FPA extends helping hand to farmers
Corinna Dieters
A pro bono financial advice program will be rolled out nationally next year by members of the Financial Planning Association (FPA) to assist drought-stricken communities.
Local financial planners will provide free financial advice to assist farmers, small businesses and individuals in making more informed financial decisions.
A pilot program underway in the Sunraysia region will provide a framework for FPA members and the Rural Financial Counselling Service Program, which will work in partnership to help people living in rural areas struggling to cope with the effects of drought.
FPA chair Corinna Dieters said rural financial counsellors and financial planners could make a real difference.
“Problems with cash flow, debt management and access to government assistance are all areas where rural financial counsellors have traditionally played an important role — but under legislation, they are not permitted to give financial advice,” she said.
Financial planners involved in the program will offer advice about investments, life insurance, risk management and succession planning for the property, which is expected to make a significant difference to not only farmers and horticulturalists, but also those working in professional services, the wine industry, catering and tourism and local businesses.
The program, which the FPA and Department of Agriculture, Fisheries and Forestry officials have been building since July, will be refined based on the experience of the Sunraysia pilot.
The FPA is inviting members in the Sunraysia region to formally register their interest in offering pro bono advice and eligibility for the pro bono service will be restricted to people referred by rural financial counsellors.
“Our collaboration with the Rural Financial Counselling Service Program is timely and meets an urgent need. Over time, we will seek to extend the pro bono program to other communities — whether drought stricken, devastated by a natural disaster, or dealing with other social issues — perhaps in partnership with other organisations working at community level,” Dieters said.
Recommended for you
Insignia Financial intends to be the leading wealth manager by 2030 as it moves away from acquisitions to achieve $200 million in cost savings per annum over the next five years.
Count chief executive Hugh Humphrey is keen for the firm to be a leader in the new world of advice as the industry generates valuable businesses post-Hayne royal commission.
Four individuals, including three senior staff from Canaccord Genuity, have collaborated to launch their own Western Australian wealth management firm.
Thematic ETFs are beginning to gain ground among advisers seeking to enhance portfolio diversification and tap into specific growth themes, according to leading ETF providers.
