JULY 2020 VOLUME 32 | ISSUE 06

Breaking down barriers SIR JOHN KIRWAN ON MENTAL HEALTH AND WELLBEING

ELDER FINANCIAL WORKPLACE DIVISION ABUSE WELLBEING 293 TAX IDENTIFYING THE FINANCIAL PART OF EARLY WARNING WELLBEING THE ADVICE SIGNS PROGRAM PROCESS

JULY 2020 CONTENTS

FOCUS INSIGHT GROW LIFE LEARN

06 NEWS 16 BREAKING 27 FINANCIAL 33 A VOICE FOR 35 UNDERSTANDING BARRIERS ABUSE RURAL WOMEN DIVISION 293 TAX FPA [Virtual] Conference. Former All Black Sir Financial planners Craig Phillips AFP® is Understanding when John Kirwan talks can play a critical role supporting Country and how a client needs about his own battle in protecting their to Canberra in to pay a Division 293 09 FASEA EXAM with depression and clients from elder empowering young tax liability is an his advocacy work financial abuse. women to reach important part of Registrations open for with mental wellbeing. their full leadership the advice process, says August 2020 exam potential. Brooke Logan.

24 LIVING THE 31 SPOT THE GOOD LIFE WARNING SIGNS

Ryan Watson and Michelle Gibbings Tribeca Financial’s provides five tips to unique workplace help team leaders Financial Wellbeing create mentally Program. healthier workplaces.

PUBLISHER Zeina Khodr M +61 414 375 371 The material should not be relied on without seeking independent professional advice and the Financial E zeina@ paperandspark.com.au MONEY & LIFE MAGAZINE is the official Planning Association of Australia Limited is not liable P.O. Box publication of the Financial Planning Association for any loss suffered in connection with the use of Paper + Spark ADVERTISING 443, Pyrmont NSW 2009 Suma Wiggins of Australia such material. Any views expressed in this publication +61 404 118 729 ABN 62 054 174 453 are those of the individual author, except where they M EDITORIAL TEAM [email protected] are specifically stated to be the views of the FPA. E Jayson Forrest, moneyandlife.com.au Miriam DeLacy, Clifford Fram, fpa.com.au All advertising is sourced by Paper + Spark. The FPA CIRCULATION AS OF does not endorse any products or services advertised [email protected] MAY 2020 12,500 Level 4, 75 Castlereagh St, Sydney NSW 2000 in the magazine. References or web links to products or services do not constitute endorsement. T 02 9220 4500 | F 02 9220 4580 | E [email protected] Paper + Spark is the custom publisher of Money & Life Supplied images ©Shutterstock. ISNN 1033-0046. (www.moneyandlife.com.au) for the Financial Planning © Financial Planning Association of Australia Limited. Cover and feature images supplied by Kalsey Association of Australia (FPA). All material published in Money & Life is copyright. Goodall. Reproduction in whole or part is prohibited without We are a specialist digital content marketing and social the written permission of the FPA Chief Executive CFP®, CERTIFIED FINANCIAL PLANNER® and CFP media agency with deep Financial Services consumer and Officer. Applications to use material should be made Logo® are certification marks owned outside the B2B experience. We create brand, digital, social and content in writing and sent to the Chief Executive Officer at US by the Financial Planning Standards Board Ltd strategy that leads to reaching the right audience at the right the above e-mail address. Material published in Money (FPSB). Financial Planning Association of Australia time via the right channel to keep you agile and relevant in & Life is of a general nature only and is not intended Limited is the marks licensing authority for the CFP a fragmented media landscape. Because purposefully agile/ to be comprehensive nor does it constitute advice. marks in Australia, through agreement with the FPSB. great brands stand for something, while never standing still. FOCUS

TIME TO RETHINK AND REINVENT.

2020 has been marked by intense disruption for most of us. Now as we slowly adapt to life post-COVID, it’s important to continue to prioritise your personal wellbeing and health – physically, socially and emotionally.

For most financial planners, your role as a coach to your FPA CONGRESS GOES VIRTUAL clients has also been heightened this year. You’ve found While the desire to return to ‘business as usual’ yourselves talking to clients about a broader-than-usual following the pandemic isn’t surprising, we are also range of client anxieties, concerns and fears. Therefore, presented with a golden opportunity to rethink and strategies and information to help your clients with their reinvent ourselves and our practices to face the own wellbeing is important, too. We’ve dedicated this challenges and embrace the changes before us. issue of Money & Life to this very topic. This theme of reinvention has inspired us to launch AFFORDABLE ADVICE, the FPA [Virtual] Congress. Head to page 6 to find SUSTAINABLE PROFESSION out more. We’ve received strong messages of support from This is the first time the FPA is offering our Congress FPA members, and sparked healthy debate and format as a virtual event. It is designed to follow the engagement from industry and government following program we offer at Congress, but spread over four the recent release of the FPA’s five-year strategic months and experienced from your home or office. roadmap and policy platform. Importantly, the FPA [Virtual] Congress has been The 19 reforms outlined in the FPA policy platform designed by FPA members for FPA members, with a support the FPA’s three-pillar strategy focused on series of 16 masterclasses plus a keynote event. The members, advocacy, and the benefits of financial FPA [Virtual] Congress offers up to half your CPD planning to Australian consumers, which guides our hours for the entire year, through facilitated member work from 2020-2025. I encourage you to read the discussion and peer-to-peer learning across the areas policy platform – Affordable Advice, Sustainable you have told us matter the most. – which you can download from the Profession Head to fpa.com.au/virtualcongress FPA website. This month, we begin a series of articles that focus on the themes in the policy platform to provide you with further context and detail on the recommendations Dante De Gori CFP® that focus on reducing regulatory duplication for FPA Chief Executive Officer members, lowering the cost of advice and helping more Australians access it. Follow Dante on Twitter @ddegori10

4 In your clients’ Mainmoment title of need, we’re here. In 2019 alone, we paid $1.5 billion in claims. Because we’re here for your clients when

ADV5354MLF they need it.

aia.com.au FOCUS STARTS THIS MONTH: THE FPA VIRTUAL CONGRESS

Although many members will be disappointed at missing and then COVID-19, have brought us to a watershed out on our annual Congress event this year, we’re very moment as the role for financial planners in the lives of proud and excited to bring you a completely new our clients becomes more important now that it has ever concept in member support, education and networking – been.” the FPA Virtual Congress 2020. “We’re very aware that members need support from Kicking off in July, this is an event series designed both peers and subject-matter experts to be at their to bring our community together to share insights, most effective in this pivotal role leading our economic learn from experts and meet the majority of their CPD recovery. While the decision to cancel our Congress event education commitments. But it’s also an opportunity to in November was very tough, we’re really excited that we celebrate and support our professional community as now have the chance to offer that support starting right we move into a very challenging time of change for both now, when it’s needed.” financial planners and their clients. Instead of an event series held over a few days, the FPA “It’s been a massive ten years for our profession,” says Virtual Congress will run from July to October, offering Michelle Tate-Lovery CFP®, Chair for the FPA Congress members access to a weekly Master Class, with a focus in 2018 and 2019. “The events of 2020, first the bushfires on a particular theme each month. FOUR REINVENTION MASTER CLASSES EVERY MONTH STREAM DESCRIPTION MONTH

The regulators – Ask your questions and hear exclusively from the July 1 understanding your regulators about financial planning matters, followed by responsibilities a panel discussion.

Investment markets A deep dive into the pandemic’s impact on the August 2 and portfolio design economy and how to have compelling conversations with clients in volatile markets.

FASEA Code of Ethics Real life examples and practical application of the Code September 3 in practice for financial planners.

Professional wellness Making sure both you and your clients are ok. October 4 and client care

PLUS, THE UNMISSABLE FPA VIRTUAL KEYNOTE EVENT ON THE 3RD SEPTEMBER, + WHAT IS THE VALUE OF FINANCIAL ADVICE? Facilitated by a high profile journalist.

• Each 90-minute event will be hosted by a panel of profile investigative journalist, this conversational forum experts and includes a facilitated discussion for all is open to all stakeholders – including regulators, media, members attending. consumer groups – as well as all financial planners. • Topics are mapped to CPD requirements. Attending all “The Master Classes are designed to equip financial planners’ events will give members more than half their CPD hours with enhanced skills and knowledge during unsettling times for the year. and help them implement ideas and solutions to serve • Built, delivered and designed for financial planners by clients better,” says Michelle. “The keynote will highlight financial planners – access quality, in-depth peer-to-peer stories of the many ways financial planners have had a learning and discussion. positive impact in people’s lives. I think it will be a way of coming together that will give us all pride in our professional • Missed an event? Registration gives you access to community and boost morale. We’re all having a huge year, recorded master classes for the next 12 months. on top of a huge decade, and it’s vital for members to have • Cost $249 for members, $449 for non-members these opportunities to check in with each other through For a price that’s a fraction of a Congress ticket, members high-quality conversations and go forward with their work can access all 16 Master Classes, plus the keynote event feeling better informed and more resilient as a result.” What is the value of financial advice? Facilitated by a high- Visit www.fpa.com.au to register for the 2020 FPA Virtual Congress

6 Make a difference in your clients’ lives ADV4749 - 06/19 ADV4749

89% of deaths in Australia are caused by four preventable, lifestyle-associated conditions like diabetes and cardiovascular disease, which are due to lifestyle habits such as poor nutrition and lack of exercise.* You can help us reduce this figure. Help your clients improve their health and enjoy the rewards with AIA Vitality.

*Source: World Health Organisation – NCD Country Profiles, 2016

aiavitality.com.au FOCUS PUTTING YOUR WELLBEING FIRST

Many people think of reaching out simple ways to keep the worst of access to a library of tools, blog posts, for support for mental health as a stress and anxiety at bay. podcasts and learning modules curated last resort. By the time you seek to help you thrive in the modern world. Last year, the FPA partnered with help, you’ve probably reached a You can access Benehub from your Benestar to launch FPA Wellbeing, point where anxiety and depression computer, tablet or smartphone. Topics a free, confidential support program are interfering with your work, include: for practitioner members, CFP® relationships and family life. professionals, AFP® and Associate • Mind Asking for help when you’re in members. • Health crisis takes courage and we can be If you’re ready to speak with • Work reluctant to have a conversation someone about any aspect of your • Family about our situation and feelings. mental health, Benestar offer one- • Wellbeing on-one sessions with a counsellor or This is one of many reasons why it’s • Life psychologist, via a phone call or Live important to take action to look after • Money Chat. your mental wellbeing long before you reach that crisis point. Even when you feel positive about life Visit fpa.com.au/membership/fpa-wellbeing/ to find out more about Benehub and how to and work most of the time, it can be With so many people in our access personal confidential support from the helpful to be aware of feelings of fear, profession feeling under pressure due Benestar team of psychologists and counsellors. frustration or anxiety and know how to to changes with work and lifestyle You’ll also find dedicated resources to help deal with them. during the COVID-19 pandemic, there you navigate the challenges of the COVID-19 is no better time to explore some By signing up to the Benehub, you get pandemic and the bushfire crisis.

THE STATE OF

the ratio of Australians aged 45 and WELLNESS 1 IN 5 over who have chronic pain1.

In 2019 alone, we paid $1.5 billion in claims.

aia.com.au

8 FOCUS 86% PASS FASEA EXAM

Seventy-nine per cent of the 470 Glenfield confirmed that subject to • financial advice construction. candidates sitting the fifth FASEA COVID-19 restrictions, the August exam Financial Advisers Exam in April have may be offered in physical locations, Candidates are required to passed, bringing the total number of as well as by remote proctoring. demonstrate professional reasoning financial planners who have sat the Limitations may apply in exam centres and apply knowledge acquired to five exams to date to 7,958. Of this due to COVID-19 social distancing financial advice scenarios at an AQF7 number, 86 per cent of planners have requirements. Currently, over 1,200 (Bachelor degree) level of reasoning. passed, representing 30 per cent of financial planners have registered for To assist practitioner members prepare financial planners on ASIC’s Financial the August exam. for the FASEA exam, the FPA has Adviser Register. The October exam will be held from developed a range of resources and “FASEA congratulates successful 8-13 October, with registration from webinars that provide exam tips and candidates on completing an important 6 July-18 September. The November practical insights. These resources component of their education exam will be held from 5-10 November, explain how to effectively prepare for requirements under the Corporations with registration dates to be advised. the exam, including what to expect, Act during the current extraordinary as well as provide practice exam The exam tests three domains of circumstances,” said FASEA Chief questions to test your knowledge. For knowledge and skill: Executive Officer, Stephen Glenfield. more, go to FPA Return to Learn at learn.fpa.com.au. • financial advice regulatory and legal Registrations for the next exam – obligations; August 2020 – are currently open until For more information on the FASEA Financial Advisers Exam, 24 July. The exam will take place on • professional reasoning and go to fasea.gov.au/examination. 13-18 August. communication; and

SOURCE: 1. Australian Institute of Health and Welfare, Chronic pain in Australia, 2020. 66% 10% 51% 20% 156% 2. Australian Institute of Health and Welfare, Disparities in of people engaged the percentage of potentially of people who the percentage potentially preventable in physical activity hospitalisations across of hospital preventable are happy increase are more likely to Australia 2012-13 to admissions that hospitalisations about their in people 2017-18. report improved were classified was chronic diets since the reporting stress 3. AIA Vitality COVID-19 mental wellbeing 3 as potentially obstructive start of 2020 . linked to social Insights members 2 pulmonary and decreased life or lack of between the period preventable . 3 disease2. feelings of stress . social contact3. February-April 2020.

