Australia (FAAA) has outlined its strategic outlook for the next half decade, with a focus on the success of its members, the expansion of the advice sector and the self-regulation of the profession.
The “FAAA Strategy 2024-2030” was presented by association chair David Sharpe at the body’s 2024 Congress in Brisbane yesterday, where he said it was developed collaboratively with the board, management and members and was centred on three pillars.
“First and foremost, we are a member organisation and our role is ensuring our members, and their careers and businesses, are successful,” Sharpe said.
“This means ensuring members are connected to valuable communities, they stay updated about advances to run their businesses and they have access to high-quality and relevant professional development and education.”
He acknowledged with the ongoing decline in the number of financial advisers it was becoming more difficult to service the advice needs of Australians and the FAAA would continue to work to rebuild practitioner numbers.
“We are working on promoting entry and career pathways to new and returning financial advisers, including promoting the profession as a career-change option and to make Australia an attractive option for skilled migration.
“We are already working to build the pipeline for financial advice in education and the professional year.”
He said the FAAA also planned for its members to drive the future direction of the advice sector, replacing the voices of those who are outside of it.
“Our members tell us they expect the FAAA to be on the front foot, boldly and loudly speaking on their behalf and leading our profession forwards,” he added.
“A crucial goal is to one day be able to self-regulate as a profession and we believe the first step is that by 2030 some level of co-regulation should exist.
“We’ve been too beholden to those outside our profession to govern our fate and to determine our standards.
“We believe we are now ready and qualified to ultimately control our own education standards and training, code of ethics and disciplinary regime. This is a long-term process, but we are committed to moving towards what other professions already have. This shouldn’t be controversial.”