The FPA and Self-Managed Super Fund Professionals' Association of Australia (SPAA) have signed a memorandum of understanding that recognises each organisation's continuing professional development (CPD) points and aligns their policies.
The associations aim to further improve the quality and value of advice provided by their members to clients.
"The FPA and SPAA share a number of members in common," FPA chief executive Jo-Anne Bloch told InvestorDaily.
"We also have very similar views to policy, particularly relating to tax, superannuation and retirement income. And certainly with the number of reviews that are under way we felt it was appropriate to join our intellectual forces for the good of policy in Australia, but also because we think our members would very much appreciate that."
The memorandum was announced during the SPAA State Technical Conference in Sydney this morning.
The immediate benefit to members is the mutual recognition of CPD points which will be effective immediately, SPAA chief executive Andrea Slattery said.
"When you now attend a conference you will be able to receive CPD points for both organisations," Slattery said.
In the past, the associations had separate systems.
"That has been a little clunky," Bloch said. "We got rid of all the barriers - it's all about professionalism."
According to SPAA, the self-managed superannuation fund (SMSF) sector is the largest segment in Australian superannuation with 31 per cent of the market, or $348 billion in assets attributed to more than 403,000 SMSF entities.