Because we’re here for your clients when they need it.

aia.com.au

JULY 2020 9 INSIGHT THEY SAY/ YOU SAY

Money stress is seen by consumers and planners as one of the biggest risks to our health and wellbeing. They also agree that communication and planning can be vital in reducing anxiety about personal finances.

THEY SAY While financial problems can lead to direct impacts on personal health for consumers - like cancelling gym memberships for example - it can also have a significant impact on their mental wellbeing. Many agree that positive feelings, and behaviours, about health and wealth go hand in hand.

What sort of impact do your Would you say your financial What works well for you finances have on your overall wellbeing is as important to when it comes to managing health and wellbeing? you as your physical health? stress about your finances?

Significant. I make budgeting for Yes. Financial insecurity weighs Talking to my partner and making the“ gym and healthcare a priority, heavily“ on my mental health, and also a“ plan, then talking to a professional however, facing debt or living without makes me worry that if my physical about how to manage and execute savings gives me a lot of anxiety.” health suffers while I am financially the plan.” insecure, I will be in real trouble.” It has a huge impact on mental Plan, plan, plan. In times of stress health“ and the stress it causes. Money It’s extremely important and and“ worry, build a realistic budget. is a constant source of worry.” on“ par.” Cut out the fluff and bunker down. You’ll be surprised how little you Stress is the biggest one. Anxiety Health before wealth. It’s important need to be happy and survive.” and“ worry are killers and that is but“ not as important. Without your heightened.” health, your wealth is irrelevant. The Positive thinking, exercise.” more people start to realise that, the “ Financial uncertainty causes better society will be.” Physical exercise and talking it anxiety,“ which has a major impact through“ with a partner or friend.” on mental health and personal “ It allows freedom for me to relationships.” participate in the physical activities “ Having a budget. Knowing what that I enjoy. It allows travel (pre my income is, what bills are due “ It has a significant impact, as COVID-19). And it allows me to sleep when and being prepared.” you tend to give up more ‘me time’ well at night. I can seek any medical Ensuring my partner and I are on when you are under stress, especially help required.” “ financial stress.” the same wavelength! That’s very Not quite but it’s up there!” important!” “ When finances are low, things like “ gym membership are cancelled due Absolutely. Financial wellbeing “ Having a plan, including knowing to cost.” “means you have one less thing to how much I have allocated for stress about, which improves spending in different areas.” “ Direct, as I can’t afford to pay my your physical health. They are bills, so I feel insecure when I don’t strongly related.” have enough cash.” It is for me. If I am worried financially,“ I get distracted from looking after my physical health (sleep less, eat more, exercise less).”

10 INSIGHT YOU SAY Financial planners know that peace of mind about money can bring all sorts of benefits to a client’s lifestyle, including more time for looking after their health. As a priority for quality of life, health may come first, but having confidence about future finances can definitely make a difference to mental and physical wellbeing.

Kathryn Francois Kelly Creasy CFP® Leonardo Pillay CFP® Practice Principal Petitto CFP® Director JADE FINANCIAL Senior Financial Adviser KLI Group GROUP PERPETUAL PRIVATE

What sort of impact do Would you say that your What do you find works well your finances have on financial wellbeing is as for you when it comes to your overall health and important to you as your managing stress about your wellbeing? physical health? finances?

KC “ Unfortunately, thoughts about KC “ They’re both pretty KC “ I find planning works best! Making money can be all consuming and important! Financial stress a plan is less stressful if it’s done as financial stress can have a large can have a big impact on your a series of smaller steps – determine impact on mental health. This mental health, which plays a your goals, set a budget, decide how holds true for people of all wealth part in your physical wellbeing. much you can save, and so forth. As levels – whether you’re worrying So, the more in control of our you finish each step, the next one about not having enough, or not finances that we can be, the seems achievable and you have the sure how to optimise what you more time and energy can momentum to keep going. have – time spent thinking about be focused on all the other If it’s too hard – ask for professional finances keeps people up at night, important things that give your help. A financial planner can take impacts relationships and decision life meaning and balance.” the complications, distil them into a making, and increases levels of simple plan, and educate you along anxiety and depression.“ FP “ I would say they are equally as important as each other. As the way so that you feel empowered, in control – and have goals that are FP “ Financial health is inexorably the saying goes ‘healthy body linked to mental health and equals healthy mind’ and it’s within your reach.” wellbeing. Financial uncertainty with a healthy mind that I am Going back to basics always helps. can cause anxiety or stress and able to focus on my financial FP “ Maintaining and keeping a budget. other mental health related issues wellbeing and ensure that the Being realistic about what my spending which can then manifest into goals I am setting for myself needs are. Being honest but fair with physical health issues such as lack are being met. My financial myself with regards to spending on of sleep or high blood pressure. wellbeing also contributes to non-essential items. Budgeting for Many studies into these links my physical health in that I reward items i.e. holidays , nice dinners draw similar conclusions in that can budget for things like the always makes those occasions more a healthy ‘balance sheet’ often gym, the occasional massage enjoyable when you know that they are means a health body and mind. and any other form of physical affordable. Having open discussions For myself budgeting and knowing treatment.” with a partner and ensuring that you’re that I have enough not just to both on the same page with regards to spend but also to save enables me KP “ Physical health is definitely both spending and saving.” to feel at ease and less anxious more important. However, I about what lies ahead.” think people often overlook KP “ A good plan, and ongoing how much ‘good finances’ review – I do the same for myself, as I think the state of your finances KP “ gives you the opportunity to I do for my clients. When you have a has a huge impact on your health better look after your physical documented plan and you can see it and wellbeing. The physical effects self. Whether that’s time out to will get you to your goals, it takes a that stress causes when you are exercise or the ability to spend lot of the ambiguity out of the, ‘Will I under pressure is well documented. more on groceries and fresh have enough’, question. Furthermore, Not to mention the impact it has food.“ I think as people, we fall into one of on mental health and your family two categories: those who constantly relationships. There is a reason that overspend and subconsciously know financial pressures are one of the they are going backwards, and those most cited reasons for relationship who won’t enjoy life’s luxuries because breakdowns and so forth.” they constantly feel like they haven’t done enough. Being able to compare your current position to the plan has helped on many occasions take the emotion away and in doing so, reduce the mental pressure.“

JULY 2020 11 INSIGHT STRESS-RESILIENCE, LEADERSHIP AND MENTAL FITNESS

With the added uncertainty we’re all experiencing in the new world of COVID-19, business leaders have their work cut out for them. Aaron Williams, CEO and co-founder of Mindstar, reflects on what leaders need most to rise to the challenges facing financial planners.

There is an old saying in mental health – if you want to give 1. SELF-LEADERSHIP someone an anxiety disorder, give them uncertainty. Self-Leadership includes key traits such as: stress- In our new, constantly changing, COVID-19 world, how resilience, authenticity, vulnerability, empathy, self- much uncertainty do we now have – in every single area discipline and psychological flexibility. It is self-leadership, of our lives? and introducing a culture of self-leadership into your The COVID-19 crisis is very different to anything we have organisation, that provides us all with the self-awareness experienced before. Unlike the other recent major upheavals and skills to meet the unprecedented challenges – and and crises, such as the Financial Services Royal Commission, opportunities – of a new, post-COVID-19 world. drought, or the bushfires – that many of us were still Self-leadership provides tools for you to deal with struggling with, when coronavirus hit – COVID-19 has uncertainty, anxiety and constant change, to bring affected every single one of us at the you success, mental fitness same time. And the hardest part is and wellbeing. that we don’t know when it will end. There are four stages of COVID-19 I am privileged to provide workplace that I speak to organisations wellbeing training and leadership about: support to organisations from the But if we take a step Department of the Prime Minister back and look at all of STAGE 1: INITIAL SHOCK & and Cabinet, to Woolworths DENIAL – including feelings of Group, banks and the major life the events over the last stress, disbelief, anxiety and for and health insurers, right through two years, no sector has some even panic! My mother-in- to construction companies, small law still has the 32-pack of toilet businesses and not-for-profits. I can had more challenges rolls in the cupboard to prove it. confidently say that every Australian STAGE 2: RIDING THE WAVE – industry is being knocked about. and uncertainty than the financial planning sector. this is where we struggle with But if we take a step back and look uncertainty and anxiety while we at all of the events over the last As so many people have try and ‘flatten the curve’, and the two years, no sector has had more daily and weekly changes to social challenges and uncertainty than the acknowledged, it has been isolation and travel guidelines. The financial planning sector. As so many something of a ‘perfect challenge is that no-one is sure people have acknowledged, it has how long this stage will last. been something of a ‘perfect storm’. storm’.” STAGE 3: RECOVERY – yes, this For the last couple of years, I have stage will come! Importantly, we all been speaking about my belief need to remind ourselves of this. that financial planners need to We also need to make sure we understand and step into their identity as ‘leaders’. Planners are all focused on recovery so we can be ready to inspire, play such an important role as leaders for their clients, re-energise and re-unite our teams as we emerge on the employees, community, and for their own families and the other side. people they love and care about. STAGE 4: NEW WORLD OF WELLBEING – this is where To deal with a crisis like COVID-19, on top of all of the other we get to choose the things we ‘want to keep’ from the crises and uncertainty of the past two years, what is required crisis and integrate them into our post-COVID lives (e.g. over the next 12 months are two things: more work-life balance; using technology to connect us; more flexibility in remote work-from-home guidelines). 1. Self-leadership; and Right now, we are all busy in ‘Stage 2: Riding the wave’ Stress-resilient leadership – strong, positive leaders at all 2. and some of us are having more success dealing with levels of our businesses. the stress and uncertainty than others. So, how do we all

12 INSIGHT

It is self-leadership, and introducing a culture of self-leadership into your organisation, that provides us all with the self-awareness and skills to meet the unprecedented challenges – and opportunities – of a new, post-COVID-19 world.”

keep ourselves, and our teams, focused on the coming We all have worries and concerns about how this ‘recovery’, while there is so much that is outside of our pandemic is going to affect our life and work into the control? future. However, catastrophic thinking regarding future events – that may never actually happen – does not help. THE PERILS OF BRAIN CHATTER Instead, we can try and focus on what we can control, and The very first step in developing ‘self-leadership’ is what we can do today and tomorrow and the next day. understanding that while our human brains are a part of And especially what we should be most grateful for, right the solution, they are also a major part of the problem. now. Things like the people we love, the beautiful country we live in, and the bright future that we all share. Every human being on the planet – regardless of age, ethnicity, their level of success or failure – shares one We all need to learn to ‘train our brain’. Because the good common attribute. Our brains are constantly telling us news is that just like you can train your heart and lungs and stories, chattering away to us all day, every day. We all have muscles to improve your physical health, you can also train constant ‘brain chatter’. The problem is, our brains don’t your brain to improve your wellbeing and mental fitness. And always tell us positive stories. They often tell us negative the benefit of brain training is additional levels of resilience, stories. Particularly during times of crisis. which allows you to quickly bounce back from adversity. For those of us in the financial planning industry, the 2. STRESS-RESILIENT LEADERSHIP stories our brains tell us might include questions like: In times of stress, change and crisis strong, positive ● How long is this pandemic going to last? leadership is required, with a consistent message and philosophy across all levels of our business. However, ● Will there be a second wave? we need to upskill our people. Often, we do not provide ● What is the effect going to be on the economy? sufficient training for managers to manage themselves. Self- ● How badly will businesses and individuals be leadership and internal self-management are the source of affected financially? both professional effectiveness and professional failure. ● What is the huge downturn in business going to mean These key traits of contemporary leadership include: for my organisation? Stress-resilience; ● What if I lose my job? ● Authenticity; ● Could I even retrain and find a different job in ● this environment? ● Vulnerability; and ● How would I pay the mortgage/rent? ● Empathy. ● What about the kids’ school fees? Strong leaders at all levels of the business are critical for How would I make ends meet? ● sustaining positivity, trust and wellbeing. When our leaders display positive behaviours, we know that the wellbeing and This constant negative brain chatter can lead to us feeling productivity of the entire organisation increases. stressed, anxious, or always focusing on the worst case scenario. So, what can you do about it? My favourite definition of a leader is: if your actions inspire others to dream more, learn more, do more, and become The first thing to do is to become aware of the unique more, you are a leader. story your brain tells you. Is it the ‘I’m not good enough’ story. Or the ‘I’m going to fail’ story?”. Or is it the ‘I need to In the midst of change and crisis, there is tremendous benefit worry about the future’ story? in focusing on concepts such as self-leadership and stress- resilient leadership. What is it that you find yourself catastrophising about? Write it down. Because once you identify the story that When your people, or your business, experience the your brain is telling you, then you can be aware that this is inevitable little dips on the rollercoaster, as individuals and as simply your brain telling you a story. It’s fake news! a team, these leadership characteristics can keep you from spiralling further downwards. Instead, you simply continue onwards and upwards, to the other side.

