PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia

PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia
MAY 2020                                                                                 VOLUME 32   |   ISSUE 04

            WILL SAVE THE
              Sustainable investing will only work if it delivers
              good, long-term financial returns. And only those
              companies that take sustainability seriously today
              will be making money tomorrow.
              For an expert view on sustainable investing, go to


 *Broadridge Market Analysis, 2019. Brand survey on independent asset managers amongst
 >850 European fund selectors

 Important information This document is distributed in Australia
 by Robeco Hong Kong Limited (ARBN 156 512 659) (‘Robeco’)
 which is exempt from the requirement to hold an Australian
 financial services licence under the Corporations Act 2001
 (Cth) pursuant to ASIC Class Order 03/1103. Robeco is
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PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia
PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia
MAY   2020
    2020                           VOLUME 3232|
                                     VOLUME       ISSUE 0404
                                                  | ISSUE

              under change
               A CAREER CHANGE

       WEALTH       ENGAGEMENT        ADVICE
      TRANSFER        ACROSS        FOR YOUNG
                    GENERATIONS      PLANNERS
PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia
PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia
CONTENTS                                                                                                                                  MAY 2020

            FOCUS                                                  INSIGHT
      6      NEWS                                           18 COURAGE UNDER                                           24 GENERATIONAL
             2020 CFP® consumer campaign.                      CHANGE                                                     CHANGE
                                                                   Georgie Savage talks about the                              The next generation of
     10 FPA READY                                                  trials, opportunities and rewards                           planners are seeking workplace
        INDEX TOOL                                                 of her new career path.                                     flexibility, mentoring, purpose
                                                                                                                               and fulfilment in what they are
             Stay connected through a new
             FPA online event initiative.

              GROW                                                    LIFE                                                    LEARN
       25 TRANSFER OF                                         36 THE GREAT                                            38 RAISING THE
          WEALTH                                                 OUTDOORS                                                RETIREMENT AGED
              Family conversations about                              Human Nature Adventure                                   Increases in age-based rules
              the transfer of wealth from                             Therapy is bridging the gap                              present many opportunities
              one generation to another is                            in mental health services for                            and pitfalls for clients, requiring
              uncommon. But this need not                             young people by getting them                             planners to adjust the retirement
              be the case.                                            out of clinical environments and                         advice they give them, says
                                                                      back into natural bush settings.                         Stuart Sheary CFP®.

                                                                         PUBLISHER                                    ADVERTISING
                                                                         Zeina Khodr                                  Suma Wiggins
                                                                         M +61 414 375 371                            M +61 404 118 729
                                                                         E zeina@                E

MONEY & LIFE MAGAZINE is the official publication of                     EDITORIAL TEAM
the Financial Planning Association of Australia Limited.                 Jayson Forrest, Miriam DeLacy,
ABN 62 054 174 453                                                       Janine Mace, Mark Story
                                                                                                                      © Paper + Spark 2020
Level 4, 75 Castlereagh St, Sydney NSW 2000
T 02 9220 4500 | F 02 9220 4580 | E                       Paper + Spark P.O. Box 443, Pyrmont NSW 2009                    Circulation 13,600 as of Nov 2019

© Financial Planning Association of Australia Limited. All material published in      stated to be the views of the FPA. All advertising is sourced by Paper + Spark.
Money & Life is copyright. Reproduction in whole or part is prohibited without the    The FPA does not endorse any products or services advertised in the magazine.
written permission of the FPA Chief Executive Officer. Applications to use material   References or web links to products or services do not constitute endorsement.
should be made in writing and sent to the Chief Executive Officer at the above        Supplied images ©Shutterstock. ISNN 1033-0046. Cover and feature images
e-mail address. Material published in Money & Life is of a general nature only and    supplied by Adam Hollingworth.
is not intended to be comprehensive nor does it constitute advice. The material
should not be relied on without seeking independent professional advice and           CFP ®, CERTIFIED FINANCIAL PLANNER ® and CFP Logo® are certification marks
the Financial Planning Association of Australia Limited is not liable for any loss    owned outside the US by the Financial Planning Standards Board Ltd (FPSB).
suffered in connection with the use of such material. Any views expressed in this     Financial Planning Association of Australia Limited is the marks licensing authority
publication are those of the individual author, except where they are specifically    for the CFP marks in Australia, through agreement with the FPSB.

Paper + Spark is the custom publisher of Money & Life ( for the Financial Planning Association of Australia (FPA).
We are a specialist digital content marketing and social media agency with deep Financial Services consumer and B2B experience. We create brand, digital, social
and content strategy that leads to reaching the right audience at the right time via the right channel to keep you agile and relevant in a fragmented media landscape.
Because purposefully agile/great brands stand for something, while never standing still.
PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia

    The COVID-19 crisis has seen many          requirement for advice on early               LOOKING TO THE FUTURE
    Australians find themselves in a           access to super, and for all time
                                                                                             While we adjust to the new normal,
    financial situation they have never        critical advice, an extension from five
                                                                                             we are creating a new vision for our
    experienced before. People are hungry      to 30 days for giving a SOA.
                                                                                             profession over the next five years.
    for professional financial advice.
                                               The FPA strongly advocated for                With your member input, we have
    The critical role of a financial planner   this reduction in regulatory burden           mapped out the conversations,
    has intensified. Recent CoreData           on behalf of our members, as well             advocacy and initiatives needed
    research highlights a large majority       as working cooperatively with                 for the continuing evolution of
    of Australians are more concerned          four other associations as part of            financial planning.
    about the financial impacts of             the Regulatory Burden Taskforce.
                                                                                             I look forward to sharing the policy
    COVID-19 than they are about its           These are only a start and the FPA
                                                                                             vision and strategic priorities that
    impacts on their health.                   continues to advocate on other
                                                                                             together we will focus on to ensure a
                                               measures to support you during
    As a result, most FPA members are                                                        better financial future for Australians.
                                               these times.
    flat out handling an increase in client                                                  These will be discussed at the FPA
    queries and adjusting their business                                                     Together livestream events this
    to run remotely.                           ADVERTISING CAMPAIGN                          month. Please register at
                                               IS LIVE                                       together
    During these unprecedented times,
                                               Funded by the marketing levy                  Keep safe and stay well.
    FPA members are a calm, guiding
                                               that CFP® professionals contribute            | DANTE DE GORI CFP ®
    hand to help so many navigate their
                                               to annually, the FPA is currently               CHIEF EXECUTIVE OFFICER
    financial circumstances.
                                               running digital advertising to ensure
                                               Australians know they can turn to
    ADVICE RELIEF MEASURES                     CFP professionals for financial advice,
    We welcomed the temporary relief           particularly during a time of crisis.
    measures announced by the ASIC last
    month to assist financial planners and     The ads feature short messages
    clients during the COVID-19 pandemic.      reactive to news breaking around
                                               COVID-19, to help Australians looking
    These measures are helping to              for financial stability in uncertain times.
    improve timely, affordable advice
    on early access to superannuation          The ads encourage Australians to ‘Ask
                                                                                                  FOLLOW D AN T E ON T WIT T ER
    for Australians. Specifically, no SOA      a CFP professional’ and directs them               @D D EGOR I1 0
                                               to FPA’s Match My Planner.

PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia
In your clients’
 Main title of need,
  we’re here.
             In 2019 alone, we paid $1.5 billion in claims.

             Because we’re here for your clients when
             they need it.
PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia


    In our last issue we shared an         are often forced to re-evaluate and         “At a time when many Australians
    update on the new approach the         reassess their situation, especially        will be feeling more confused and
    FPA is taking to our annual CFP®       their financial one. Our campaign           anxious than ever about their financial
    consumer marketing campaign.           will highlight the importance of            future, the panel wanted the campaign
    As well as working with a panel of     talking to a CFP® professional for          execution to convey a very clear
    eight CFP® members to develop          advice.                                     message that there is trust in financial
    campaign concepts and review                                                       planners and what a financial planner
    outputs from our agency partners,                                                  can do for you,“ says Delma “Ikon came
    we have involved the whole CFP®           EXAMPLE MESSAGES                         back with four creative approaches
    community by putting concepts to          FOR THE NEW CFP®                         based on the original concept and
    a vote to come up with our core           CONSUMER CAMPAIGN                        theme. There were two really strong
    campaign message.                         INCLUDE:                                 ideas so we asked them to work on a
                                                                                       hybrid of these.”
    Having a more robust, consultative
    process has been even more                • If I access $10K from my               ‘Ask a CFP® professional’ is the
    important in light of the COVID-19          super, how will it affect my           repeated message of the new
    pandemic and its impacts on our             retirement? Ask a CFP®                 advertising campaign. each time
    profession, clients and our entire          professional                           preceded by a question that is likely
    society. Any communication and            • How long will my                       to be on the minds of Australian’s
    advertising on behalf of the FPA            money last? Ask a CFP®                 right now. “It’s a very timely message
    and our members must be sensitive           professional                           as there is so much uncertainty out
    and relevant to what people are           • Where is it safe to invest             there for so many people.” says Delma.
    experiencing. People are also               right now? Ask a CFP®                  “It also gives us the ability to be agile
    having to process vast amounts              professional                           with the campaign as the situation
    of information on a daily basis to                                                 changes and new questions arise. As
                                              • How will my retirement be
    keep on top of the latest economic                                                 the campaign will be running over
                                                affected by COVID-19? Ask
    and public health impacts and                                                      several months, this is absolutely key
                                                a CFP® professional
    Government responses to these.                                                     to making sure the message is still
                                              • Can I afford to go                     strong enough to reach people in spite
    So while the key concept for                part-time? Ask a CFP®                  of the information overload they’re
    the campaign remains the same,              professional                           experiencing.”
    the following theme was also
    presented to our agency partner,          The campaign runs from April             With people spending so much time
    Ikon Communications, to help              until June 2020                          at home due to social distancing
    them develop creative ideas to                                                     restrictions, the campaign will not
    address the most pressing financial                                                be rolled out across transport and
    concerns of our audience and                                                       shopping hubs as it has been in recent
    highlight the critical role CFP®                                                   years. All distribution will be via digital
                                           FPA board member Delma Newton
    professionals are playing in this                                                  channels and radio advertising with
                                           CFP® is also one of the eight panel
    time of financial crisis.                                                          a call to action for consumers to
                                           members who have been working to
                                                                                       visit a campaign webpage for more
    Planning and responding in             ensure the campaign is relevant to the
                                                                                       information and to connect with a CFP®
    uncertain times: during times of       needs of the CFP® community and the
                                                                                       professional via Match My Planner.
    national and global hardship, people   current COVID-19 situation as it unfolds.

      The FPA congratulates the following members who have been admitted as

      NSW                                                                          SA
      Khalil Daher CFP®
                           Nicolas Saravanja CFP ®
                                                       Kaden Emery CFP     ®
                                                                                   James Bolingbroke CFP®
      StatePlus            StatePlus                   StatePlus                   Merlea Investments

PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia
Fidelity International is proud to be awarded the 2020 Morningstar Australia Fund Manager
          of the Year.
          The award recognises Fidelity’s consistently high-performing investments and our ability to
          serve as first class stewards of our investors’ capital over the long-term.
          We believe it’s our team of 400 investment experts sharing insights in real time, from 18 locations
          around the world, that sets us apart. From London to Mumbai, Shanghai to Sydney, we connect
          across asset classes, sectors and regions, identifying trends and investment ideas.
          Our unwavering focus and rigorous research never stop. Because we know that by going further
          we see what others may miss.
          For our clients that means better investment decisions and better insights to help navigate
          the most challenging times with you.

