Angela Martyn completed her three-year term as President in October 2022 and BFP Vice President, David Murdoch now takes on the role. Assisting him is current BFP Executive Member, Brent Giles, who has become Vice President.

We thank Angela for her dedication in guiding and building the BFP into a stronger, more efficient, and effective body to represent small AFSL’s. Her indefatigable energy and passion for our emerging profession has been invaluable over the past three years.

The BFP Office Bearers chosen by the Executive Committee for the 22/23 year are:

President:             David Murdoch
Vice-President:    Brent Giles
Treasurer:             Nathan Baker
Secretary:             Anthony Gillett

The Executive Committee members elected at the BFP AGM are:

Ursula Boorman, Chintan Engineer, Corin Jacka, Dacian Moses, Henry Pilat Wayne Roggero and Natallia Smith.

The BFP Executive are displayed on this page – Meet our Executive

BFP Executive Committee member, Ursula Boorman, is representing the BFP membership in discussions with the Financial Services Council regarding standardising client engagement / fee consent forms.

Date: Monday 29 August

The Joint Associations Working Group (JAWG) welcomes the publication today of the Quality of Advice Review (QOAR) Proposal Paper. The Quality of Advice Review is critically important given its focus on how to improve the current system of providing financial advice for the benefit of all consumers.

This Proposal Paper demonstrates the Federal Government’s ongoing commitment to an independent review aimed at identifying suitable ways to improve access to quality, affordable and accessible financial advice for all Australians. The Paper sets out proposals to make it easier for consumers to have meaningful, fit-for-purpose conversations with their advice provider about all or part of their financial and lifestyle objectives while maintaining robust consumer protections — an objective the JAWG supports. We also take the opportunity to acknowledge the quality and depth of the engagement from the QOAR team led by Michelle Levy, given the complexities and range of issues involved.

In our earlier submission to the QOAR (https://fpa.com.au/wp-content/uploads/2022/06/JAWG-Response-QOAR-Issues-Paper-FINAL-no-sigs.pdf) in response to the issues paper, we advocated  for a range of solutions aimed at achieving a sensible balance of consumer protections and regulatory oversight required to achieve these outcomes. As a coalition of associations, the JAWG understands and values the broader community good and significant social benefits that come from financial advice done well, and we look forward to continuing our engagement with Treasury, Government and other stakeholders to advance this agenda.

Please contact Sarah Abood (FPA) or John Maroney (SMSFA) for further information.

The JAWG comprises the following Associations;

1. Association of Financial Advisers (AFA)
2. Boutique Financial Planning Principals Association Inc. (BFP)
3. Chartered Accountants Australia and New Zealand (CA ANZ)
4. CPA Australia
5. Financial Planning Association (FPA)
6. Financial Services Council (FSC)
7. Financial Services Institute of Australasia (FINSIA)
8. Institute of Public Accountants (IPA)
9. Licensee Leadership Forum (LLF)
10. Self Managed Super Fund Association (SMSFA)
11. Stockbrokers and Investment Advisers Association (SIAA)
12. The Advisers Association Ltd (TAA)

BFP Secretary, Tony Gillett, is to represent the interests of BFP members in discussions with the Insurance Council of Australia (ICA) who have recognised the issues in the PI market and are seeking to engage with us via a project teams formed of Licensee Leadership Forum participants.

Discussions will focus on both the emergence of potential new facilities and options like discretionary mutuals https://rmml.com.au/guide-to-mutuals/ and captive solutions https://www.zurich.com/en/products-and-services/captive-services  as well as the lack of general capacity for licensees.   Tony ‘s extensive knowledge and understanding of this market will greatly contribute to the discussion.

BFP’s involvement with the Licensee Leadership Forum has opened the opportunity to be part of a new sub forum being established – ‘Professional Standards Leaders Forum’.  The aim is to provide the opportunity for people in professional standards roles to connect on a regular basis, share insights and ideas, develop some consistency in interpretations and applications, with an overall objective of continuing to support the ongoing growth of our profession.

Dacian Moses will be our representative on the forum.  He has extensive experience and knowledge in the area having been a Professional Standards and Conduct Committee member since January 2013 and Conduct Review Commission panel member since October 2013.

The BFP Distinguished Service award recognises the significant service, over an extended period, that has had a meaningful impact on the values and objectives of the BFP.

This year the following recipients received the award as part of the BFP 20^th Anniversary celebratory lunches.