JULY 2020 13 INSIGHT POLICY PLATFORM IN FOCUS: REGULATION OF FINANCIAL ADVICE

Last month we launched our new policy platform, Affordable Advice, Sustainable Profession. In the first of a five-part series, we look deeper into the context and recommendations for each part of our agenda for policy reform, starting with Regulation of Financial Advice.

Following a review of the feedback Board (TPB) and the Financial THE COST OF REGULATORY questionnaires for our FPA Together Adviser Register, financial planners COMPLIANCE event series, it’s clear that regulation are likely to be paying additional cost continues to be the most important recovery fees in the future to the As well as satisfying ASIC guidance concern for our members. This new single disciplinary body and a on compliance, financial planners qualitative finding is also backed compensation scheme of last resort must also meet the compliance up by the numbers from our which were both proposed by the demands of their AFSL. In response to 2019 member survey, with cost of Royal Commission and are currently ASIC Report 515 on how institutions regulation emerging as the number under discussion by the Government, oversee their advisers, released in 2017, one challenge for members. So it’s as well as an industry funding model many licensees have added long and fitting that we kick-off this series of for FASEA. expensive compliance reviews to their focus articles by further exploring our advice processes, on top of standards recommendations on Regulation of already required by the Corporations Financial Advice. Act. There are also standards set by the TPB and FASEA that are THE MANY COSTS OF different to the AFSL standards. COMPLEX REGULATION With reduced For example, there are best interest duties laid out in all these standards In developing these recommendations regulatory and but there is both inconsistency and for regulatory reform, it was important overlap between them. to unpack just how and why it is that compliance costs, costs of regulation have ballooned financial planners With the many reforms introduced over the years. These costs fall into two by FASEA, there has been a shift in broad categories: the upfront costs would have greater focus towards individual accountability for mandatory fees, charges, industry flexibility to provide for financial planners, in addition levies and insurance premiums and the to their AFSL requirements. These ongoing overhead financial planning services at a scale include personal obligations to meet businesses must meet to comply with and for a fee that ethical and education standards. regulation. While personal obligations are a key matches individual part of professionalisation, this adds UPFRONT COSTS: PAY TO needs.” to the risk of duplicating compliance PLAY requirements. This increasingly complex web of regulations is The exact amount each financial significantly increasing the cost of planner must pay for upfront compliance for financial planners. regulatory costs will depend on The Government’s practice of their business model. What is clear recovering the cost of regulation AN AGENDA THAT AIMS though, is that these costs have been from the industry being regulated HIGH increasing at a significant rate in is to be expected. Introducing a While recognising these costs are recent years. To take one example, single set of fees will go some way a significant burden for financial in 2018 the ASIC levy for financial to ensuring these upfront fees and planners, it’s also the case that strict planners increased 26 per cent levies for financial planners are and fit-for-purpose regulation is over ASIC’s estimate. Instead of an commensurate with the real cost essential for avoiding misconduct expected levy of $907 per planner, of regulation. By making regulatory and safeguarding clients. All the this rose to $1,142. fees and levies more simple and ideas put forward in the Affordable transparent, our profession can also In addition to meeting costs for being Advice, Sustainable Profession Policy expect better decisions-making an authorised AFSL representative, Platform are intended to streamline the when it comes to fee increases. registering with the Tax Practitioners’ regulatory framework without in any

14 INSIGHT

We actually want to reduce the number of organisations that can infiltrate and impose on a financial adviser’s business, so they can get on with what they do best.”

| SENATOR JANE HUME

way compromising the effectiveness of THE PRACTICAL WAY she said. “I am actually surprised some regulators or consumer protections. FORWARD financial advisers don’t spend their lives being audited. We actually want Bringing together oversight, While a single entity approach might to reduce the number of organisations registration, fees and standards under be one the Government could take that can infiltrate and impose on a a single entity would create many if they were starting from scratch, financial adviser’s business so they can advantages for our profession and it seems unlikely that this will get on with what they do best.” for Australians seeking high-quality happen in the near future. However, affordable financial advice. Self- recent comments from Senator Perhaps Senator Hume’s comments accountability to a regulator would also Jane Hume, Assistant Minister for give us cause for hope that the see professional financial planners only Superannuation, Financial Services Government welcomes these new held responsible for what they do, not and Financial Technology suggest recommendations on regulation of the conduct of other members of the that she recognises the extent of the financial advice, and that practical industry as has often been the case. regulatory burden financial planners action will follow. With a more streamlined, are experiencing and is aligned with straightforward and cost-effective our view that a simpler way forward is regulatory framework to support necessary and important. best practice, ethical conduct and When addressing a Licensee Summit professional standards, financial last month, Senator Hume said the You can download the Policy Platform in planners and their clients would government is working on a plan to full from the FPA website at fpa.com.au/ both reap the benefits. With reduced “reduce the number of regulatory advocacy/fpa-policy-platform. regulatory and compliance costs, burdens on financial advisers.” “How We welcome comments and financial planners would have greater many regulators can go into a financial conversations on this document from flexibility to provide services at a adviser’s office and audit them in a members on our FPA Community Portal scale and for a fee that matches one-year period is quite extraordinary,” community.fpa.com.au. individual needs. REGULATION OF ADVICE RECOMMENDATIONS – A SUMMARY

1.1 SINGLE DISCIPLINARY BODY should be established, based on the 1.4 SINGLE SET OF PROFESSIONAL existing Financial Adviser Register, STANDARDS A single government body should be and should be maintained by the responsible for overseeing financial A single set of mandatory single disciplinary body. planners, including setting mandatory professional standards should apply entry, professional standards, 1.3 SINGLE SET OF FEES to financial planners and these investigating breaches of mandatory standards should be maintained professional standards and other Fees paid by financial planners to the and enforced by the single legal requirements, and conducting government should be consolidated disciplinary body. disciplinary proceedings. into a single schedule administered by the single disciplinary body, which 1.2 SINGLE REGISTRATION removes duplication of fees and is limited to recovering the cost of A single register of financial planners efficient and effective oversight.

JULY 2020 15

INSIGHT BREAKING DOWN BARRIERS TO MENTAL HEALTH Ever since his own battle with depression more than 30 years ago, former All Black Sir John Kirwan has been a strong advocate of mental wellbeing. He talks to Miriam DeLacy about the key challenges and opportunities in supporting mental health, in the workplace and beyond.

For decades, being in the spotlight As an elite athlete, it was even harder “I was in a hotel room in Buenos Aires, has been a part of life for Sir John for JK to ask for the help he so thinking about throwing myself out the Kirwan – known to his family, friends desperately needed. “Being an athlete window because I simply couldn’t bear and colleagues as ‘JK’. Long before was actually a hindrance when it it any longer,” he says. “Then one of my he began speaking to audiences of came to owning up to my problems team mates said to me out of nowhere 1,000+ people about mental health, he with mental health,” he says. “It made ‘you’ve got a big heart John.’ His words played rugby union in front of capacity it harder for me to accept that I was literally saved my life. They made me crowds at sports stadiums throughout suffering from an illness. I thought of it stop and realise just what it was I was the world. as a weakness that I had to overcome thinking of doing. So instead of ending and I told myself to just be stronger. it all, I decided it was time to get help. Following his debut in 1984, JK played for the New Zealand All Black rugby “When I returned home, I went to see team for a decade, racking up a total our team doctor. He’d been on that of 63 test appearances and a record- tour with us and I hadn’t said a word to breaking 35 tries. Fans who saw Being an athlete was him about how bad I had been feeling the inaugural World Cup in 1987 will for close to five years. From then on remember his length of the field run actually a hindrance I started working with a psychiatrist to score a try against Italy in the pool when it came to owning to develop the habits and behaviours stages. JK also helped his team to that I’ve built up on my journey to victory in the final with a try against up to my problems better mental health. When I let those France, bringing his total try tally for with mental health. things slip I notice the impact on how the tournament to six. I’m feeling. I need to be disciplined It made it harder for and diligent about returning to those As an athlete performing at his peak me to accept that I habits to get me back on an even keel.” for a winning team you might expect him to be elated by these experiences. was suffering from an BUILDING ON MENTAL But JK remembers all too clearly illness. I thought of it the feelings of doubt that dogged HEALTH INSIGHTS him as he left the field following that as a weakness that I From that time forward, JK has been celebrated try against Italy. “I walked had to overcome and an advocate for mental health. He felt off thinking I was going to be dropped that if just one person could be helped from the side,” he says. “I had imposter I told myself to just be by hearing about his experiences, then syndrome and I thought ‘when are the stronger.” it would be worth speaking out and coaches going to realise I’m just lucky?’ sharing the story of his mental illness That’s how low my confidence was.” and the behaviours, habits and tools he used to help him recover. BACK FROM THE BRINK “When you’re an athlete, it’s all about It’s these very habits, that JK and His anxious reaction to a sporting your body, your physical condition,” a team of clinical experts have achievement most of us can only he adds. “I’d have three massages a combined with other scientifically dream of speaks volumes about the day and train to keep myself in the proven techniques to create an app problems JK was facing. At that time best condition but there was little designed to help people work on their there was a significant stigma around attention paid to my state of mind. mental health every single day. Called speaking up about mental health. “I What was going on in my head Mentemia – Italian for ‘my mind’ – had no frame of reference to help me couldn’t matter as much as what I the app was originally designed for understand what I was going through,” could put my body through.” workplaces to offer employees simple says JK. “My only experience of what Over time his condition became so ways to bounce back from stress, it meant to be mentally unwell was serious that JK could no longer ignore manage anxiety, and experience more watching One Flew Over the Cuckoo’s the fact that he was very unwell. The enjoyment in daily life. Nest. I thought if I owned up to having turning point came on an international problems that’s what I would face, But with the enormous stress tour with the All Blacks when he found locked up and pumped full of drugs.” COVID-19 is placing on so many himself contemplating suicide. people, the New Zealand government,

JULY 2020 17 INSIGHT

together with Westpac and Kiwibank, A FOCUS ON PREVENTION MENTAL HEALTH AT WORK have put their support behind the As a long-term campaigner for mental This is one of many reasons why the Mentemia app, making it available to all health support, JK can clearly see Mentemia team originally developed New Zealanders free of charge for the just how far we’ve come in removing their app for workplaces. They saw next six months. AIA Vitality have also the stigma around mental health and the opportunity to put a tool in stepped forward to enable Mentemia to making support available to those the hands of employees as a key provide the app to all Australians at no in crisis. But with suicide numbers element in a broader program to cost for a limited time. continuing to rise, it’s equally clear support organisation-wide change in “Mentemia has been designed to that there is room for improvement in mental health outcomes. However, JK support people in making small the type of support available and how acknowledges that the app alone is changes to their everyday routines to it’s delivered. not enough to bring about the cultural help them stay aware of how they’re shift that truly supports better mental “Even though the stigma around feeling,” says JK. “It also introduces health. It takes a genuine commitment mental illness is far less, the number of simple steps that people can take to from leaders for change. suicides is still going up,” says JK. “As keep feelings of stress, anxiety and someone who had become a voice “When business leaders genuinely frustration from escalating. And it’s and face for mental health, I really took care about creating a culture of also about learning techniques to help this on board and wanted to see what better mental health and shifting the people feel more positive, more resilient, more could be done. I became very dial, they’re the ones who are having and better equipped to enjoy life, even aware that we still have limited support success in supporting employees,” when things are difficult. available for people who aren’t yet in says JK. “If it’s just a box ticking “The app takes a personalised approach crisis. There’s plenty of funding for the exercise for them, they’re not going that seeks to meet you where you are ambulances at the bottom of the cliff to put in the resources, commitment by understanding your personality and and that’s as it should be. But what and leadership that can make such a your routine, so that you can use the about the fence we need at the top of difference to their employees. Mentemia app and resources in a way the cliff to stop people from needing “I’m speaking to more business that makes sense for you.” the ambulance? That’s where we need leaders who are seeing the figures for more resources, more funding. With its quick prompts and short absenteeism and presenteeism rising. videos, the app takes a nudge approach “I also realised that governments They see how often people are leaving to behaviour change. on their own simply don’t have the their jobs and looking for another “There’s already plenty of advice out funding to fill this need. So, the effort because they don’t feel supported. It’s there on looking after your mental and resources have to come from those leaders who see the business health,” says JK. “With Mentemia, we’ve businesses and communities. We case for supporting mental health in the brought it all together in one place and need all these groups to put their workplace but also know it’s the right broken it down into these accessible, focus on supporting people before thing to do. That’s when you see leaders practical components. It’s like having a they find themselves moving towards succeed in creating a culture that truly mental health coach in your pocket.” that cliff edge.” supports better mental health.” BACK TO WORK AFTER COVID-19