Learn more at
Morningstar Awards 2020 ©. Morningstar, Inc. All Rights Reserved. Awarded to Fidelity International for 2020 Morningstar Australia Fund Manager of the Year.
This document is issued by FIL Responsible Entity (Australia) Limited ABN 33 148 059 009, AFSL No. 409340 (“Fidelity Australia”). Fidelity Australia is a member of the FIL Limited
group of companies commonly known as Fidelity International. This document has been prepared without taking into account your objectives, financial situation or needs.
You should consider these matters and seek independent financial advice before acting on the information. This document may not be reproduced or transmitted without the
prior written permission of Fidelity Australia. The issuer of Fidelity’s managed investment schemes is FIL Responsible Entity (Australia) Limited ABN 33 148 059 009. © 2020 FIL
Responsible Entity (Australia) Limited. Fidelity, Fidelity International and the Fidelity International logo and F symbol are trademarks of FIL Limited.
PROFIT PLANET. WILL SAVE THE - Financial Planning Association of Australia

    The Professional Year component               responsibilities, the time and                  Professional Year tool users – both
    of the new FASEA education                    commitment it takes to manage the               supervisors and provisional planners
    requirements is essential for giving          Professional Year is a big ask. It can          – will also have access to a range of
    graduates the practical support they          also require senior planners to place           resources to support the mentoring
    need to translate technical knowledge         a greater focus on their capabilities           and coaching aspect of this learning
    into delivery of quality, compliant           as coach and mentor for less                    experience. We’ve partnered with
    financial advice. To support financial        experienced colleagues.                         training provider Wilson Learning to
    planning businesses in taking their role                                                      bring you these resources.
                                                  So far no commercial solutions
    as mentors and training providers to
                                                  have been brought to market to                  The Professional Year tool is currently
    a new level, the FPA have created the
                                                  support licensees with this new                 available in trial mode for partner
    new Professional Year tool to simply
                                                  responsibility. To fill the gap, the            and practice members, provided
    and streamline this new process.
                                                  FPA is launching a workflow tool for            all participants are FPA members.
    The Professional Year has introduced          creating and tracking a training plan           Feedback from this first release will
    a new layer of complexity for                 for Professional Year candidates. The           help us refine the tool for potential
    practices and licensees taking on             platform offers licensee, supervisor,           release to the wider financial planning
    provisional planners. To ensure new           and candidate views of each step                community.
    recruits have met all requirements and        on the Professional Year pathway
    are ready to begin their career as fully      including the the FASEA exam,
    qualified planners, senior planners           structured and unstructured training
                                                                                                  To find out more about the
    and practice managers are now                 elements, and the resolution of ethical
                                                                                                  Professional Year tool and get
    tasked with creating and delivering           dilemmas. A completion certificate
                                                                                                  involved in the pilot phase, contact
    comprehensive training plans.                 is created automatically when a
                                                                                                  our FPA Education Team at
                                                  supervisor confirms all stages are
    At a time when the whole profession                                                 
                                                  complete for each quarter.
    is challenged by growing compliance

    While 2019 was a time for investors to be feeling cautious due to periods of market turbulence, the
    COVID-19 pandemic has seen confidence plummet to a new low. According to the CoreData COVID-19
    Investor Sentiment Tracker, the first week in April 2020 saw investor sentiment reach -45, only 5 points
    off a maximum of -50.




                       Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1                                        1ST 2ND 3RD
                                                                                                                WEEK WEEK WEEK

                           2016                  2017                 2018                 2019            2020      APRIL
                    The score ranges from strongly pessimistic (-50) to strongly optimistic (+50) with 0 being a neautral reading

                    SOURCE: The CoreData COVID-19 Pulse Check Dashboard (link


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situation or needs. No person should act on the information without first considering whether it is appropriate to their own objectives, financial situation and needs.
Past performance is not a reliable indicator of future performance. You should obtain and consider the relevant Financial Services Guide and Product Disclosure
Statement relating to a product before making a decision about whether to acquire that product.                                                                 MAY 2020   9

     The FPA has responded to these             isolating times. To assist practitioners   ● Launch of the new FPA five-year
     challenging and unprecedented              stay connected, it has launched a new        strategic and policy plans for
     times by postponing this year’s FPA        online initiative - FPA Together.            members; and
     National Roadshow and the 2020 FPA                                                    ● Live Q&A.
                                                Schedule to launch on 1 May, FPA
     Professionals Congress, which was
                                                Together is a series of free interactive   Nine events will run during May and
     scheduled for Adelaide in November.
                                                online events, where members can           early June, in addition to special
     With Government restrictions in place      hear about the latest developments         webinars for FPA Professional Practices
     during the current COVID-19 pandemic,      impacting the profession, your career,     and FPA Professional Partners. See box
     the FPA made the difficult decision to     your business and clients.                 below.
     postpone these national events for the
                                                Topics will include:                       FPA Together, with its virtual live event
     calendar year and is currently working
     on new dates for 2021. In addition, the    ● How FPA members are responding           series, will complement the FPA’s
     Careers in Financial Planning event          and adapting to the health and           online discussion forum for members -
     series, as well as Chapter events, are       financial crisis emerging from           FPA Community.
     also on hold.                                COVID-19;                                FPA Together will be hosted on the
     However, the FPA recognises the            ● Resources and relief available to        learning portal, FPA My CPD - available
     importance of members to stay                FPA members;                             through FPA Learn at
     connected with the wider FPA               ● The latest information on policy         For more information, visit FPA My
     community during these uncertain and         and regulatory developments;             CPD.

                                                  FPA TOGETHER EVENT SERIES FOR MAY
           EXCLUSIVE FPA
             WEBINAR:                                ONLINE EVENT
                                                                                FOR FPA MEMBERS IN:               START TIME
           A Conversation with                             1 May            Regional Vic and Tas                    12:00pm
        Senator the Hon Jane Hume
                                                           8 May            WA                                      12:00pm
         Thursday 7 May 2020 | 12pm - 1pm
                                                          12 May            FPA Professional Partners               10:30am

                                                          13 May            FPA Professional Practices               1:00pm
         The Assistant Minister for
         Superannuation, Financial                        15 May            Regional QLD                            12:00pm
         Services and Financial
         Technology will join FPA                         18 May            Brisbane                                12:00pm
         members at this special webinar
         to discuss current issues in
         financial planning, including                    11 May            Melbourne                               12:00pm
         the impact of COVID-19, the
         Government’s response to                         19 May            SA and NT                               12:00pm
         the Financial Services Royal
         Commission, and the future of
                                                          21 May            Regional NSW and ACT                    12:00pm
         the financial planning profession.
         Open to FPA members only, this
         webinar is free. Register online via             22 May            Sydney                                  12:00pm
         FPA My CPD.
                                                                            Second event for Sydney &
                                                           5 Jun                                                    12:00pm


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the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance.
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update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.

