The FPA previewed its new advertising campaign to conference delegates on the Gold Coast last week. Its focus is on the professionalism of its members. It comes mere weeks after the AFA’s own advertising initiative was launched at its conference also on the Gold Coast. Its message focuses on the need to plan. Both associations have recognised the need for the public to be made aware of professional financial planners and financial planning. They both see a need for the public to recognise their own members are operating under strict ethics and standards – as opposed to financial planners not members of the associations.

Selling the value of advice is almost 20 years in the making, with promises from the FPA of promoting the brand to consumers emanating from its very first conferences. And it follows the cringe-worthy Dazza campaign of some years ago. Its current idea is to promote planning so that at a local barbecue, a FPA member can talk with pride about his profession among his mates.

The FPA stated its mission is to focus “on the things that will elevate our industry to a universally respected profession”. “Financial planning is a young profession, still in its infancy. We may feel a tad envious of the respect that some other professions command, but they’ve been at it for a lot longer – the medical profession first pledged the Hippocratic Oath 2500 years ago.” (from the FPA’s new brand marketing document). Again, the association compares itself with doctors. Is it perhaps a tad arrogant, and certainly not doing itself any favours by perpetuating the comparison? Despite this, the aim of the FPA becoming an association of which its members “adhere to the highest standards of professionalism, inspiring trust and confidence in the community” is certainly achievable, admirable and aspirational.

The FPA has priced its advertising offering on behalf of planners at $220 a year from each member (or $20 a month). The AFA has asked its members for voluntary donations to its “Make a Plan” campaign. It is estimated to be looking at raising over $2.5 million, with firms contributing what they can and some pitching in up to $10,000. While the AFA is looking at a $2.5 million ad spend, the FPA has a large war-chest of its own and is going to claim an additional $1.76 million from its members each year of the 5-year campaign – so its spend can be much larger.

Running dual advertising campaigns will confuse the consumer in an already acknowledged over-complicated industry.

Perhaps to really promote financial planning in the community some more co-operation is needed.  The associations need to agree ethics, educational standards and promote professionalism in tandem.

It is, after all, a single profession no matter which industry Association one supports. Many financial planners are members of both associations from which they derive different value. How can we expect to capture the public with fractured industry campaigns? The industry funds were able to successfully express their message because they were united. At this time, surely we can all see the benefits of a united front?

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