How many advisers will be members of the FAAA?
The Financial Advice Association of Australia (FAAA) is expected to reveal today just how many members have been retained following the merger of the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA).
Members of the FPA could become members of the FAAA by simply renewing their membership while members of the AFA needed to initiate a transfer up until 26 June.
While not providing Financial Newswire with numbers, FAAA chief executive, Sarah Abood said that membership of the new, merged entity had been building nicely through July and that, in the case of FPA member renewals, were ahead of the same time last year.
The picture with respect to AFA members opting into the new organisation was less clear but is expected to be clarified by the FAAA today.
According to analysis conducted by WealthData the FAAA’s potential membership drawn from those on the Financial Adviser Register who were members of the FPA or AFA is 8,759 although WealthData principal, Colin Williams, noted that some people not on the FAR were capable of being members.
The analysis also points to the fact that the greatest number of existing members, 6943, are operating in the full-scale advice arena, with the next largest cohort being 841 operating s investment advisers, and 482 who are working within superannuation funds.
The total number of advisers currently on the FAR stands at 15,801.
Williams said he believed that some leakage of members seemed inevitable.
Abood said that the FAAA would look to make accommodations for advisers who have been overseas or otherwise unable to renew or activate their membership.
Why would you?
If you had been gifted a “professional designation” (grandfathered CFP) without ever having to undertake professional level education, then you would renew to maintain that undeserved designation.
If you worked for a product company licensee who said a condition of your employment is to be a member of FAAA, but don’t worry we will pay the fees for you as part of a bulk renewal arrangement we have with FAAA to give us influence over them, then you would renew to retain your job.
I’m struggling to think of any other good reasons though. Definitely not because of their effectiveness in lobbying for the interests of professional advisers. That has been abysmal.
Over $1,000 for a body that joins with the Financial Services Council, puts out a press release saying they support QAR, then after that decides to ask members what they think..& when those members raise concerns about Super funds providing advice, they proceed to tell members “it’s early days yet don’t panic”… what part of that process tells me I’ve joined a Professional Association or even an Industry Association as opposed to a mere service provider of three little initials and some webinars. Advisers are looking for Advocacy and representation for Advisers, Not AwareSuper and not a Golf day in Melbourne.
For starters let’s see how they address the outrageous increase in adviser fees
That will tell me if I’m in or or out real quick
I, like many others have the associations on the last chance. $1,000s spent over the year for absolutely nought and disingenuous comments from the previous AFA CEO on Comms and Education.
I just need to think through the implications of not being a member before I make my decision
If FAAA are successful in the Annual Fee Renewal Consent form (that doesn’t exist in any other nation on earth) eliminated, I might rejoin. Until then, forget it.
The FAAA certainly can’t point to the scoreboard on it’s wins for advisers. It’s an organisition that exists to pay itself………..the veritable self-licking ice cream.