     YOU SAY/
     How does the new generation think about financial planning? We asked both
     financial planners and younger consumers what they think. The good news?
     Both feel the other has a lot to offer.

     YOU SAY
     For financial planners, providing advice    What sort of benefits do you think       COVID-19 is having a big impact on
     to the new generation requires the          financial advice can bring young         every aspect of our lives. How do you
     ability to understand the different         people?                                  see this playing out for advice given
     challenges and opportunities they                                                    to younger Australians?
     are facing compared to previous
     generations.                                1. Increase their financial literacy
                                                    awareness and about cashflow and
                                                                                          “  Advisers can assist by stopping
                                                                                          younger Australians from making
     How are the life goals of your next
                                                    budgeting.                            unwise decisions. For example,
     generation of clients different to their
                                                 2. Understand how investment works.      explaining to young people
                                                 3. Mentoring them that they can          that withdrawing $10,000 from
     “   Their biggest challenge is
     affordability and job scarcity and
                                                    achieve their financial goals by
                                                    planning and putting steps in
                                                                                          superannuation tax-free could
                                                                                          potentially cost them ~$450,000 in less
     being able to earn enough money to             place.”                               super monies when they go to retire.
     support their lifestyle. They are more                                               (Based on returns of 10% pa for 40
     concerned about climate change and
     housing affordability and paying off
                                                 “  Financial advice helps young
                                                 people to know what they need to do

     their HECS.”                                to meet their retirement goals, and
                                                 their goals between now and then,
                                                                                          “   There are two trains of thought on
                                                                                          this one. The next generation could see
     “   Our experience has been that
     children of existing clients have
                                                 by explaining how much they need
                                                 to put away each year, and where
                                                                                          this as a perfect buying opportunity
                                                                                          and consider starting an overall wealth
     different priorities due to the fact that   those funds should be held based on      strategy whilst investments markets are
     their parents are financially secure.       the goal. If they know that, then they   under pressure or in decline - the other
     For example, when their parents             know how much is spare, and that         option is that young Australians may
     would have prioritised repaying the         they have the luxury to spend on the     put their head in the sand and think
     mortgage, building superannuation,          other things.”                           things are just too difficult.”
     buying investment properties, etc,                                                   What are the other key issues that
     their children are now in the fortunate
     position that they do not have to
                                                 “ For instance, if they know that
                                                 directing $200 per week to super,        impact advice given to younger
                                                 $200 per week to a higher interest       people, i.e. property, careers, climate
     prioritise making money/increasing                                                   change?
     their net wealth. Instead, they have        savings account and $200 per
     the luxury to be able to prioritise
     their children’s (the grandchildren’s)
                                                 week into an investment bond will
                                                 secure their retirement, pay for the     “   Cashflow has to be the absolute key
                                                                                          issues for all Australians, not just young
     education or better work/life balance       holiday they want next year, and         people.”
     by only working four days per week          fund their children’s secondary
     rather than five (or six or seven that
     their parents had to work!)”
                                                 school education in 10 years, they’re
                                                 in the strong position of knowing
                                                                                          “  Biggest issue is affordability of
                                                                                          advice. For us to do a thorough job
                                                 that everything else they earn can       cost is $3k+ and that’s too much for
     “  The main difference is the
     timeframe. I find that next generation
                                                 be used as they see fit. Or that they
                                                 could potentially reduce hours to
                                                                                          young people.”

     are focused on short term goals, while
     their parents have longer term focus.”
                                                 spend more time with the family and      “   The critical issue is how to best save
                                                                                          for their first home and how much
                                                 still achieve their goals.”
                                                                                          funds, if any, should be directed to


investing for retirement when they      Will homes be something that young
have not yet purchased a home.          people can afford? Why is there so

Similarly, when a younger person        much access to credit?
has worked hard to purchase their
home, the conversations are around      “ It’s almost impossible to buy a
how spare cash flow (if any!!) should
be used when considering the
                                        decent first home. University fees are
                                        very high and credit is too easy. Our
                                        desires exceed the supply.”
                                                                                  than given
                                                                                  credit for
combating needs of building for
retirement, having a savings buffer,    What do younger generations have to
saving for future costs (education),    gain from financial advice?
and planning for future changes in
income (reducing to one income for
a period of time). The conversation
                                        “  Everything! Accountability to
                                        a professional who can help guide
also extends to the need for            them, financial education and             Much is said about the younger
insurance, where best to pay for        empowerment to make financial             generation and their attitudes
those insurances, the sums insured,     decisions, and professional advice        towards money, and right now
waiting period, benefit period and      to put them on track towards their        how they think and feel about
definitions that are appropriate and    goals and stop them from making big       money is being tested more than
trying to convince them as young,       financial mistakes.”                      ever before.
healthy, people that insurance is
needed.”                                “  It means the future’s in their hands
                                        not the governments.”
                                                                                  However according to a report
                                                                                  by Alpha Beta, commissioned
                                                                                  by AfterPay last year, younger
THEY SAY                                “   Long term perspective. Smart
                                                                                  generations are more financially
The next generation say they are                                                  savvy than they are often
facing different financial pressures    What do you think younger                 portrayed.
than the generations before them,       Australians are most concerned
and they want different things out      about when it comes to their
of life. They also want the advice to   finances?
make that financially happen.
How are the financial challenges
                                        “  How to manage their finances as
                                        best as possible, investing, buying                     80 per cent of
that younger people face different      property. It’s common for younger                       millennials have a
than previous generations?              people to not know what they really                     budget, compared

                                        want, and there’s pressure for them                     to 67 per cent of
“   We expect to live more lavish
lifestyles. Everyone around us is
                                        to do life “textbook perfect”. For
                                        example, they may be concerned
                                                                                                older generations
travelling, seeking experiences and     they’re 30 and don’t own property as
broadcasting this on social media.      they feel like they “should” whereas                    They are 37 per
The ‘fear of missing out’ (FOMO)        that may not actually be a goal of                37%
                                                                                                cent less likely to
justifies so much short-term and        theirs.”                                                own a credit card
spontaneous expenditure.”

“   There is so much more to buy        “  Housing affordability, investing
                                        their funds ethically, making the right
                                                                                                75 per cent shop
and it can be done with a click of a                                                            around and check
                                        investment decisions with their limited                 product reviews
finger 24/7 and you can pay later.      funds.”
With so much access and promotion                                                               and prices carefully
of products online it is so tempting
to make purchases that aren’t
                                        “  To be honest I really don’t think
                                        that younger Australians think this way
                                                                                                before purchasing

necessary.”                             or plan ahead. They seem to be very
                                        much here and now in their thinking.”

                                                                                                      MAY 2020 13


     An optimistic view of prospects for the profession as seen through the eyes
     of 2019 FPA University Student of the Year finalist Porsha Papas, Associate
     Adviser at Morgans Financial in Port Macquarie, NSW.

                                As a recent finalist in the 2019 FPA      via strategic advice and an ongoing
                                University Student of the Year Award,     relationship. This is exactly what I want
                                Porsha is an up-and-coming financial      to do and I couldn’t be more excited
                                planning professional who has             to be evolved and become a fully
                                consistently shown a commitment           qualified financial planner in my current
                                to excellence during her five years in    role as Associate Adviser at Morgans
                                the industry. She has been an FPA         Financial Port Macquarie.
                                Mid North Coast Chapter Committee
                                                                          What were the greatest challenges
                                Member since 2018 and was selected
                                                                          and opportunities on your journey to
                                as a sponsored student to attend
                                                                          becoming a planner?
                                FPA Congress in 2017 and 2018. She
                                is currently completing her final year    Completing two of my university
                                of a Bachelor of Commerce majoring        Finance units abroad in Europe and
                                in Financial Planning.                    India. Each unit would normally take
                                                                          12 weeks but they were condensed
                                What motivated you to choose a            to 2 weeks each. It was incredible to
                                career in financial planning?             fast track my studies and learn from
                                I started working in the industry as an   multiple industry professionals in
                                                                          their home countries. The coursework
        The ability to          administration assistant in a regional
                                                                          itself was intense as the unit is so
                                boutique financial planning office
        cooperate with,         when I returned from living in Italy.     condensed, but the experience these
        and learn from,         Until then I had no idea what financial   units has brought me is invaluable. The
                                                                          ability to cooperate with, and learn
                                planning was and this is where my
        others who have         passion for the profession began.         from others who have a completely
        a completely            I worked closely with a
                                                                          different culture to you is such a vital
                                                                          skill, especially in the financial planning
        different culture to    CERTIFIED FINANCIAL PLANNER               industry.
        you is such a vital     PROFESSIONAL who was also a
                                                                          Balancing study and work is
                                Chair of the FPA and heavily involved
        skill.”                 in the industry. She has been an          challenging, but motivating. A huge
                                incredible mentor and I enjoyed what      number of planners are having this
        | PORSHA PAPAS          I was learning and being exposed to       experience due to the new FASEA
                                everyday. So much so, that I decided      education requirements. Having done
                                after just one year that I wanted to      this for four years online I’ve come to
                                pursue a career as a financial planner.   learn that maintaining your current
                                                                          lifestyle, work and social life is a whole
                                A career in financial planning, for       new ballgame. I studied in the evenings
                                me, combines my love of finance,          after a day at the office, as lectures are
                                strategies and intricate knowledge,       recorded by my University. Routine,
                                with helping and communicating            discipline and motivation are key. A
                                with people. The conversation a           good support network and passion for
                                planner has with their client involves    what you are learning with the ability to
                                coaching, support and assurance           see an outcome from your hard work is
                                and working together to achieve           extremely helpful in staying on track.
                                their lifestyle goals and objectives


What were the best sources of             What advice would you give to               Why is now an interesting time to be
support for you along the way?            your younger self on overcoming             entering the profession?
                                          challenges and making the most of
Finding another student and planner                                                   Financial planning is a profession
in a similar situation to talk to is so                                               that can genuinely make a difference
important. I was really fortunate         Meet as many planners as you can, ask       to someone’s life. With the need
to have connected with a student          them questions, hear their journeys,        for reliable, ethical financial advice
who was completing the same               discuss their styles of planning, their     now greater than ever, many young
major very early on in my academic        preferred areas of specialty and why        people – especially women – are
career. It is an amazing support to       they got into the industry. Getting         choosing to build careers around a
have a likeminded person in similar       yourself out there is the best way to       profession that helps others make
circumstances to work with and            make the most of opportunities, as this     informed and rewarding financial life
discuss the course requirements.          in turn is the way opportunities present    decisions.
                                          themselves to you. Make yourself known.
From a career point of view, I                                                        The profession is also becoming
would suggest that young planners         As for any challenges you encounter, just   more recognised with higher
who have their degree should              talk through them with someone you          standards and qualifications. There
seek support from a mentor and            trust. You are not alone and don’t          are many opportunities for career
experienced planner who you really        have to take everything on yourself.        growth for young planners due to the
look up to and see as a role model.       There is an incredible support              education changes and professional
You can both work together to grow,       network, and everyone wants to see          status transition that have occurred.
offering each other guidance.             young planners succeed and will be          During this transition period it is
                                          more than happy to provide guidance,        valuable for young planners to
                                          advice and help. All you have to do is      obtain mentorship and learn from
                                          have the confidence to ask.                 experienced planners.

                                                           List a job.
                                                           Pick a paraplanner.
                                                           Deliver advice, faster.
                                                           TANNGO. YOUR ONLINE PARAPLANNING PLATFORM.


                                                                                                              MAY 2020 15

     A timely reminder of the benefits of FPA membership that could help you
     successfully navigate the most challenging economic environment ever.

     By continuing to listen to the         PEER SUPPORT                          Professional Year, create structured
     needs of members, the FPA has                                                work and learning plans. As well
                                            Given the challenges associated
     progressively rolled out tools,                                              as recording and signing-off on
                                            with the COVID-19 crisis, it’s
     resources and services designed                                              completed activities, this digital tool
                                            an important time for financial
     to enhance financial planning                                                also produces quarterly completion
                                            planners to support one another.
     businesses, and improve overall                                              certificates.
                                            Our new FPA Community site
     client engagement. With the
                                            is an online forum for members        Also new in 2020 is the integration
     COVID-19 crisis heralding the most
                                            to connect, collaborate and           of CFP® certification with the
     challenging economic environment
                                            communicate in a trusted setting.     Master of Financial Planning offered
     ever, there have never been more
                                            As many financial planners are        by Deakin University. By helping
     reasons to make the most of your
                                            facing new questions and concerns     students complete their CFP®
     FPA membership.
                                            from clients and grappling with       certification units as they study
     Given that COVID-19 has added to       the challenges and opportunities      towards their Masters, this new
     the many complexities confronting      of supporting clients remotely,       study option delivers significant
     financial planners, 2020 presents      reaching out to peers can be a        time and cost savings for financial
     an opportunity to re-engage with       positive step towards making          planners looking to achieve their
     the ever expanding array of FPA        changes and coming up with new        FASEA approved qualification and
     services and resources.                solutions.                            their CFP® designation.
     We fully understand that helping       FPA Community is also the new         Other milestone services launched
     clients through these troubled times   destination for FPA members to        in 2019 include Match My Planner,
     means you’re likely to be busier       provide their input and feedback      which lets consumers search and
     than ever. However, don’t forget to    on policy issues affecting our        interact with CFP professionals
     draw on our services for support       profession to contribute to           before committing to an initial
     and learning, at a time when they’re   FPA’s advocacy and government         meeting. This year FPA has received
     likely to be needed most.              relations.                            a 20 per cent increase in volume
                                                                                  to Match My Planner and the Find
                                            In response to increased pressure
     SERVICES RATED MOST                    associated with navigating the
                                                                                  a Planner directory, with a spike in
     HIGHLY                                                                       Australians looking to connect with
                                            challenges of COVID-19 for clients,
                                                                                  a financial planner for advice during
     While the FPA provides an extensive    we have added new resources
                                                                                  times of crisis. Then there’s the new
     range of resources, the category       to our FPA Wellbeing service.
                                                                                  FPA member digital badge, which
     valued most highly by members,         There are fact sheets available
                                                                                  can be included on your website to
     according to 2019 research, is         on understanding health anxiety,
                                                                                  showcase your FPA membership to
     Advocacy/Government and                managing teams working remotely,
     Regulator relations (33.1 per cent).   preventing fatigue, and building
     Last year alone, our members had       resilience.                           Last year we introduced FPA My
     direct input on 48 FPA submissions                                           CPD, a new platform to give FPA
     to government and we took part         NEW MEMBER SERVICES                   members power over their CPD
     in over 250 government and             In response to the call by members    requirements. It allows you to plan,
     stakeholder meetings. We have          for greater support with practice     access and track your CPD – all from
     a permanent member of staff            management, and the rapidly           the convenience of your desk. Right
     based in Canberra overseeing our       changing landscape for advice,        now, you can find more than 300
     government relations to ensure         we will continue to explore new       hours of FPA accredited CPD from
     we are part of all the important       opportunities going forward. We       over 100 suppliers – including 120
     conversations taking place around      have already made significant         free hours of CPD from webinars,
     financial planning in order to         updates to member services in         courses, articles and quizzes.
     represent member views.                2020.
     Other key areas valued most highly     These include a new digital tool
     by members include CPD webinars        that lets FPA Professional Practice
     (30 per cent) and Policy guidance/     and Partner members, manage
     tools (29.9 per cent).                 individuals completing their



 ADVOCACY                                PRACTICE                                    CONSUMER OUTREACH
 A new secure online forum,              MANAGEMENT                                  Numerous initiatives to help
 FPA Community means there’s             To help members reduce                      consumers better engage with
 no shortage of opportunities            operational costs, manage change            planners include, Match My
 for members to have their               and maximise efficiency, the                Planner (see above), year-round
 say on the latest policy and            FPA offers insights into fintech            advertising, Financial Planning
 advocacy issues. During                 solutions and ideas to modernise            Week, our annual national
 2018/19, the FPA took part              a client SOA.                               consumer awareness campaign,
 in over 250 government                                                              and Money & Life, an online
 and stakeholder relations               To help members understand and              destination dedicated to helping
 meetings and sought input               act on their obligations, members           Australians improve their financial
 from members to make 48                 also receive updates and guides             wellbeing, where you can access
 submissions to government.              on legislative changes and policy           free consumer content for your
                                         issues.                                     own marketing activities.

 EDUCATION                               COMMUNITY                                   SUPPORT SERVICES
 As well as the CFP®                     OUTREACH                                    FPA tools support practice
 Certification Program, the              Opportunities to give back to               management, business efficiencies,
 FPA enables you to achieve              the community include the FPA/              plus change management, while
 your CPD on FPA My CPD and              Cancer Council Pro Bono Service             the FPA Wellbeing service helps
 the FPA Return to Learn hub             and Financial Planning Bushfire             support members with their own
 makes it easier for members to          Pro Bono Program, and supporting            health and wellbeing.
 complete FASEA requirements             at-risk young Australians through
 and get prepped for the                 Future2.
 Financial Adviser exam.

 We’ve got your back
 To survive the COVID-19 crisis in the best shape possible, we invite you to get to know the range of support tools and
 services the FPA makes available to members.
 Whether you’re looking to keep up with the latest news and policy announcements, manage your overall wellbeing
 or look for the right education options, the FPA has you covered. We’re committed to providing members with the
 necessary resources to foster business growth within a complex, fast-changing regulatory and economic environment.

                                                                                                            MAY 2020 17

   Having the ability to
   provide clients with
   reassurance and
   clarity surrounding
   their financial future
   through education is
   a big reason behind
   my career change.”

As a promising financial planner with Shadforth Financial Group,
Georgie Savage knows the profession is not for the faint-hearted. She talks to
Miriam DeLacy about the trials, opportunities and rewards of her new career. path.

A head for figures and a sense of              “I feel very strongly about helping my    quickly snapped up by the Shadforth
adventure have both served Georgie             clients to ensure that this does not      Financial Group practice, joining
Savage well in earning recognition             happen to them. Having the ability        their Launceston office where her
in the financial planning world.               to provide clients with reassurance       experience has been one of dedicated
After several years working as an              and clarity surrounding their financial   mentorship and support for putting
accountant, she quickly realised her           future through education is a big         her knowledge into practice.
chosen career wasn’t going to fulfil           reason behind my career change. I
                                                                                         “I’m fortunate to be able to work for
her goal of making a difference in             have a passion for helping people to
                                                                                         a company that has a strong team,
people’s lives.                                become informed and have a clear
                                                                                         mentoring culture and a desire to see
                                               vision and understanding of their
“Ten years ago, I never would have                                                       all team members succeed. Shadforth
                                               financial future.”
thought I would end up working within                                                    is full of many experienced financial
the financial advice industry,” says                                                     advisers who have given their time
Georgie. “I originally chose to go down                                                  to help build my skills and support
an accounting career pathway, but                                                        my professional development. I have
after spending seven years working in                                                    attended numerous client meetings
that field, I felt like it didn’t provide me                                             with senior advisers, helping me
with the ability to fully assist clients to        With the education                    not only with technical skills, but
help them achieve financial freedom.”                                                    also softer skills such as effective
“With accounting you are really
                                                   requirements lifting                  communication. One lesson this has
                                                                                         taught me is that we are not judged
looking at past events, and yes you can            our status within                     by what we say, but by the questions
implement strategies to assist clients
                                                                                         we ask.”
for the next year or so, but I didn’t              the community as a
feel that I was making a significant                                                     ENGAGING WITH THE
difference to their lives, which I am              profession, younger
                                                                                         PLANNER COMMUNITY
passionate about doing.”                           advisers will have                    Georgie’s willingness to question and
A NEW KIND OF ADVENTURE                            the opportunity                       eagerness to learn from her peers
Following a career break which saw                                                       hasn’t gone unnoticed. In 2019 she
her take the opportunity to travel
                                                   to be a part of a                     was invited to join the FPA Emerging
                                                                                         Professionals Network, an opportunity
and explore the wider world, Georgie               more professional,                    that has strengthened her belief in the
came to the realisation that a move
into financial planning would give her             accountable and                       potential of the profession to improve
                                                                                         the lives of even more Australians.
that chance to play a central role in
building a better future for clients.              valued industry.”                     “Last year I was fortunate enough
“During a period of extensive travel,                                                    to join FPAs Emerging Professional
I had the chance to reflect on what                | GEORGIE SAVAGE                      Network after being chosen as the
was missing from my accounting                                                           Tasmanian representative,” says
career,” she says. “After consideration,                                                 Georgie. “Having the opportunity
I decided that a move into financial                                                     to come together with like-minded
advice would give me the best chance                                                     individuals, to discuss strategies to
to help people and make long-term              With an undergraduate degree              enhance the appeal of the financial
improvements to their lives.”                  in Business and Commerce from             planning profession to the next wave
“I have seen firsthand the devastating         the University of Tasmania already        of students and planners has been
impact ill-informed financial decisions        under her belt, Georgie completed         an amazing experience. Being a part
can have on people’s lives,” she adds.         her Graduate Diploma in Financial         of a driven and passionate group of
                                               Planning, Finance in 2018. She was        people that will become the future of

                                                                                                                  MAY 2020 19

     the planning industry, has been a very      Australians as the most important        shakeup stronger, more compliant
     positive experience.”                       challenge in front of her and her        and more trusted,” she said. “With
                                                 peers. “For me, the biggest challenge    the education requirements lifting
     READY TO EMBRACE                            for the financial advice profession is   our status within the community as a
     CHANGE                                      to get the message out to the wider      profession, younger financial planners
     Georgie’s positive attitude towards         community about our profession and       will have the opportunity to be a part
     change gives her strong sense of            the value and benefits of good quality   of a more professional, accountable
     optimism when it comes to where             advice,” she says.                       and valued industry.”
     the financial planning profession is                                                 In addition to new standards of
     heading. Not only does she see change                                                education, Georgie points to digital
     as expected and necessary, she also                                                  enhancements as another game
     believes the ability to navigate change                                              changer for financial advice. By
     is central to the role financial planners                                            embracing the opportunity to rethink
     play in guiding clients through times of        For me, the                          their approach on the basis of what
     stress and uncertainty.                                                              technology is now making possible,
     “Having the capability and willingness
                                                     biggest challenge                    financial planners can make important
     to not only accept and adapt to                 for the financial                    progress in delivering advice in a more
                                                                                          engaging way.
     change, but to also embrace it, are
     key character traits required to be             advice profession                    “Technology is now playing a more
     successful in this profession,”
     says Georgie.
                                                     is to get the                        important role more than ever with
                                                                                          clients becoming more ‘tech savvy’
     “The longer I have been in the industry,        message out                          and wanting information at their
                                                                                          fingertips,” says Georgie. “Embracing
     the more I come to understand that
     change is a constant in the finance
                                                     to the wider                         technology is key to providing our
     world, and this is not just regarding           community about                      clients with the best advice in an
                                                                                          efficient way. I feel very fortunate to
     technological innovation.”
     “Investment markets move constantly,
                                                     our industry and                     be part of a company that is investing
                                                                                          in the newest and best technologies
     legislation is evolving, as are the rules       the value and                        to assist me to become the best
     and regulations governing advice. This                                               adviser that I can be, and so I can
     will continue to be the case. I may be          benefits of good                     remain in the industry for a long time.”
     at the end of my required studies but
     that’s not to say additional changes
                                                     quality advice.”                     JOINING FORCES
     and study requirements won’t come                                                    The many changes underway in
     into effect later down the track.”              | GEORGIE SAVAGE                     the profession itself, as well as the
                                                                                          widespread economic impact of the
     WHAT THE FUTURE HOLDS                                                                COVID-19 pandemic, are bound to
     As a newly qualified financial planner,     However, she also feels that much of     present younger financial planners
     Georgie has already overcome the            the work to restore the reputation       like Georgie with both challenges and
     challenge many financial planners           of the financial planning profession     opportunities. “Whilst the next wave of
     still face in complying with the new        is already well in hand. “As a whole,    advisers may be viewed as lacking in
     education standards. From her               I believe the industry should come       experience, they are technically strong
     perspective as a relative newcomer,         out of the Hayne Royal Commission        – as through their recently completed
     she sees engagement with unadvised

   education and training,” says Georgie.                      ENDURING REWARDS
   “But one of the strengths of being a                        Ultimately, what drives Georgie
   younger adviser is that you can offer                       to keep striving to deliver better
   longevity to the client relationship. The                   advice goes beyond technology, or
   ability to stay in a client’s life for 10, 15,              even team work. It’s the satisfaction
   20 years is a strength that younger                         of making a genuine difference                                     Having the
   advisers can offer.”                                        in people’s lives that drew her to
                                                               financial planning and continues to
                                                                                                                                  capability and
   However, Georgie is quick to point out
   that embracing the future shouldn’t                         keep her motivated to learn, improve                               willingness to
   mean disregarding valuable lessons                          and progress in her career.
   from successful financial planning                          “Having the ability to provide
                                                                                                                                  not only accept
   strategies used in the past. “I have
   seen the impact on the baby boomer
                                                               financial education and awareness to                               and adapt to
                                                               clients is hugely rewarding,” she says.
   generation and the struggles they                           “I remember one of my first client                                 change, but to
   have had to work through,” says
   Georgie. “Understanding their
                                                               meetings where I got to experience
                                                               the real value we add to people’s
                                                                                                                                  also embrace it,
   financial journey and applying these
   learnings to the next generation and
                                                               lives. Through a cash flow modelling                               are key character
                                                               session, I was visually able to provide
   beyond is valuable.”                                        the clients (a couple) confirmation                                traits required to
                                                               that they were in a financial position
   This is one of several reasons why she
   sees the greatest potential for positive                    to retire – bringing them instant relief                           be successful in
   outcomes for clients when advice can                        and comfort.”                                                      this profession.”
   draw on the experience and insights                         “I derive a great deal of satisfaction
   of financial planners in the early and                      from helping clients to navigate often                             | GEORGIE SAVAGE
   later stages of their career. “A company                    complex and confusing financial
   like Shadforth is great as it offers a                      matters. Building rapport with clients
   good mix of both newer advisers and                         over time, and becoming a trusted
   those that have been in the industry for                    confidant, is just one of the many
   many years,” she says. “Having a team                       positive by-products of working in
   approach to advice, where the client                        this profession.”
   has access to both junior and senior
   advisers is a huge strength of our firm.”

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making a decision about whether to acquire that product.

     The next generation of planners are seeking workplace flexibility, mentoring,
     purpose and fulfilment in what they are doing. Jayson Forrest talks to three
     young CFP® professionals about how they view the future of advice.

                                 Like so many uni students, Emily               And as a Millennial, Emily is no
                                 Lanciana CFP® was at a loss when she           stranger to technology and is buoyed
                                 completed her Bachelor of Commerce             by the opportunities technology
                                 degree. What to do now? It was a chance        has for the profession. She believes
                                 meeting with a careers coach and a             the evolution of social media is
                                 couple of brainstorming sessions later,        encouraging more planners and
                                 that sent Emily on the path of financial       advice businesses to market their
                                 planning, and she still says it was one of     services and expertise.
                                 the best decisions she ever made.
                                                                                “There is a saturation of online
                                 “We figured out all of the things I’m          content, so we need to be more
                                 good at and particularly passionate            proactive in marketing ourselves as
                                 about, which all pointed towards financial     advice specialists,” she says. “We
                                 planning,” Emily says. “So, I went back        need to embrace technology and be
                                 to uni and did an additional year where I      adaptive to change.”
                                 majored in financial planning.
                                 “I’ve always been motivated to help            REWARDING CAREER
                                                                                Close to Emily’s heart is ‘pro bono’,
                                 people. It’s very rewarding to see clients
                                 achieve their goals and share their            and it’s something that Apt Wealth
                                 journey with them. It’s the perfect career.”   Partners takes seriously. The business
       LANCIANA                  At the age of 28, Emily represents the
                                 new breed of planners coming through
                                                                                participates in the Cancer Council Pro
                                                                                Bono program and it has signed up
       CFP®                      the profession – tertiary educated,
                                                                                to provide pro bono for the Bushfire
                                                                                Recovery program.
                                 mentored and highly motivated. She
                                 views all the changes with higher              “I love doing pro bono,” says Emily.
                                 education requirements and professional        “I do a lot of work with the Cancer
       AGE: 28                   standards as being “positive” for the          Council Pro Bono program. It’s the
       POSITION:                 profession, by making planners more            most rewarding work that I’ve ever
                                 accountable with the best interest duty.       done. It’s a wonderful way of giving
                                                                                back and helping clients.”
       PRACTICE:                 POSITIVE OUTLOOK                               As a young professional, Emily has
                                 As a young professional working at             workplace flexibility at the top of her
       YEARS AS A FINANCIAL      Apt Wealth Partners, Emily has a               list and expects that from a career
       PLANNER: SEVEN            very positive outlook on the future of         in financial planning. Thankfully, it’s
                                 advice. She sees planners moving away          something Apt Wealth Partners
                                 from just numbers and investments,             supports as a business.
                                 to take on a more behavioural finance
                                                                                “I work for a firm that is innovative,
                                 aspect with their clients.
                                                                                so when it comes to pro bono,
                                 At Apt Wealth Partners, Emily                  technology adoption and workplace
                                 predominantly works with Millennial            flexibility, we have it,” she says.
                                 clients, where she heads up a lower cost       “Job fulfilment, technology and
                                 offering for this generation. The offering     workplace flexibility are all key areas
                                 covers super, insurance and loans, but         that Millennials are looking for with
                                 at a reduced scale. She sees her role          an employer. These are all areas that
                                 with clients as that of a CFO, where she       businesses need to address, if they’re
                                 provides clients with the pros and cons        going to be successful in attracting
                                 of all of the options available, and then      the next generation of planners.”
                                 assist them in making the right decisions.

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