In 2020, mental health in every the time to bring up any issues they from having such limited contact with context has become even more need to talk about it. We need to take other people. What we’re going to important. Thanks to Australia and this opportunity to make sure talking have in our companies is a group of New Zealand’s early success in about mental health continues to be those people all mixed up. We need slowing the spread of COVID-19, an important thing in the workplace. to prepare for the awkwardness when concerns about the mental health one person comes back to work “As people start returning to work impact of the pandemic have come needing a hug and another person in their offices and spending more to the fore. While JK sees this as feels afraid to touch others. time face-to-face, we need to be a chance for businesses to place a prepared for all the different reactions “It’s also important to know that how greater focus on mental wellbeing for people are going to be having,” businesses cope with managing all their workforce, he also points out he adds. “We’ve just been through this change and awkwardness isn’t that there’s no one-size fits all when it habitual change by force. People going to be perfect. Leaders are comes to supporting employees. have changed their habits and some going to make mistakes but as long as “If we look at the positives from the will want to stick with them and they’re open and honest about trying COVID-19 pandemic, we’ve been way some won’t. If you think about the to do the right thing, everyone can more open about our mental health introverts in this world, they’ve loved be more understanding. My advice to and talking about it more,” says JK. every minute of being at home and anyone in a team, whether you’re a “I had one business making time for don’t really want to go back to being leader or not, is to be kind to yourself, 15-minute mental health chats before out in in the world. Then you have be accepting of your emotions and be a meeting starts, so that people have the extroverts who’ve been suffering kind to others.”

The Mentemia app is free to download from the App Store or Google Play. 18

18 INSIGHT

ANIMAL ANALOGIES: MAKING MENTAL HEALTH ISSUES RELATABLE

“One of the things we wanted to take the teeth out of those sharks, BOB THE MONKEY do with Mentemia was change the make them smaller and eventually If you can meditate you should, dialogue. We need to communicate get them out of the water. One of my because it’s an amazing thing for about mental health in language that’s sharks was feeling inferior because I your wellbeing. But I can’t do it. If I sit going to be heard and understood.” was always being told by teachers at down and start meditating, Bob the school that I was dumb. These are two examples of the ‘animal Monkey grabs my thoughts and he’s stories’ JK tells to make mental health To take on this shark, I had to face off. challenges and tools for change more up to this fear and I realised that So the way I get Bob the Monkey accessible to his audience. education hadn’t worked out for me to calm down is to do something because I was on the dyslexic scale. to relax, like cooking or reading. But not being educated doesn’t SHARKS IN THE WATER I’ve just taken up the guitar and make me dumb and when I made When I was working with my when I start to practice, Bob grabs peace with that, my shark went away. psychiatrist she taught me to a banana and goes and sits in his self-hypnotise by using breathing This is how I help people understand cage. I don’t expect to become techniques and imagining that I was the psychological technique of brilliant at playing the guitar but it’s surfing. When I went to do it at home externalising your problems so you a tool for helping me stay mentally I pictured myself putting my board can work on them. But if I were to well, by calming my mind and shorts on, grabbing the longboard, use those words when talking to a keeping Bob from running away running down the beach and into the room full of people they’d just get with my thoughts. waves, two to three-foot perfection bored or not understand what I’m There are lots of Eastern practices – with five sharks circling me in the talking about. But after hearing the that many people find really helpful water. shark story, people come up to me but you shouldn’t feel like you’ve and say ‘JK, I’ve got a couple of When I reported this back to my failed if they don’t work for you. They sharks’ and I say ‘that’s cool, if you psychiatrist, she told me I needed to didn’t work for me, but trying these know what they are then you can things out was how I discovered that work on them.’ I’m an active relaxer.

JULY 2020 19 INSIGHT A NEW WORLD PARADIGM

The COVID-19 pandemic is impacting the behaviours of Australians in many ways. A recently released report is sharing valuable insights on these behaviours, enabling financial planners to better understand and respond to their clients’ changing health and wellbeing. Jayson Forrest reports.

With just over 7,200 confirmed lockdown and social isolation. This shifted and how the behaviours of cases of COVID-19 in Australia at the includes focusing on our mental people have changed,” says Candice beginning of June, with 6,619 people health, while remaining socially and Smith, Head of Wellbeing at AIA recovered and 103 deaths (according emotionally connected with family, Australia and New Zealand. “From to the World Health Organisation), friends and the wider community. this, we developed the AIA Vitality Australia is the envy of the world, as COVID-19 Insights report.” it bucks the trend of others countries, COVID-19 INSIGHTS The research, which analysed data where cases of coronavirus continue Supporting the National Mental from 150,000 AIA Vitality members, to rise. Health Commission’s call to revealed some interesting insights, Through the Government’s including an increase in physical implementation of strict measures activity and better nutrition since to combat this global pandemic over the start of 2020. The data shows the last six months, the COVID-19 that Australians’ eating behaviours pandemic has undoubtedly changed are changing, with people eating the way Australians live, work and Connection with healthier meals and their level of play - perhaps irrevocably. happiness about their diet increasing each other is a part by 20 per cent from January to April. However, as a nation, community and of who we are, it is as individuals, we continue to face There was also a substantial 32 per an extraordinary time, where these at the core of our cent decline in the number of people measures, like business lockdown eating at least one meal per week and social isolation, have had an community and from a restaurant or takeaway. unintended consequence on the culture, and crucial And while gyms remained closed mental and physical health during the lockdown period, the of Australians. to our mental health AIA data showed that Australians’ In acknowledging the impact and wellness.” appetite for physical activity the coronavirus crisis has had on remained strong, with people using the wellbeing of Australians, the | LUCY BROGDEN this opportunity to privately exercise Government has rolled out the more. Even the use of tech devices to #InThisTogether initiative – a national track an individual’s physical activity, online campaign that provides increased by 23 per cent in April. Australians with practical tips to encourage Australians to focus Candice wasn’t surprised by these support their mental health and more on their changed behaviours positive insights, saying the lockdown wellness during COVID-19. during this crisis, AIA Australia has released two timely research reports period had provided people with Speaking of the campaign, the – the AIA Vitality COVID-19 Insights more time to engage in healthy National Mental Health Commission’s report and the AIA Wellbeing Index activities and practises. However, CEO, Christine Morgan, says: – that validates the Government’s the data also uncovered an alarming “We understand the impacts and #InThisTogether campaign, by increase in the stress levels of consequences the virus is having unveiling key insights on how the Australians during COVID-19. on our lives, especially for those coronavirus is affecting the mental “There was a 156 per cent increase in whose employment, financial, social health and wellbeing of Australians. stress linked to social life or lack of and housing circumstances, and social contact, which was the highest livelihoods, are impacted.” “When our world changed dramatically six months ago, we of all stress indicators, followed by an She adds that now more than ever, we looked at our unique AIA Vitality data increase in stress related to managing need to better understand society’s to see just how quickly the world has the home and looking after children at changed behaviours, as a result of 76 per cent,” says Candice. “So, while

20 INSIGHT

CANDICE SMITH HEAD OF WELLBEING AIA AUSTRALIA & NEW ZEALAND

we have some positive behavioural behaviours – unhealthy diet, physical journals and bring it into the living findings, other insights around stress inactivity, smoking and excess alcohol rooms of everyday Australians. The were quite dramatic.” consumption – can contribute to four more we can get people talking about diseases – cardiovascular disease, mental health and wellbeing at all In addressing the research findings, cancer, chronic respiratory disease levels of society, the better,” she says. the Co-Director, Health and Policy at and diabetes – which are responsible The University of Sydney’s Brain and In fact, AIA is using this research to for 90 per cent of preventable deaths Mind Centre, Professor Ian Hickie, adjust its AIA Vitality program – a in Australia.” says tackling mental health challenges proprietary behavioural economics- during times of crisis should be based wellbeing program. Candice considered by utilising a mix of says the AIA Vitality program interventions, particularly those that exists to make a real impact on the encourage social connection. behaviours of its members, while remaining relevant to members “Predictive modelling of the in order for them to maintain economic and social impacts of Predictive modelling engagement with the program. COVID-19 indicate that we now face of the economic and at least a 25 per cent increase in “But because of how dramatically suicides each year for the next five social impacts of and rapidly the world has changed years,” he says. COVID-19 indicate that during COVID-19, we had to adjust the program to ensure that not only “Putting an emphasis on physical we now face at least a were members able to still earn points activity, sleep patterns, healthy diet, for their healthy behaviours under reduced smoking, and increasing 25 per cent increase in these unprecedented times, but also social connection (while still physically suicides each year for that they were being rewarded in distancing) are all things every person ways that were still appealing and can be doing now to help their mental the next five years.” accessible during lockdown.” wellbeing. They are not only likely to have direct benefits in reducing | PROFESSOR IAN HICKIE As a consequence, enhancements to depression levels but importantly, the mental wellbeing component of should minimise the increased risk of the program were made, including premature death or disability due to access to over 13 meditation sessions, cardiovascular disease.” with 25 AIA Vitality points available The AIA Vitality Wellbeing Index per session. THE STATE OF WELLBEING also uses case studies to highlight success stories, where individuals Alongside the SHIFT THE NARRATIVE AIA Vitality COVID-19 and communities have implemented s report, AIA Australia has According to the National Mental Insight programs to shift key behaviours. also released its inaugural AIA Health Commission’s Chair, Lucy Vitality Wellbeing Index, which ranks Candice says by better understanding Brogden, the mental health and Australia’s states and territories lifestyle behaviours that directly wellbeing of all Australians is central in across six key categories that influence our health, particularly responding to COVID-19. contribute to health and wellbeing. during the current pandemic, financial And as the country emerges from planners have an opportunity to raise “We undertook this research to the lockdown period, the focus will greater awareness of these highly increase awareness of modifiable swing more to the financial wellbeing modifiable behaviours with their clients. behaviours of Australians based on of people, as they adjust to lost work the ‘4-4-90’ model,” says Candice. “The AIA Vitality Wellbeing Index or income, as a result of the global “We want to highlight how four risky allows us to take the research coronavirus pandemic. conversation away from academic

JULY 2020 21 INSIGHT

“The Government’s commitment to mental health 10 WAYS TO CULTIVATE during this pandemic signals to all Australians the importance it holds for their mental health and wellbeing,” Lucy says. YOUR MENTAL HEALTH “Connection with each other is a part of who we are, it is at the core of our community and culture, 1. BE ACTIVE: Focus more on moving rather than and crucial to our mental health and wellness.” exercise, as the idea of exercise can be off-putting for some people. Remember, when you are Industry research confirms that Aussies are doing moving, you are exercising. Find an activity that it tough, with the latest NAB Australian Wellbeing you enjoy and make it part of your routine. Survey (Q4 2019) reporting that even before the outbreak of the coronavirus, more than one-in- 2. CREATE A HEALTHY SLEEP ROUTINE: Try three Australians were reporting feelings of ‘high sleeping 7-8 hours regularly, and avoid screens anxiety’. This has now increased to four-in-10 (such as phones, laptops and TVs) 30 minutes people saying they are ‘highly anxious’, making before bed and avoid coffee after 3pm. them particularly vulnerable to financial stress. 3. STOP SMOKING: The health benefits are And with evidence linking financial stress to immediate, plus your hip pocket will thank you. decreased mental wellbeing, Candice says this is 4. EAT WELL: Eat a healthy, well-balanced, nutritious an ideal opportunity for planners to re-connect diet and drink 2-2.5 litres of water a day. with their clients, particularly in relation to financial decision-making. She believes research driven Avoid sugary 5. REDUCE YOUR SUGAR INTAKE: client conversations can be particularly powerful in drinks and excessive processed foods. re-engaging with clients. Mental health is just 6. TAKE CARE OF YOUR MIND: “Planners can use independent research that as important as physical health. So, take care of links financial stress to mental health as a way of your mind, as you would your body. starting a difficult conversation with clients on 7. CONNECT WITH OTHERS: Build meaningful their own wellbeing and changed behaviours. It relationships with your family, friends, colleagues allows planners to move from opinion or hearsay to and community. You could even try volunteering at quantifiable fact,” she says. a local charity or community organisation. “As we know, trust is the single most important 8. PRACTICE MEDITATION OR MINDFULNESS factor in the client/planner relationship. If a client TECHNIQUES: Start with noticing your breathing believes their planner is listening to them and for one minute and slowly work this up to 10-15 adapting to their unique situation, then they will minutes a day. This is a great way of calming and share a deeper relationship built on trust and re-focusing the brain. understanding. There’s no better time to build that trust than now, during these volatile and uncertain 9. REST AND RELAX: Allowing time to rest is critical. times.” Spending as little as 10 minutes outside in nature can help you decrease stress. She adds that by shifting the narrative to action rather than reaction, and prevention instead of 10. KEEP LEARNING: Learning new skills builds treatment, clients will be better off – both mentally confidence and will give you a sense of and physically. achievement. SOURCE: AIA Vitality Wellbeing Index

In Australia, AIA Vitality members are 30% less likely to lapse their policy compared to non AIA Vitality members*.

