FPA Presentation

Platinum Asset Management Presentation

• Hear the latest on the new education and professional standards• Better understand the Government and regulators' policy agenda• Learn more about the FPA Professional Ongoing Fees Code• Q & A

• Gain insights on how to identify investment opportunities in global markets at a time of enormous change and disruption.

• Q & A

Financial Adviser Standards and Ethics Authority (FASEA)

Enshrinement of terms Financial Planner/Adviser

Degree + Exam + Professional Year

Financial Adviser Standards and Ethics Authority (FASEA)

Financial Adviser Register

CPD + Code of Ethics

FPA Draft ProposalsC u r r i c u l u m

E t h i c s

E x a m

P YC P D

FPA Draft

Proposals

Approved Relevant Non-relevant

9 Masters / Professional designation 15 8 2

Graduate Diploma / Professional Designation 15 8 2

Graduate Certificate / Professional Designation 15 8 2

7 Bachelors Degree 5 4 1

6 Advanced Diploma - Financial Services

5 Diploma - Financial Services

CPD CPD

8

Points per unit of studyQualificationAQF Level

4

2

2

FPA Draft Proposal

0

50

100

150

200

250

DFP only ADFP DFP 1-8 CFP ADFP & CFP 1-4 ApprovedDegree

ApprovedMasters

CFP withRelevant Degree

CFP with NRDegree & ADFP

Existing Adviser Pathway Examples

AQF9 AQF7 AQF7 NR AQF6 AQF5 CPD

FPA Draft Proposal

CFP® Holistic advice

providersGraduates Stock

brokersLife risk

specialists

Super intra fund advice providers

Limited license

accountants

Aged care specialists

Disability specialists

SMSF specialists

Strategic only advice providers

Money coaches

Exam areas

Compliance with Chapter 7 of the Corporations Act 2001

Tax Agent Services Act 2009

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

Common law fiduciary duties

Ethics

FPA Draft Proposal

Regulators Update

Tax (financial) adviser qualification and experience pathways

Registration Options Primary QualificationTPB Approved Courses

Experience (full time)Australian

Taxation lawCommercial

law

Pre – July 17 Transitional Option ✖ ✖ ✖ 18 months

Post – July 17

301 Tertiary Qualifications Degree or post-graduateaward in relevant discipline ✔ ✔ 12 months in past 5

years

302 Diploma or higher awards Diploma or higher award in relevant discipline ✔ ✔ 18 months in past 5

years

303 Work Experience ✖ ✔ ✔ 3 years in past 5 years

304 Membership of professional association

Voting member of a recognised tax (financial)

adviser or tax agent association

✖ ✖ 6 years in past 8 years

Advice compliance at the Big 5

Conflicted advice at the

Big 5

Fee-for-no-service

Life Insurance

SOA

Quality of financial advice

Accountants –limited

licensee

Funding model

Insurance churn by advisers

Pll held by smaller

licensees

ASICCourt cases

Breach reporting

Effective: 29 files (18%)

Partially effective: 91 files (57%)

Ineffective: 40 files (25%)

Effectiveness of adviser audit process for sample files

AUSTRAC

AML/CTF rules update

New AML/CTF

forms

Tranche 2 –real estate, lawyers and accountant

Risk Assessment

Privacy Guidance

EDR Review / Last Resort Comp Scheme Consumer Protections FSI

Royal Commission Digital Advice FOS Small Business loan disputes

PC review of super ABA Banking Rem Review

FSC/LISWG Life Insurance Codes

FPA 10 POINT PLAN

FPA Professional Ongoing Fees Code

Annual/One off fee Opt-in FPA POFC

Who All planners All plannersLimited to FPA CFP®

professional and FinancialPlanner AFP®

Letter of engagement Single or one yearengagement

Standard ongoing engagement

Standard ongoing with FPA T&Cs

Client re-engagement As required by client Signed renewal notice every two years

Review on regular basis.Re-engage every three

years. Document renewal agreement

Fee Disclosure Statement No Yes Yes