AFA president steps down

The Association of Financial Advisers (AFA) has a new president with Robin Yates this morning relinquishing the key role to former vice president Michael Murphy at the association’s annual general meeting in Launceston.

Murphy who is the principal of Murphy Financial Solutions has 20 years industry experience and has served on the AFA board for the past five years.

Murphy speaking with Money Management this morning said that as president of the 1,000 member association, his first order of business would be to better educate the Australian public on the need for insurance.

“Our nation is grossly underinsured. We will continue to address that problem by producing increased editorial and advertorial content and raising our profile in the community.

“We want the AFA to be the pre-eminent brand that Australians relate to when they think about insurance.”

Murphy also stated that in the coming year the AFA would continue to lobby the Australian Securities and Investment Commission (ASIC) over allowing advisers of dealerships that go bust to continue to receive some form of income.

“We believe in the adviser’s right to get an income. We will be assisting the regulator to understand the shortcomings of that particular legislation.”

Replacing Murphy as vice president is former AFA Tasmania director and Synchronised Business Services authorised representative John Batchelor, whose former role in Tasmania has been filled by Craig Yates - Robin Yates’ son.

The other freshly appointed member, Tandem-aligned dealer group Wise Financial adviser, Brian Boggs, replaces Brian Skinner as the AFA’s NSW director.

Boggs says the AFA’s goals in coming years would be to shed its ‘bunch of old lifies’ image.

“We’d like to be the association for all advisers,” he said.

Keeping their positions on the AFA board from last year are Queensland director Gerry Porter, South Australian director Michael Taylor, Victorian director Paul Reigelhuth, Western Australia director Wayne Clarkeson and treasurer Hugh Crawford.

The board appointments were announced this morning at the AFA annual general meeting in Launceston where it was also announced by Yates that the association had achieved a surplus of $101, 151 for the 2003/04 financial year thanks to an increase in membership of 31.5 per cent, an increase in membership fees and an increase in advertising revenue generated from AFA publications.

The surplus will be used to pay off several loans including debt owed for the purchase of a property from Deakin University last year. AFA treasurer Hugh Crawford said he expected a slightly larger surplus next year.