*Lapse improvement rate based on rolling 12 month lapse rates for AIA Vitality and non-AIA Vitality members, by policy count, as at April 2019. ADV5354MLQ - 04/20 ADV5354MLQ

22 INSIGHT

“Planners need to focus more on their client’s entire life journey, which means taking greater interest in GETTING THROUGH COVID-19 their physical and mental wellbeing, as well as their financial wellness. SAFELY “By talking about beneficial behaviours around health and wellness, planners can help their clients 1. PAUSE AND TAKE A BREAK: Take regular breaks enjoy their financial independence, while helping from work, news and family demands. The mind needs them to live healthier and more active lives.” time to rest to reduce anxiety and stress. Taking in However, she warns that any financial services large amounts of negative news can also make you business that isn’t encouraging and supporting feel anxious. So, pause and take a break from the ‘all their clients to improve their health and wellness day’ news cycle. from the beginning of the advice journey, is missing 2. CREATE A NEW DAILY ROUTINE: This includes time out on an important value proposition. for exercise, time for healthy eating, time for sleep and “Financial planners need to understand their time away from the screen. These can all help with clients’ needs and support them by developing improved mental health. plans that focus on healthy behaviours and 3. GET SWEATY: Even the smallest amount of exercise is practises throughout their various life stages, like great for your physical and mental health. physical activity and diet,” Candice says. “This is absolutely critical if we are to shift the dismal 4. TALK ABOUT FINANCIAL STRESS: Financial stress health outlook that is linked to non-communicable will impact your mental health and wellbeing. Taking diseases.” action can help you feel more in control. 5. PLAY YOUR PART: We can all make a difference. Continue to make decisions that safeguard and protect and care for your family, friends and community. Your actions matter. 6. KEEP KIDS COMMUNICATING: Let children know We undertook this research to it’s okay for them to be worried, and talk to them about their feelings. Set aside time every day for fun increase awareness of modifiable activities. Challenge yourself and your children to find behaviours of Australians based COVID-free time in every single day. on the ‘4-4-90’ model. We want to 7. STAY CONNECTED: It can feel lonely when we’re at home, so get creative about staying connected. highlight how four risky behaviours Hearing familiar voices and seeing faces help us to can contribute to four diseases better cope during times of social stress and isolation. which are responsible for 90 per 8. CHECK-IN AND BE KIND TO YOURSELF: Many people are supporting others at the moment. cent of preventable deaths in Monitor how you are feeling and seek support when Australia.” you need it. 9. REACH OUT: Connect and reach out to those | CANDICE SMITH individuals who may not have connections. 10. SEEK SUPPORT: It’s okay not to feel okay. SOURCE: mentalhealthcommission.gov.au/inthistogether

Reduce your client lapse rates with AIA Vitality.

aiavitality.com.au

JULY 2020 23 INSIGHT LIVING THE GOOD LIFE

Tribeca Financial has developed a unique workplace Financial Wellbeing Program for employers. Ryan Watson talks to Jayson Forrest about this program, as well as Tribeca’s approach to improving the wellbeing of its clients and staff.

You might be forgiven for thinking that Tribeca Financial is like any LIVING THE GOOD LIFE other high street advice business, As part of enhancing the health and providing a full service suite offering wellness of its team, the practice to clients. But what makes this utilises the Wheel of Life tool to Melbourne-based FPA Professional bring clarity to the Tribeca team’s Practice stand out from the others is wellbeing, allowing individuals to its approach to health and wellness, visualise the important areas of their both for its team and clients. life and to better understand which of their life areas are flourishing and “We’re a financial advice firm that is which ones need work on. not just about improving a client’s finances. We help our clients build “This tool gives a bird’s-eye view of the life they want, by prioritising our life. It is a visual representation what’s most important to them at of all areas in our life at one time,” each stage of their life and then says Ryan. “There are about eight key putting together a financial roadmap ‘spokes’ in the Wheel of Life, which to help them achieve their goals,” represents a facet of our life, such says Tribeca Financial CEO, Ryan as health and wellbeing, finances, Watson. relationships, and fun and recreation. These ‘spokes’ help us to maintain our Sitting at the heart of the business personal and professional balance. is its philosophy – ‘My Good Life’ – which incorporates health and “As a business, each team member wellness into the lives of individuals. uses this tool on a weekly basis to For clients, it’s about financial check-in on whether they’re in balance wellness, allowing them to live their or out of balance, and if the latter, lives free from financial stress, while we then work on what needs to be RYAN WATSON for staff, it’s about supporting them addressed to rectify that imbalance.” to live balanced lives, both personally As part of this weekly check-in, and professionally. individuals also conduct a ‘cause POSITION: According to Ryan, the ‘My Good and effect’ rating, where they rate CHIEF EXECUTIVE OFFICER Life’ approach to financial planning themselves out of 10 points - with 10 indicating an individual is firing on all PRACTICE: TRIBECA FINANCIAL helps the practice understand the life goals and expectations of clients. cylinders, dropping down the scale to ESTABLISHED: 2010 From there, it’s about designing a one, where the person is feeling highly stressed and is struggling. LICENSEE: financial plan that will get clients MY DEDICATED ADVISORY from point A to point B, enabling “Each member submits this ‘cause and them to “live their good life”. effect’ rating, and we share that as a FPA PROFESSIONAL PRACTICE: team. We aim for seven out of 10 per OCTOBER 2018 But isn’t this approach just a catchphrase for goals-based advice? person. For staff sitting on the lower “Not so,” says Ryan, who adds that end of the scale, we provide support the ‘My Good Life’ approach to to help them improve their rating. And business is part of the practice’s for individuals at the higher end of the DNA, applying not only to clients but scale, we look to learn from them with also the Tribeca team. respect to what they are doing, what their successes look like, and how we can replicate this across the business.”

24 INSIGHT

Ryan says the Wheel of Life tool and in the workplace with employers and the ‘cause and effect’ self-analysation decreased productivity. rating have become essential elements “So, we thought about how we could in the business, providing greater educate people en masse, while clarity to the overall health and Our purpose at adding value to the employer. From wellbeing of the practice’s employees. this, the Financial Wellbeing Program Tribeca is unique. It’s was developed,” Ryan says. FINANCIAL WELLBEING to be brave, to forget PROGRAM The program consists of four specialised financial wellbeing As Ryan steers the business into its the status quo and to education components. They are: tenth year, he draws on his external live your ‘good life’. It’s leadership coaching, which he has 1. UNDERSTANDING FINANCIAL undertaken for the past five years, to unique both from an WELLBEING not only help others maintain their An introduction to the concept of personal and workplace balance, employee perspective financial wellbeing and the impact but to also help him stay mentally poor financial wellness can have and physically fit. Why? Because and for clients.” on a person’s life. he believes that when it comes to health and wellbeing in business, 2. MIND OVER MONEY it’s vitally important that you Breaking down the stigma practise what you preach – both for around talking about money and employees and clients. Ryan concedes the catalyst for understanding mindset techniques developing the Financial Wellbeing that can help a person stick to and “We take health and wellbeing very Program hinged on the low rate of achieve their financial goals. seriously. We know that we need to financial literacy within the workplace. be leading examples of this for our 3. MASTERING CASHFLOW clients. If we don’t seek balance in “When it comes to helping clients, we Cashflow is a key determinant to our own lives, then we’re not a great want to inspire them, educate them financial wellbeing. This session example for our clients. Therefore, and support them,” he says. “We shows employees how to quickly why would they take our advice? knew there was a low rate of financial save money, as well as what a literacy in Australia. Studies show that good cashflow plan looks like. “Our purpose at Tribeca is unique. 46 per cent of workers spend at least It’s to be brave, to forget the status 4. GROWING AND PROTECTING three work hours each week thinking quo and to live your ‘good life’. WEALTH about their finances, while 53 per It’s unique both from an employee This session dives into the cent of workers say they feel stressed perspective and for clients,” he says. importance of insurance, as well about their finances. as examining how to choose So serious is Ryan’s approach to “And with nearly one-in-three investment options based on an health and wellbeing that it has employees admitting to being individual’s lifestyle. also become a bespoke client distracted in the workplace because value proposition for the business. “We start with a goals-based session of their finances, it was clearly evident Called the Financial Wellbeing that we call ‘10-3-now’. Prior to the that unfortunately, a lot of people Program, this service is available for session, each participant privately struggle with their finances. This workplace employers. The program completes a goals-setting document, means they are not empowered to encompasses everything a workplace which includes where they want to make the right decisions, which leads team needs to know about how be in 10 years, where they want to to high levels of stress.” to improve their financial wellness, be in three years, and what effective ranging from cashflow and mindset As a business, Tribeca recognised the change is required now to reach those techniques to insurance and investing. impact financial illiteracy was having goals,” Ryan says.

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By providing financial education in the workplace, we get to improve people’s sense of financial wellbeing, and for employers, they are getting a more engaged and productive workforce, which is a healthy by- product of the program.”

“We conduct an introduction to we will run four to six sessions a year A PROGRAM OF WELLNESS financial wellbeing. This includes with our employer clients, which For advice businesses considering introducing participants to a financial gives us time to create trust with rolling out a similar financial wellness matrix and the key elements of security the employees, while running the education program, Ryan offers the and freedom of choice. Then we run a workplace program. following advice. goals-based session. “By providing financial education in Firstly, he says, a business needs “We provide people with structures the workplace, we get to improve to clearly understand why they are around cashflow and investment, people’s sense of financial wellbeing, wanting to introduce a wellness as well as structures around and for employers, they are getting program as part of its service offering. contingency, which includes estate a more engaged and productive And secondly, a business needs to planning and insurance.” workforce, which is a healthy consider what value it can add by by-product of the program.” However, before an employer implementing such a program. commits to the Financial Wellbeing Ryan is pleased with the uptake of “Consider what’s in it for the Program, Ryan says the business is the Financial Wellbeing Program workplace employer to allow their happy to walk employers through by employers, saying the program employees to give up their time to various strategies that provide more usually engages up to 25 per cent participate in your program. Advice customised education for their of an employer’s workforce. He also practices should be talking to requirements – one session at a time. adds that another component of the companies that are employee-centric, program is one-on-one consultation because they are more focused on with individuals. EMPLOYER FOCUS the needs of their staff,” he says. To date, Tribeca has successfully “We do this because when it comes to “Secondly, understand where the value rolled out the Financial Wellbeing financial matters, some people prefer is for the employee. Why would an Program to businesses including: to meet privately. We consult with employee want to take time out of TAL, Computershare, Retail Prodigy these individuals in a 45-minute session their day to participate in the program? Group, Carsales and the Melbourne where we discuss their problem, Football Club. diagnose it and then provide the client “You need passion and commitment “We’re seeing a lot of employee- with general advice,” Ryan says. to do workplace financial wellness education. It’s not the type of centric businesses focusing on And while Ryan is having success business-to-business offering that is holistic wellbeing programs for in converting some of these one- suited to every practice or financial their teams. Typically, they choose a on-one consultations to clients, he planner. However, with the challenges health or spiritual component from adds that he is very conscious that come the rewards and for us, that’s a specialised wellbeing provider, the Financial Wellbeing Program all about improving financial literacy while Tribeca provides the financial is specifically about business-to- in the workplace.” wellness part for their program.” business education. Employers engage with Tribeca on “There is a clear delineation between a business-to-business basis, where our services,” Ryan says. “General Tribeca Financial is an FPA they share their employee surveys and advice is offered onsite at the Professional Practice. An FPA staff feedback in terms of the financial employer’s workplace with the staff, Professional Practice is dedicated to education their people require. From while individual personal-based the highest professional and ethical there, they engage with the Tribeca advice is provided within the Tribeca standards, through commitment to Financial Wellbeing Program on a office. So, if a person wants to engage 12-month basis. with us on an individual basis, they the FPA Code of Professional Practice and CFP® Certification. “Generally, as part of this program, would need to come into our office.”

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PROTECTING THE WELLBEING OF OLDER AUSTRALIANS

Money stress and inheritance impatience are catalysts for elder financial abuse. Clifford Fram explores how financial planners can be alert to the signs and help protect their clients.

