Bloch – one year on
Little over a year into her term as chief executive of the Financial Planning Association (FPA), Jo-Anne Bloch has already proved she is prepared to listen to members and make changes that benefit the entire industry.
So it comes as little surprise that she is among the most influential players in financial services for the second year running.
An FPA member survey revealed two-thirds believe the organisation has changed for the better in the last year.
This is a sentiment echoed by industry spokespeople, who have changed their opinions of Bloch and her ability to understand the issues pertinent to the profession.
Ask Bloch to name one of the most rewarding achievements of her term and she struggles to narrow the field.
“Just one?” she laughs out loud.
This may be a fair response, considering the volume of articles filling Money Management pages that cite Bloch’s pivotal role in the organisation’s recent successes.
“Well okay, establishing the new conduct review commission and establishing a new professional framework,” she responds.
Setting out what it means to be a professional financial planner was a vast task, which included establishing a minimum entry standard, monitoring standards and developing a disciplinary process.
“We have turned all that on its head,” she said. While this is not a new idea, the FPA has risen to the challenge of meeting consumer demands, according to Bloch, who has faced significant hurdles as the head of the association.
It is hard to remember a time when the industry took such a major beating to its reputation as it did in the aftermath of the Westpoint collapse, with fears that banned planners would association shop and at a time of share downswings led by sub-prime woes.
Despite recent market volatility, the former deputy chief executive of the Investment and Financial Services Association maintains her determination and optimism.
“We are communicating better, engaging members more and listening to members more, and have been out and about in the last 12 months relentlessly talking and listening — we are delivering a service that members want and we are dealing with the issues that they want us to deal with,” she said.
And for the future direction of the organisation?
Bloch’s plans include further stamping professionalism and addressing a shrinking talent pool.
“We have exceeded ourselves in areas of disclosure and in some of the processes we have to adopt,” according to Bloch, who has her sights set on reviewing the cost of advice, addressing professional indemnity insurance issues and building a firmer relationship with the Australian Securities and Investments Commission.
— Laine Lister
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