Business

Strength through diversity

22 June 2021

Money & Life team

Money & Life contributors draw on their diverse range of experience to present you with insights and guidance that will help you manage your financial wellbeing, achieve your lifestyle goals and plan for your financial future.

Having chalked up 18 months on the FPA Board, William Johns CFP® continues to advocate strongly for the profession and consumers.

William Johns CFP® doesn’t shy away from the fact that he has been a critic of regulation and the spiralling cost of advice. So, he knew he had two choices – stand on the sidelines and criticise, or roll us his sleeves and enter the fray, where he could help make change. And that’s precisely what he did in November 2019, with members voting him to the Board of the FPA.

William’s decision to stand for the FPA Board was also driven by a deep belief that financial planners had been wronged by the systematic failures of the finance, insurance and banking systems – as all Australians had been.

“As a profession, our interests align with the interests of our clients, and this is something that needs to be screamed from the rooftops. So, in 2019, I was asked by my colleagues to do that for them. I accepted their nomination and was duly voted to the FPA Board, where I have been strongly advocating for the profession ever since.

As the Managing Director and Founder of two Sydney-based businesses – Health & Finance Integrated (a specialised financial planning business for people with complex health conditions and disability) and ClaimRight (an insurance claims business for individuals with disabilities, illnesses and mental health conditions) – William views himself as an advocacy professional who is passionate about human outcomes.

“I see financial planners as critical to the maintenance of the dignity of Australians,” he says. “Our role is key to ensuring that people better manage their finances and make smarter decisions, enabling them to become financially self-sufficient, which has huge personal and societal economic benefits.”

No two months the same

Spend some time with William and you might be forgiving for thinking he is over-confident and a little too out spoken. But you would be wrong to think that. By his own admission, William instead sees himself as an introvert, preferring one-on-one social interactions, rather than large events.

That’s why he believes his involvement on the FPA Board is ideal, as it allows him to make genuine change within a relatively small group of like-minded professionals, rather than being lost in the crowd.

And change he is making, having already chalked up well over 18 months on the Board. It’s a position, he says, where – as Chair of the Professional Designations Committee and Marketing Committee – no two months are ever the same.

“It’s a busy schedule. I liaise with FPA Chair Marisa Broome CFP® at least twice a month, while also looking after the Professionals Designations Committee, which oversees the quality of the CFP® Certification Program, reviews student performance in exams and any other special considerations.”

He must have been doing a good job, because William was then asked to get involved in the Marketing Committee. However, he concedes that this particular role has been particularly time-consuming, as the committee has to be careful about how the member marketing levy is being used. This includes using the levy for a range of FPA marketing initiatives, such as promoting the CFP® Mark as the leading professional designation.

“In my capacity as Chair of these committees, I am involved in putting together the members of each committee, which involves sourcing the right people and persuading them to join. It seems like I am constantly discussing matters with FPA CEO Dante De Gori CFP®, as well as Marisa and the FPA executive team,” says William. “These committees take up a lot of time and thought, but I believe I’m making a difference.”

In addition to the regular one day Board meetings that William attends, there are also Board documents and reports he is required to get through, as well as attend FPA strategy days every quarter.

“In my capacity as an FPA Director, I do have many members regularly call me to express their concerns or provide me with feedback,” William says. “I enjoy maintaining an open line and open ears for all my colleagues, and I constantly provide their feedback to the Board.”

The cost of advice

William might be an FPA Director but first and foremost, he is a practising practitioner and a small business owner, which provides him a thorough understanding of the issues affecting the profession. And like many within the profession, he admits to lying awake at night concerned by the escalating costs of running an advice business.

“We all recognise that Professional Indemnity and regulatory costs are steadily increasing year-on-year and becoming too significant to absorb without affecting the quality of service we provide clients or increasing client fees,” William says. “The FPA Board is very aware of this issue and the importance of making advice more affordable for Australians.

“There is a lot of work happening behind the scenes where the FPA is leading the conversation about the cost of advice and advocating for better outcomes, which I believe will help ensure the sustainability of our profession.”

Diverse needs of Australians

Running two small business – Health & Finance Integrated and ClaimRight – that are focused on serving people with disabilities and complex health issues, William is only too aware of the importance of looking after the unique advice needs of Australians who have previously fallen off the advice radar.

And just as his business works closely with the disabled, he also believes the profession is changing and adapting to service the increasingly diverse needs of all Australians.

“I believe that as a profession, we are becoming more aware of diversity all around us and how hurtful discrimination is. These days, I walk into a financial planning office and I do see a diverse workplace, compared to 10 years ago,” William says.

“In my practice, we have five religious groups and seven ethnicities. But my practice is not unique and this is a testament to living and working in a country as diverse as Australia is today. This means clients are increasingly engaging with practitioners and advice teams that have similar life experiences and backgrounds to them, which is a huge positive for the future of our profession, and something that we should all embrace and be proud of.”

Adapt and change

William has a very clear vision in how he expects the profession will adapt and change over the next 10 years. One of the biggest trends he anticipates is the move by planners and advice firms to become self-licensed businesses, sharing resources with other independent businesses.

“I also believe (and hope) that the cost of advice will finally be tax-deductible. This is something the FPA has been working extremely hard on,” he says.

Other changes William envisages includes developments in technology, which he expects will drive down the cost of advice, while possibly increasing the number of clients that planners can properly service.

“I also anticipate that advice specialisations will probably be a real driver for growth. We are already seeing more financial planners, like me, choosing to be great at one thing, rather than being average at doing multiple things,” he says.

Something that William does take seriously is his mental health. And after a typically busy week of juggling his Board duties and running his own small businesses, he best likes to unwind with his wife and three-year-old son, Isaac.

“Seriously though, what is downtime,” he laughs. “With an active three-year-old, my downtime is mostly spent listening to the Wiggles, attending three-year-old birthdays and watching PAW Patrol! Still, I wouldn’t change that for the world.”