An unemployed son abuses his “Warning signs for financial planners elderly father in an altercation over are when older people say their child his pension money. A daughter is suggesting they put money in their brings her non-English speaking business or that they want them to WHAT IS ELDER mother to Australia on a parental sell their house and move in with visa but withdraws her life savings them,” says Russell Westacott, CEO ABUSE? from her bank account. of Seniors Rights Service and co- chair of Elder Abuse Action Australia. These are two extreme examples of elder financial abuse. The catalyst could be a well-meaning plan in which a parent sells their The fact is that mistreatment is home to move into a granny flat at typically more subtle. But it’s their child’s home. It starts as a win- Elder abuse is any common and, as in the examples win. The parent uses their capital above, it usually occurs in families. act occurring within to help pay the child’s mortgage, Although Australian statistics are and the child’s family provides care a relationship where still being compiled, two to twelve and companionship. there is an implication per cent of older people in similar But these plans often go awry. countries are abused, and the most of trust, which results common form of abuse is likely to FINANCIAL STRESS in harm to an older be financial. Russell fears the financial turmoil person.” It may be associated with caused by the COVID-19 pandemic inheritance impatience, and it’s will be a catalyst for increased abuse. | AUSTRALIAN NETWORK FOR THE usually an adult child taking PREVENTION OF ELDER ABUSE advantage of their parents’ assets, “Lots of adult children have stresses which contradicts the perception on their businesses, or they may have that elder abuse is most likely to lost their job and be struggling to pay happen in aged care facilities. their bills. Some may put pressure on mum or dad around access to the

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Financial abuse is the misuse or theft of an older person’s money or assets. It can include using money without permission, misusing an enduring power of attorney or transferring or selling property against the owner’s wishes.

SOURCE: Council of Attorneys-General: National Plan to Respond to the Abuse of Older Australians (Elder Abuse) 2019–2023

capital in their family house or their “You want to know and understand savings and investments.” your client,” says Louise Biti, a Director at Aged Care Steps who He urges financial planners to think has been training financial planners about the motivation of the adult child. 10 RED FLAGS for more than 23 years. “It might be a good one, but then “Clients can make their own Erratic or uncharacteristic let’s put in writing what is meant 1 decisions, even if they are bad financial activity. to occur and what has occurred. If decisions. But the financial planner the plan does not work out, then needs to be able to question if Money lending without a at least the older person can show 2 there is undue influence or if it is reasonable explanation how much money they put into the something the client has thought or written record. arrangement and claim some or all about and genuinely wants to do.” of it back,” Russell says. Intention to sell their 3 Louise says triggers for suspicion home to help support There’s no denying that financial include an adult child who suddenly a child or invest in abuse is a complex problem to starts to attend meetings. It’s a big their business. navigate, say the authors of the red flag if that child stands to gain Council of Attorneys General’s from some of the decisions the Signs of coercion. national response plan on elder abuse. 4 client is making. Client prevented There is no single type of older 5 “It doesn’t mean it’s inappropriate, from speaking up for person who is at risk, and no single but it does mean it needs to be themselves at meetings. type of person who may cause harm. explored. If possible, the financial 6 Client appears fearful or “It has been estimated that as many planner can follow up with the client withdrawn. as 185,000 older people in Australia when they are alone to ask if they experience some form of abuse are comfortable with the decision.” or neglect each year. Anecdotal 7 Lack of awareness about Another useful tactic is to call a evidence suggests that financial recent instructions. family meeting with all the children abuse is the most prevalent form, present to discuss the decision in Sudden registration for but it frequently co-occurs with one 8 the context of the clients’ entire online transacting. or more of the other recognised retirement journey, including forms of abuse of older people,” provisions for aged care. 9 Unpaid bills without write the authors. affordability issues. THREE QUESTIONS DIFFICULT TO DISTINGUISH Client fears When considering complaints about 10 Financial planners are in a good being evicted or elder abuse, the Australian Financial position to spot signs of elder abuse, institutionalised if Complaints Authority (AFCA) asks says the Financial Services Council. money is not given to financial providers the following their caregiver. In fact, they are obliged to be three questions: vigilant. But it can be a challenge to • Were there warning signs? Source: AFCA distinguish potential financial abuse from what is actually an informed • Did the financial provider exercise decision free from improper influence. their duty to take reasonable

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care and skill and question the HOME CARE PLAN customer’s authorisation of a “This is an area in which financial transaction? planners can make a positive impact. • Should the financial provider have A little like estate planning, every delayed the transaction or taken financial plan should include a solution other preventative action? for aged care planning,” says Louise. “Generally, a sense of entitlement by “It doesn’t mean every financial the abuser seems to be common. The planner needs to be an expert, Warning signs for abuser often does not recognise that but every planner needs to have financial planners the money is not theirs,” says AFCA. an awareness of what support mechanisms are out there and how to are when older Elder financial abuse does not instigate a discussion with the client. necessarily involve cash or transactions, For example, how home care works, people say their child notes Russell. “A common scenario is the process for accessing it and how is suggesting they an adult child being out of work and it helps protect the elder retiree client moving back to their bedroom as a from abuse. put money in their temporary solution.” “There are both self-funded and business or that they But years later, they are still there government-subsidised solutions for want them to sell their against their parents’ wishes and people who still have a reasonable it can be difficult, emotionally and degree of independence, but need house and move in legally, to get rid of them. help with activities of daily living, such Another subtle form of financial as shopping, cooking or getting out of with them.” abuse involves a family member or bed, showering or cleaning the house. | RUSSELL WESTACOTT a friendly neighbour offering to go “The first step towards funded care to the shops for the older person is through the My Aged Care online but skimming off money each time, service centre.” Russell says. Louise notes there may be long The groceries come back, but waiting periods. “So plan ahead without change or a receipt. It could instead of waiting until the crisis be a weekly or fortnightly event, and point. If the need is urgent, options for it adds up. self-funding until the subsidy arrives “We have people calling us to say for can add to quality of life. It’s all about the last 12 months they have been planning expenditure patterns in giving this person $200 a week, but retirement. Contingency planning and they only get $100 of groceries back.” risk management.” Clients can mitigate this risk FRAILTY PLAN by formalising their shopping There are lessons for financial arrangements and other support with planners from the COVID-19 a service provider. experience, Louise says. One parallel

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is a taste of what it might be like to be “Australia has a great aged care frail and unable to get out and do the system. But if people want choice things people usually do. Another is and they want to personalise their A SEAT AT THE TABLE that it is best not to be pressured into lifestyle, they are going to need their rushed decisions. own resources. For most people, that requires financial planning. Cash flow – ENDURING POWER “If you translate that to an older is the key to funding these services.” person, most people don’t plan for OF ATTORNEY frailty. Then a crisis happens and She suggests that discussions people make very rushed and ill- about frailty are an essential part of The enduring power of informed decisions that might create retirement planning. attorney (EPoA) can be a a solution, but not necessarily the problematic area for financial “With clients aged 40 and older, you best solution. It can come at a very planners, says Aged Care can present that picture of retirement high cost around isolation or less Steps director, Louise Biti. and explain the need for a plan that desirable living arrangements.” provides enough capital, enough “The FASEA Code of Ethics Louise breaks retirement down into cash flow and enough flexibility to for financial planners provides three phases: provide for the phases.” a good road map to follow. It helps you to focus on your • An active period; Louise says children sometimes have best-interest duty to your • A quiet period; and a mindset that their older parents no client and not the person longer need their money, but they • A frailty period. holding the EPoA. do. Having a retirement plan that acknowledges a period of frailty may “It is about questioning every “Those will be different lengths reduce the risk of an older client giving single transaction and decision for different people. However, the their money to an adult child without and being mindful about Australian Institute of Health and considering the consequences. whether it is in the client’s Welfare statistics show we should best interest. If it is not, it expect the frailty period to be 15 to Often, the last line of defence is the may trigger you to question 25 per cent of our retirement. financial planner – the voice of reason whether you have the client’s at the table, Louise says. implicit permission to follow a specific course of action.” Louise believes financial planners should explain to people with a power of attorney that they have a fiduciary responsibility to the 10 WAYS TO PROTECT older person. “Some financial planners are AN ELDERLY CLIENT afraid to do that because they may lose the client. But if they don’t do the right thing they could be in breach of the 1. Ask questions and listen 7. If a guardian has been appointed, code of ethics, and they may carefully for signs of coercion do not act on an instruction until be perpetuating elder abuse or inconsistencies. the guardian has confirmed it. if they don’t always act in the best interests of the client.” 2. Speak to the client in private, 8. Escalate concerns to an possibly in a follow-up visit or appropriate senior person in phone call. your firm. TOP TIP 3. Request a family meeting. The 9. Have internal policies and Louise shares a tip from U.K. meeting can be a teleconference procedures in place and follow social worker, Jo Fox, who or web-based if participants live them whenever there are says financial planners can ask out of town. warning signs. family members to bring in a large photograph of the older 4. Consider delaying tactics to allow 10. Consider referral to a relevant person to meetings and place for follow-up and checking. support service or seek advice it on the table if that person from a state guardianship tribunal. 5. Be alert for signs of cognitive cannot be present. decline and incapacity and take “It helps remind everyone that appropriate action if necessary. the first duty is to the client 6. Where a Power of Attorney and might reduce the risk of (POA) is acting for your client, conflicts of interest.” check if there is another POA SOURCES: Aged Care Steps, who can verify that a financial Seniors Rights Service, Financial instruction is not to the detriment Services Council. of the elderly person.

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BURNOUT:SPOT THE WARNING SIGNS

Michelle Gibbings provides five easy tips to help team leaders create mentally healthier workplaces.

Mental health in the workplace FIND THE RIGHT LEVEL has never been more critical with 1 workplaces struggling to adapt to new Research reveals that a certain amount of pressure is good for ways of working, and employees facing us because it helps motivate us and keeps us focused. When we mounting pressure. experience the right amount of challenge and interest in a task we are doing, the brain releases specific chemicals (noradrenaline and COVID-19 has brought new workplace dopamine), making us more alert, motivated and ready to learn. challenges to the fore, while previous problems for employees of shrinking Researchers and educators often refer to this as the ‘Goldilocks job stability, mounting workloads, and zone’. It’s the zone of optimal performance where we are an ‘always on’ mentality is exacerbated. working on a task or learning something that is neither too hard, nor too easy. In such an environment, leaders within businesses need to be vigilant and alert Pressure is unhealthy when a person feels like they: to the signs of burnout. • Have no control or autonomy; In May 2019, the World Health • Are making little or no progress; Organisation officially classified ‘burnout’ as a recognised illness, while • Have so much to do it feels overwhelming; a 2018 Gallup study found that of the • Are going backwards; and 7,500 full-time employees surveyed, 23 per cent felt burned out at work very • Are ruminating about the same issues – again and again. often or always, and an additional 44 Over time, if not managed well, that pressure leads to ongoing per cent felt burned out sometimes. stress, and potentially burnout. Leaders need to not only balance the pressure in their working day but be ready to spot the warning signs for their team members and support them. Creating a mentally healthy workplace isn’t Here are five tips to help you better manage the mental health about the one thing you do. It requires awareness, and wellbeing of your team, which patience and persistence, so that activities and is particularly important during challenging times like now. support are always and consciously applied.”

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START NOTICING 2 Be alert to the warning signs of burnout in yourself and others. These signs may include feeling ineffective and more cynical, having reduced energy, motivation and efficiency, and being more frustrated and irritable. Notice if your team members are working excessively hard or doing lots of overtime and yet, their productivity is waning. Check-in on how they are feeling, and find ways to offer support.

BUILD THE FOUNDATION 3 Central to creating a healthy environment is the relationship the leader has with team members. As well, it’s critical to establish a psychologically safe environment, where people are comfortable to share what is working or not working for them, and how they are feeling. Be open with your team about your pressure points and what you do to manage stress and maintain a healthy lifestyle. As part of this, encourage your team members to take care of their physical and mental health. It helps if you, as the leader, role model self- care behaviours, and create a safe space for your team to talk about their mental health and wellbeing.

SUPPORT HEALTHY PRACTICES 4 Encourage your team to take regular breaks during the day, and ideally, once a day to go outside the office. For example, consider holding walking meetings with your team, rather than doing your regular one- on-ones in an office or cafe. The key is to get away from your desk because by shifting your When we experience environment, you alter your state, helping to reset your mindset and get the right amount of a fresh perspective. challenge and interest As a team, agree on the boundaries as to what’s acceptable regarding requests for work outside standard working hours. This simple practice in a task we are doing, makes it easier for team members to have boundaries between work and home life, and to be okay with not responding to emails or phone the brain releases calls in personal time. specific chemicals (noradrenaline and CREATE CONNECTIONS 5 Relationships and connections are at the root of all human existence. dopamine), making When you have strong relationships at work, it provides a support us more alert, network for you to talk through challenges and get advice. As the team’s leader, it’s crucial to build supportive and trusting motivated and ready relationships with all team members. People want to feel like they to learn.” belong to something, and this is hard if they feel out of the loop and disconnected from you or their colleagues. Find out what brings out their best and how the team wants to connect and engage with each other. As well, ask each team member what they need from you to enable them to be their best each day at work.