• BRUCE BAKER
• IAN DONALDSON
• TONY GILLETT
• WAYNE ROGGERO

Read More about the awards

The Quality of Advice Review (QoAR) being undertaken by Treasury, provides an opportunity to enhance the regulatory framework for financial advice so that more people are able to access affordable financial advice when they need it and in the form they want. High quality advice should enhance our financial security and wellbeing.

BFPs involvement with submissions on the Quality of Advice Review

FPA submission

Several BFP members were involved in the FPA’s own submission on the QoAR and we wrote a letter of support for their submission.

Joint Associations Working Group submission

We were also involved in the broader Joint Associations Working Group (JAWR) submission.

As a professional association, the BFP have had the opportunity to provide input and guidance on the FPA’s Quality of Advice submission and now write in support of their submission.

Our members support the following key themes which they believe will enable the provision of quality affordable and accessible advice to Australian consumers while supporting the financial planning profession and the sustainability of practices.

• Let professionals be professionals – allow professional judgement with an ethical overlay to be the arbiter of quality advice.
• Advice fit for purpose – allow scoping of advice to reduce advice document complexity and reduce consumer costs.
• Regulatory certainty – rules that are relevant and easy to understand and implement within any advice business practice.
• Sustainability of profession and practices – reduced compliance duplication to contain input costs coupled with fees being tax deductible to promote more engagement with financial planners to lift financial education standards and financial outcomes for the populace.
• Open data and innovation – making it easier for the financial planning professional to work with clients in obtaining relevant data for planning purposes that is accurate.

FPA Quality of Advice Submission.

Congratulations to BFP members, Stephen Ballinger and Phillip Win for being part of the FPA Future2 Wheel Classic team that raised $64,623 for the Future 2 Foundation.

As the FPA’s charitable foundation, Future2 aims to make a lasting difference in the lives of young Australians who are financially and socially disadvantaged, helping them realise their potential.

Wayne Roggero has stepped down as Vice President after having served in this role for the past few years.  He will remain a valued member of the Executive team.

BFP Executive Member, David Murdoch now takes on the role.

We are fortunate that we will continue to benefit from Wayne’s experience and insights as a past President and a long-standing Executive member, while implementing our succession plan.

BFP Member, David Sharpe has been appointed Chair of FPA on 1 May 2022.

David joined the FPA in 2003 and became a board member in 2016.  He was appointed deputy chair in February 2021.  He takes over from BFP Member Marisa Broome who has been chair since November 2018.

Business Health is proud to partner the Boutique Financial Planning Principals Association (BFP) and offer its range of services to BFP members.

Both Business Health and the BFP understand that being self-licenced is a big step to take in the journey as a Financial Planner, but also see the personal rewards and satisfaction from running your own AFSL every day.

BFP is focused on providing a support network to smaller self-licenced financial planning business across Australia.

There are a range of benefits in becoming a member of the BFP including access to a large variety of special pricing arrangements with service providers and very highly related conferences, with a focus on the sharing of best practice ideas specifically aimed at improving small AFSL businesses.

For most members though, the greatest benefit of the BFP is the unique culture where members actively share ideas, issues, and fellowship with one another.

The BFP is very much a member-to-member association.

To see what BFP members say about the group and to learn about its aims and the significant array of membership benefits available, please look at their website www.bfp.asn.au.

So, what next?

If you are interested in learning more about the BFP please contact any of the BFP Executives – alternatively, if you are keen to join the BFP simply complete and lodge the Application Form available on their website.

Catch Boutique Financial Planning Principals Association Inc President Angela Martyn On Professional Planners Peer groups and the value of community in financial advice.

View the Podcast page

We congratulate BFP member, APT Wealth (NSW,) for being named winner of the 2021 FPA Professional Practice of the Year Award.

APT Wealth were deemed by the judges to embody the essence of a true FPA Professional Practice and that they should be congratulated for the valued work they undertake for their clients.

The BFP Office Bearers chosen by the Executive Committee for the 21/22 year are:

President:              Angela Martyn
Vice-President:    Wayne Roggero
Treasurer:              Nathan Baker
Secretary:              Anthony Gillett

The Executive Committee members elected at the BFP AGM are:

Ursula Boorman, Brent Giles, Corin Jacka, Dacian Moses, David Murdoch, Henry Pilat and Natallia Smith.

The BFP Executive are displayed on this page – Meet our Executive

The BFP Annual General Meeting is being held on 27th October 2020, via Zoom, at 12 noon AEDST.

The BFP joined consumer groups and professional industry associations in writing to the Treasurer to seek a broadening of the Compensation Scheme of Last Resort to all AFCA members.  The submission was publicised in a subsequent media release.

Treasury recently called for submissions on the Compensation Scheme of Last Resort (CSLR).