AWARENESS, PATIENCE AND PERSISTENCE Creating a mentally healthy workplace isn’t about the one thing you do. It requires awareness, patience and persistence, so that activities and support are always and consciously applied.

Michelle Gibbings is an author and a workplace expert.

32 LIFE A VOICE FOR RURAL WOMEN Country to Canberra is empowering young rural women to reach their leadership potential.

Craig Phillips AFP® is no stranger to the education and career opportunities work of the Future2 Foundation. As more difficult. We are committed to a Future2 Ambassador and a regular strengthening rural communities, and participant in the annual Future2 providing assistance to girls from Wheel Classic – having already cycled these communities to empower them in seven rides – the managing director and help them reach their goals and of Canberra-based Phillips Wealth leadership potential.” Partners has been fortunate to see first-hand some of the inspiring work PROJECT EMPOWER Future2 is doing with disadvantaged Craig was delighted that Country to young Australians. Canberra was successful in obtaining “Through my involvement with the a $10,000 grant for Project Empower, Wheel Classic, I’ve had the opportunity which is a series of gender equality and on some of the previous rides to meet leadership empowerment workshops. some grant recipients and see directly “Project Empower really fits one of the great work they are doing in their the key objectives of Future2, and communities,” Craig says. that is to give young disadvantaged For the 2019 Future2 grants, Craig Australians a chance to grow and didn’t need to look too far to endorse develop,” says Craig. “For many a grant nomination, with one of his remote teenagers, staying in school clients, Dr Kim Vella, introducing him to and connected to the world at large, the work she does as a business coach is so important for their mental and mentor to women in Canberra and wellbeing and future lives. GRANT RECIPIENT: NSW at the not-for-profit organisation, COUNTRY TO CANBERRA “Through Project Empower, these Country to Canberra. young women get a turbo boost of “I was discussing the 2019 Wheel mentorship, experiences, learnings Classic ride with a client, who turned and connections that help them stay GRANT AMOUNT: $10,000 out to be a mentor at Country to in school and achieve the best results Canberra,” Craig says. “She told me for them personally. I grew up in about the organisation and arranged a remote North Queensland and saw first-hand how much harder is for ENDORSED BY: meeting with the CEO and Founder of ® Country to Canberra, Hannah Wandel. some sections of our community to CRAIG PHILLIPS AFP My involvement with this terrific achieve their best.” organisation grew from there.” According to Hannah, Country to Founded in 2014, Country to Canberra Canberra has already successfully FPA CHAPTER: ACT is empowering young rural women completed Phase 1 of Project to reach their leadership potential, Empower, where the organisation by running nationwide programs that travelled over 32,000km to talk to provide education, leadership and high school aged girls (between who we visited, with our evaluation mentorship opportunities to teenage the ages of 13-18) about self- indicating that girls now have ‘a greater girls living in regional, rural and esteem, sexual harassment, understanding of gender equality remote communities. respectful relationships, stereotypes, issues’, ‘feel more confident within intersectionality, leadership, goal- themselves’ and ‘feel capable of being “We are a leading voice for young setting, and their futures. a leader’,” says Hannah. women, and are committed to strengthening rural communities,” says “Over 3.5 months, we visited 81 ‘bush Following the success of Project Hannah, who was also named the 2019 communities’, and reached over 3,500 Empower Phase 1, Country to ACT Young Australian of the Year. students across every Australian Canberra is looking to expand Project state and territory. The workshop Empower to Phase 2, with the money “Distance, time and funding barriers road trip had an incredible impact from the Future2 grant going to can isolate young rural women on the thousands of young women support this life-changing program. and make their path to leadership,

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Distance, time and funding barriers can isolate young rural women and make their path to leadership, education and career opportunities more difficult.”

| HANNAH WANDEL

PROJECT EMPOWER: Helping young women reach their full potential.

“The Future2 grant will support A RIPPLE EFFECT “In doing so, we are continuing our Country to Canberra to deliver full work to build strong leaders who are Project Empower is a unique program day workshops to disadvantaged confident in themselves, their abilities tailored specifically to young rural rural girls, allowing us to develop and their desire to make an impact on women. The program works with long-term relationships with schools the world around them.” communities to deliver workshops that and communities to ensure success,” are relevant, accessible and culturally says Hannah. sensitive, in order to most effectively COMMUNITY SPIRIT “Our highly trained facilitators are reach young women who are likely to Craig’s involvement with Country dedicated to delivering workshops experience greater disadvantage than to Canberra extends further than that help young women to overcome their city counterparts. just endorsing its Future2 grant barriers and enhance their strengths, nomination. He has also offered to “Every participant in a Project and empower them to seek success provide financial literacy and financial Empower workshop is valued through their rural locations. planning workshops to rural female and supported, and our carefully Future2’s support will enable teenagers as part of Country to developed program tackles broad Project Empower Phase 2 to make a Canberra’s ‘Power Trip’ program. issues, such as gender equality and difference in as many disadvantaged self-esteem, as well as helping girls to The Power Trip program is an all- communities as possible.” face issues they are passionate about expenses paid five-day trip to She adds that Phase 2 will focus in their own communities. Canberra for approximately 15 young on low socio-economic regions, women, where they meet inspiring “We equip young rural women with remote towns, and regions with high CEOs and politicians, attend exclusive the knowledge, skills and mindset to unemployment, substance misuse events, tour Parliament House, receive enact positive changes in their lives and high diversity. leadership and public speaking and communities.” training, and more. “We will also focus on areas with A central part of Project Empower is students who identify as Aboriginal “I have agreed to help deliver some evaluating the impact the program and Torres Strait Islander, and workshops on managing money, is having on the girls and their students who are culturally and budgeting, investing and other areas communities, both short-term and linguistically diverse.” that teenagers should be aware of, long-term. And once the workshop like credit cards and superannuation,” ends, the program continues to The three key objectives of Project says Craig. Empower are: engage these young women through online alumni networks. And not to be outdone, Craig’s client 1. To encourage more young women who first introduced him to the work “When the young women we work to enter leadership roles and to of Country to Canberra, Dr Kim Vella, with are empowered, there is a empower them to access education has agreed to match the Future2 grant ripple effect from which the whole and career-enhancing opportunities. by offering leadership coaching and community benefits,” Hannah says. 2. To increase understanding of mentoring services of up to $10,000 to gender equality, feminism and a “The Future2 grant is having a County to Canberra. desire to create change. significant impact on our ability as an Now, that’s community spirit! 3. To increase self-belief and self- organisation to widen our reach and esteem, enabling the program’s deliver opportunities to even more participants them to achieve young women across the nation. their goals.

34 LEARN UNDERSTANDING DIVISION 293 TAX

From 1 July 2012, an additional 15 per should be followed for the relevant cent tax on taxable superannuation financial year: (super) contributions, known as Determine ‘income’ which is Division 293 tax, was introduced. The 1. based on the Australian Taxation purpose was to make taxation on super Office (ATO) defined ‘Income for fairer by reducing tax concessions Medicare levy surcharge purposes’ available to very high income earners. but excluding reportable super Prior to this, an individual on the contributions. Reportable super highest marginal tax rate of 45 per contributions are the total of any cent paid 15 per cent tax on their pre- personal deductible contributions, tax super contributions, effectively plus any reportable contributions receiving a concession of 30 per cent. by the client’s employer (including The new tax meant those individuals mandated employer contributions with income of at least $300,000 were and any voluntary contributions, now taxed at 30 per cent on these such as salary sacrifice); super contributions, cutting their tax Determine Division 293 super concession to 15 per cent. The income 2. contributions; threshold was reduced to $250,000 from the 2017/18 financial year. 3. Add these two numbers together. WHO DOES DIVISION 293 If the total of the client’s income BROOKE LOGAN plus Division 293 contributions is UniSuper Management TAX APPLY TO? greater than the threshold (currently A client is liable to pay Division 293 tax $250,000), tax is levied on the lessor if they exceed the income threshold of the Division 293 super contributions This article is worth and have taxable contributions to and the amount above the threshold 0.5 CPD HOURS super during a financial year. for that financial year. To determine whether a client is liable These three steps are outlined in more for Division 293 tax, these three steps detail below. ASIC knowledge area TAX

STEP 1 FASEA CPD areas TECHNICAL COMPETENCE Determine income for surcharge purposes (excluding reportable super WHAT YOU WILL LEARN contributions) • Who does Division 293 tax apply to? • Paying Division 293 tax – Add: Subtract: Accumulation members • Paying Division 293 tax – • Taxable income.* • Taxable component of Defined benefit members • Reportable fringe benefits. super lump sums paid within low rate cap • Exemptions from Division • Net financial investment ($215,000 in 2020/21 293 tax loss. financial year) received by • Net rental property loss. a client who has reached • Net amount on which preservation age but is family trust distribution under age 60. tax has been paid. • Any assessable First Home REMEMBER: Super Saver released Excess concessional amount included in taxable contributions are added back income. into taxable income.

JULY 2020 35 LEARN

Example 1 STEP 2 CONTRIBUTING TO ACCUMULATION FUND Lincoln has ‘income for surcharge Determine Division 293 super contributionS purposes’ (excluding reportable super contributions) of $245,000 and has This is the total concessional contributions minus excess made concessional contributions of concessional contributions, which includes: $25,000 in the 2019/20 financial year to his accumulation account. • employer contributed amounts His combined income and Division 293 • assessable foreign fund amounts contributions total $270,000, which • other family/friend contributions is $20,000 more than the $250,000 • personal contributions for which a deduction has been allowed threshold applicable. As the Division • defined benefit contributions. 293 contributions (i.e. $25,000) are more than the excess of $20,000, For contributions to a Defined Benefit account, this is generally the the additional 15 per cent tax will apply non-grandfathered Notional Taxed Contribution (NTC). to $20,000. For contributions to Constitutionally Protected Funds (CPFs), this is Example 2 the sum of pre-tax contributions. This is regardless of the rule that when total concessional contributions to a CPF exceed the member’s CONTRIBUTING TO concessional contribution cap, this will not result in a breach of the CONSTITUTIONALLY concessional contribution cap. PROTECTED FUND (CPF) Milly is a member of a CPF and earned an annual salary of $320,000 in the STEP 3 2019/20 financial year. Her employer makes contributions of 9.5 per cent ($30,400 per annum) to her CPF and Is the total ‘Income’ and Division 293 super she also salary sacrifices $100,000 of her annual salary to the CPF. contributions more than $250,000? For the purpose of the concessional contribution cap, the total of Milly’s pre-tax contributions to the CPF are If yes, then Division 293 tax is payable on the lesser of: assessed as equaling her concessional • Division 293 contributions, and contribution cap of $25,000 and • the amount over $250,000. she has no excess contributions. For Division 293 tax purposes, she will If no, the Division 293 tax is not payable. pay an additional 15 per cent tax on contributions of $130,400. DEFINED BENEFIT MEMBERS contributions. If this amount is negative, she is eligible for grandfathering and There is a modification to the way there are no Division 293 contributions therefore, her super fund advises Division 293 super contributions are and the tax is not payable. This outcome the ATO she is a grandfathered calculated for defined benefit accounts. would only occur if the level of excess member when reporting her notional Defined benefit contributions for contributions exceeded the total of non- taxed contribution. For concessional the purpose of Division 293 tax are excess contributions to accumulation contribution cap purposes, her prescribed by a formula outlined in the plus all defined benefit contributions. defined benefit contributions Income Tax Assessment Regulations are viewed as being equal to her 97. In practise, this generally equals the Example 3 concessional contribution cap notional taxed contributions for the MEMBER WITH of $25,000 and she has excess financial year, as reported by the fund contributions of $7,500 (being her to the ATO. Certain defined benefit DEFINED BENEFIT AND employer 3 per cent contributions to members who joined the fund before ACCUMULATION ACCOUNT her accumulation account). 12 May 2009 may be grandfathered Tess is a defined benefit member with The ATO determine her income and therefore, have their notional tax an annual salary of $250,000 in the for surcharge purposes (excluding contribution limited to the concessional 2019/20 financial year. Her employer reportable super contributions) contribution cap. However, for the makes contributions of 14 per cent to is $260,000 and her Division 293 purpose of Division 293 tax, their her defined benefit and 3 per cent to contributions are $36,000 ($7,500 - defined benefit contributions are equal an accumulation account. Tess also $7,500 + $36,000). She therefore pays to the non-grandfathered notional makes member contributions (pre-tax) Division 293 tax on $36,000. taxed contribution. of 8.25 per cent of her salary to the defined benefit. To determine Division 293 super AN UNEXPECTED DIVISION contributions for defined benefit Her notional taxed contribution to 293 TAX LIABILITY members, any contributions made to an the defined benefit is calculated to While a client may not normally pay accumulation account are first reduced be $36,000 in the 2019/20 financial Division 293 tax, certain one off events by any excess contributions. This is year. However, as she has been a may increase their income in a financial then added to the defined benefit defined benefit member since 2000, year, bringing them over the $250,000 income threshold and attracting the 36 LEARN

additional 15 per cent contribution tax. fall within ‘income for surcharge Such events typically include: PAYING DIVISION 293 TAX – purposes’. DEFINED BENEFIT MEMBERS • Receiving a redundancy payment, Depending on the terms of Double For clients with a defined benefit, the which may include an employment Tax Agreement (DTA) with the ATO will defer Division 293 tax to a termination payment and payout of foreign country, the client may deferred debt account and issue a accrued leave. receive a credit for any tax paid Division 293 Notice of Assessment • Realising a large capital gain. overseas to avoid double taxation. outlining the deferred amount and any amounts due and payable within • One off bonus. For tax purposes, an individual who a specified timeframe. For individuals is not an Australian resident is only with more than one defined benefit Example 4 taxed on their Australian-sourced account, the Division 293 tax is Lily is 50 and realises a large capital income. apportioned and separate debt gain in the 2019/20 financial year, accounts are maintained. bringing her taxable income to PAYING DIVISION 293 TAX – $290,000. As her total super balance ACCUMULATION MEMBERS Interest accrues on the deferred debt was less than $500,000 at 30 The ATO determines if an individual that remains unpaid at 30 June. The June 2019, she utilised her unused is liable for Division 293 tax based interest is based on the average 10 year concessional contribution cap of on their completed income tax Treasury bond rate for that financial $10,000 from the 2018/19 financial return and contribution information year (which was 2.2547 per cent in the year to make total concessional reported by their super funds. 2018/19 financial year). contributions of $35,000 in the A statement of account is maintained current financial year. Her ‘income For clients who have contributed for the debt account, which allows the for surcharge purposes excluding to accumulation accounts, the ATO client to track their deferred liability. reportable super contributions’ exceeds will issue a Division 293 Notice of the $250,000 threshold. Lily will pay Assessment, with the tax due to be The client can voluntarily repay the additional 15 per cent tax on her total payable within 21 days. The client deferred debt: non-excess concessional contributions can either pay the tax personally of $35,000. or complete a release authority • out of their own pocket; or within 60 days of the issuance of the • by using the release authority WHAT IF THE MEMBER HAS Division 293 Notice of Assessment, form, issued with the assessment, FOREIGN INCOME? requesting the funds be released to pay the tax debt out of their from their super account. accumulation account within 60 For tax purposes, clients who are an days of issuance of the Notice. Australian resident are taxed on their If the client does not complete the worldwide income and therefore, release authority and has not paid By voluntarily paying deferred must declare any foreign income in all the Division 293 tax debt by the Division 293 tax before 30 June each their income tax return. 60th day after the issuance of the year, the client can avoid paying end Notice, then the ATO may issue a of year interest. Foreign income includes: release authority to the individual’s If the client elects not to voluntarily • foreign pensions and annuities; super fund for any outstanding tax. repay their debt and instead accrue the Any funds released from super are • foreign employment income; Division 293 tax deferred debt, once non-assessable, non-exempt income. foreign investment income; the defined benefit interest becomes • A client can choose to release funds payable, the amount accrued in the • foreign business income; and from any of their accumulation debt account must be paid. The super • capital gains on overseas assets. accounts – not necessarily the same fund will send the ATO an End Benefit account the contributions were made Notice within 14 days of the earlier of Foreign income which is included to – or an income stream, such as an the super benefit becoming payable in taxable income will therefore account-based pension.

JULY 2020 37 LEARN

and receiving a request to pay the super benefit. This notice advises the end TIPS AND TRAPS benefit cap amount and expected date of payment of the super benefit. The end • While the ATO has the discretion benefit cap amount is calculated by the super fund and equals 15 per cent of the to disregard or reallocate employer-financed component of that part of the value of the super interest that excess contributions in certain accrued after 1 July 2012. circumstances, the same Upon receiving the End Benefit Notice, the ATO will issue the client a ‘Debt power does not apply to account discharge liability’ notice, which details the amount they need to pay. This Division 293 tax. amount is the lower of the balance in their debt account, and the end benefit cap • If a client successfully bids the amount. Payment of the debt is due 21 days after the day the benefit was paid. ATO to reallocate or disregard The client can pay the debt personally or complete a release authority to be given excess contributions, they to the super provider that holds the defined benefit interest relevant to the debt. become Division 293 (i.e. non excess) contributions and need to EXEMPTIONS FROM DIVISION 293 TAX be included back into the Division 293 calculation. For contributions An individual who is a state higher level office holder for any part of the financial reallocated to a previous financial year and who makes contributions to a CPF is exempt from having Division 293 year, they become Division 293 tax applied to these contributions, except where the contributions are made as super contributions in the year part of a salary packaging arrangement. A salary package contribution occurs which they are reallocated to. when the client agrees with their employer for contributions to be made in return for a reduction in remuneration. The list of state higher level office holders can be • Where a person dies, the liability found in the Income Tax Assessment Regulations 1997 and includes: for any outstanding Division 293 debt will fall to the person’s legal • Minister of the government of a state; personal representative or the • Member of the parliament of a state; deceased estate. • Governor of a state; and • Former temporary residents • Head of a department of the public service of a state. are entitled to a refund of any Division 293 tax paid upon receiving a Departing Australia A justice of the High Court, or justice or judge of a court created by the superannuation payment and parliament, is exempt from Division 293 tax on all super contributions to a super applying to the Commissioner of fund established under the Judges’ Pensions Act 1968. Taxation in the approved form. Note that all contributions for both state higher level office holders and Understanding when and how a Commonwealth judges are still included when determining whether the $250,000 client needs to pay a Division 293 threshold has been exceeded. tax liability is an important part of the advice process. Brooke Logan, Advice Technical Consultant, UniSuper Management. QUESTIONS

James is a member of a c. Net amount on which family trust d. The ATO will create a deferred Division Constitutionally Protected Fund distribution tax has been paid. 293 tax debt for Mary, which becomes 1 (CPF) and in 2019/20, salary d. Taxable component of super lump payable once her defined benefit sacrifices $80,000 to the CPF, in sums paid within low rate cap becomes payable. She cannot elect to addition to his employer mandated received by a client who has reached pay any of the debt using funds in her contributions of $25,000 made preservation age but is under age 60. accumulation account. to the same fund. He also does some casual work with a second Mary is a defined benefit member and Interest on a deferred Division 293 defined employer, who pays Super first became liable to pay Division 293 benefit debt accrues at 30 June based on: 3 tax on her defined benefit contributions 4 Guarantee to an accumulation a. General interest charge. fund for him and in 2019/20, this in the 2019/20 financial year. How does b. Average 10 year Treasury bond rate. Mary pay this Division 293 tax? totalled $10,000. James’ income is c. 90 day bank accepted bill rate + 3 per $400,000 in the 2019/20 financial a. The ATO will create a deferred cent. year and he will pay Division 293 Division 293 tax debt for Mary, to d. Average Weekly Ordinary Time tax of: be paid once her defined benefit Earnings (AWOTE) a. $3,750. becomes payable. However, she can b. $15,750. pay some or all of this debt earlier Wyatt is 58 and in the 2019/20 financial using her own funds or released funds year has taxable income of $280,000, c. $17,250. from an accumulation account. 5 which included a taxable lump sum super d. $5,250. b. Upon receiving the Notice of withdrawal of $40,000, which was within Which of the following is not Assessment, she has 21 days to pay his low rate cap. His Division 293 super included in the definition of ‘Income the tax from her own monies or within contributions were $20,000. Assuming he 2 for surcharge purposes’ for the 60 days elect to release the amount had no other ‘income’, what Division 293 purposes of determining liability for from her defined benefit account. tax will he pay? Division 293 tax? c. Upon receiving the Notice of a. $3,000. Assessment, she has 21 days to pay a. Reportable fringe benefits. b. $10,000. the tax from her own monies or within b. Net investment loss. 60 days elect to release the amount c. $0. from an accumulation account. d. $1,500.

To answer the above questions, go to the Learn tab at moneyandlife.com.au/professionals 38 FPA CHAPTER DIRECTORY

NSW VICTORIA QUEENSLAND SOUTH AUSTRALIA

SYDNEY MELBOURNE BRISBANE Andrew Harris CFP® Jade Khao CFP® Julian Place CFP® Duncan Forbes CFP® Chairperson Chairperson Chairperson Chairperson T: (08) 8373 1711 T: 0488 889 138 T: 0418 111 224 T: (07) 3031 1610 E: andrew.harris@ E: [email protected] E: [email protected] E: [email protected] minerdsbell.com.au

MID NORTH COAST ALBURY WODONGA CAIRNS ® Lucas Garside AFP® Wayne Barber CFP® Lyle Filer AFP NORTHERN TERRITORY Chairperson Chairperson T: 0425 337 256 E: [email protected] T: (02) 6584 5655 T: (02) 6024 1244 Susie Erratt CFP® E: [email protected] E: [email protected] Chairperson FAR NORTH COAST NSW T: 0411 331 870 Shane Hayes CFP® NEWCASTLE BALLARAT E: [email protected] Chairperson Mark Alexander CFP® Paul Bilson CFP® T: 0411 264 002 Chairperson Chairperson E: shane@ T: (02) 4923 4000 T: (03) 5332 3344 agedcarearchitects.com.au WESTERN AUSTRALIA E: [email protected] E: [email protected] ® GOLD COAST Fran Hughes CFP NEW ENGLAND BENDIGO Kearsten James CFP® Chairperson ® ® David Newberry AFP Gary Jones AFP Chairperson T: 0418 713 582 Chairperson Chairperson T: (07) 5531 6295 E: [email protected] T: (02) 6766 9373 T: (03) 5441 8043 E: [email protected] E: [email protected] E: garyjones@ platinumwealthbendigo.com.au MACKAY TASMANIA RIVERINA Brendan Hughes AFP® Graham Cotter CFP® GEELONG Chairperson Todd Kennedy CFP® Chairperson Lesley Duncan CFP® T: 0439 781 190 Chairperson T: 0408 011 322 Chairperson E: [email protected] T: 0407 101 231 E: [email protected] T: (03) 5225 5900 E: [email protected] E: [email protected] SUNSHINE COAST ® WESTERN DIVISION Natalie Martin-Booker CFP Peter Roan CFP® GIPPSLAND Chairperson Chairperson Rodney Lavin CFP® T: (07) 5413 9264 T: (02) 6361 8100 Chairperson E: [email protected] E: [email protected] T: (03) 5176 0618

E: [email protected] TOOWOOMBA/DARLING DOWNS Naomi Alletson AFP® WOLLONGONG Chairperson Mark Lockhart AFP® GOULBURN VALLEY T: (07) 4638 5011 Chairperson John Foster CFP® E: [email protected] T: (02) 4244 0624 Chairperson E: [email protected] T: (03) 5821 4711 TOWNSVILLE E: [email protected] Gavin Runde CFP® Chairperson SOUTH EAST MELBOURNE T: (07) 4760 5900 ® ACT Scott Brouwer CFP E: [email protected] Chairperson ® Andrew Saikal-Skea AFP T: 0447 538 216 WIDE BAY Chairperson E: [email protected] Louise Jealous-Bennett AFP® T: (02) 6219 7255 Chairperson E: andrew_saikal-skea@ SUNRAYSIA T: (07) 4153 5212 firststatesuper.com.au Stephen Wait CFP® E: [email protected] Chairperson T: (03) 5022 8118 E: stephenwait@ thefarmprotectors.com.au

MEMBER SERVICES DIRECTORS COMMITTEES Policy And Regulations 1300 337 301 Alison Henderson CFP® (NSW) Committee Governance and ® David Sharpe CFP® (WA) CHAIR: Alison Henderson CFP Phone: 02 9220 4500 Remuneration Committee ® Delma Newton CFP (QLD) ® CHAIR: Marisa Broome CFP Professional Standards Email: [email protected] Jane Bowd (NSW) MEMBERS: Jane Bowd, and Conduct Committee fpa.com.au ® Marisa Broome CFP (NSW) Paul Ruiz and David Sharpe CFP® CHAIR: David Sharpe CFP® Michelle Tate-Lovery CFP® (VIC) Audit and Risk Management Paul Ruiz (NSW) Professional FPA BOARD ® Committee Designations Committee ® William Johns CFP (NSW) CHAIR - Marisa Broome CFP CHAIR: Paul Ruiz CHAIR: William Johns CFP® (NSW) MEMBERS: Delma Newton CFP®, Regional Chapter Committee ® Alison Henderson CFP and CHAIR: Delma Newton CFP® Jane Bowd Congress Committee CHAIR: Michelle Tate-Lovery CFP® reinvention

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