While the BFP supports a compensation scheme of last resort, we had concerns about the way the scheme had been designed. Key concerns centred around the following aspects:

• Relevance and materiality
• Existing redress available via PI cover
• Levey determination methodology
• Participatory fairness
• Proportional allocation
• Cost containment and expenditure oversight
• Management of surplus
• Management of capital reserve
• Impact on affordability of advice
• Retention as facility of ‘last resort’

Given these concerns, and our desire to ensure any scheme developed is efficient and streamlined while resulting in regulatory fairness, a submission was prepared by the BFP Executive and lodged with Treasury on 12/8/21 on behalf of BFP Members.

BFP Members Marisa Broome, Michelle Tate-Lovery and Anne Graham sat on the Professional Planner Advisory Board developing the content and agenda for the Best Practice Forum held in July 2021.  Anne also contributed to the discussion about Thriving in Times of Change.

Angela Martyn, BFP President, and Delma Newton, BFP Member and former FPA Director, have been appointed to ASIC’s Financial Adviser Consultative Panel (FACP) for a term for 4 years.

The FACP supplements ASIC’s existing engagement with the financial advice industry by:

• contributing to ASIC’s understanding of issues in the financial advice industry
• improving ASIC’s capacity to identify, assess and respond to emerging trends in the financial advice industry.
• enhancing ASIC’s relationships with our key stakeholders.

The FACP will provide ASIC with views on a broad range of issues relating to the financial advice industry.

BFP Member, David Sharpe has been appointed Deputy Chair of FPA and will work alongside BFP member and FPA Chair, Marisa Broome.

BFP President, Angela Martyn, has been reappointed to the Professional Planner Advisory Board for 2021.

The role of the board is to provide guidance on industry matters and aspects impacting the retail advisory community.

On 29th January 2021, the BFP held a Special General Meeting to approve some minor changes to their Constitution.

The changes were accepted unanimously.

The Executive Committee and Office Bearers were re-elected for the 20/21 year.

President: Angela Martyn
Vice-President: Wayne Roggero
Treasurer: Nathan Baker
Secretary: Anthony Gillett

Committee members: Ursula Boorman, Brent Giles, Ken Hanlon, Corin Jacka, Dacian Moses, Georgie Phillips, Henry Pilat.

The BFP Annual General Meeting was held on 14th October 2020, via Zoom, at 12 noon AEDST, with members voting on a new Constitution which will underpin the future growth and development of the association.

It is great to see so many within the BFP membership be so actively involved in contributing to the financial planning community, including being part of the FPA’s very successful 2020 (virtual) Congress.
Some of the BFP contributors are noted below:

The BFP Executive have made the decision to cancel the 2020 BFP conference due to the ongoing uncertainty relating to Covid19 and travel restrictions.

A core benefit of the conference is the ability to hear from others within our group on areas of interest and importance. So, while we cannot physically get-together, plans are underway to enable us to continue peer to peer learning over the next 12 months. Plans for the 2021 BFP Conference scheduled for September, in Brisbane, are proceeding and I look forward to seeing you all there.

Following the recent BFP conference and AGM in Brisbane at which over 80 people attended, we are pleased to announce the 2019/20 Executive Committee as elected by the members:

Our current suite of member benefits is being reviewed and expanded to suit the needs of a growing BFP membership base. BFP members will be notified by email of new benefits as they are added.

BFP President, Angela Martyn, attended the recent ‘AFCA Fairness’ roundtable discussion with Dr June Smith and her colleagues, as well as representatives from AFA, KPMG and ASIC.

During the session AFCA explained their fairness jurisdiction and outlined how they will handle complaints consistent with that jurisdiction.  They also spent time articulating the approach they will adopt to decision making to ensure procedurally and substantively fair outcomes and set out expectations for how AFCA and all parties will engage in dispute resolution.

BFP President, Angela Martyn, met with Dante De Gori and his senior leadership team as well as FPA Chair and long standing BFP Member, Marisa Broome, to open up dialogue on issues facing the financial planning community and BFP members in particular and to gain an understanding of how we can utilise the opportunities afforded to the BFP.

Many BFP members attended the very successful 2019 Congress held in Melbourne.

BFP Members involvement ranged across a number of areas, including:

BFP President, Angela Martyn, was invited to join the Professional Planner Advisory Board and attended the first meeting held for 2020, in February.

The role of the board is to provide guidance on industry matters and aspects impacting the retail advisory community.  The board also helps direct content for the print media, website and associated events.

Behind the scenes the BFP Executive, together with our new administrator (TAS), have been busy working on a raft of projects including: