FPA Chair Julie Berry and CEO Mark Rantall unveiled the strategic plan to delegates attending the FPA 2010 National Conference on the Gold Coast today.

“FPA members have the opportunity now to influence the development of our profession and build consumer confidence in the value of professional advice”, said Ms Berry.

“The timing of this move is exactly right.  There is a new energy in the air; members are telling us they want us to stop talking and do something.  We have listened, and are now setting out on a journey that requires the conviction and action of both the FPA and of members.

“We urge members to get behind our determination to elevate our industry to a universally respected profession”, she added.

Changes to build our profession

“Achieving our goal requires some far-reaching changes to membership and they require the support of 75% of those members who vote”, Mark Rantall told FPA members.

“Our determination is to make the FPA a true professional association in which only individual financial planning professionals have the right to vote.

“If members endorse the changes, financial planning businesses will no longer be voting members of the FPA, though professional practices that meet set levels of FPA membership and CFP® certification will be able to license the use of the FPA brand.

“In addition, recognising their contribution to professionalism in financial planning, licensees may become ‘FPA Professional Partners’ providing at least 25% of their practitioners are FPA members.”

The changes are set out in a consultation paper for members which also outlines a proposal for marketing and advertising campaigns to raise the community standing of members, and introduces a new brand identity and logo for the FPA to signify the higher professional standards of FPA members and distinguish them from non-members.

“When combined with an ongoing campaign to build consumer awareness of the FPA and the CFP® designation, the membership changes will underpin the development of a financial planning profession that inspires the trust and confidence of the community”, Mr Rantall said.

“We anticipate that the FPA Professional Practice sub-brand will become the mark of trust and seal of quality for financial planning practices.  Individual CFP® professionals will continue to use the CFP® mark as the global symbol of excellence in financial planning, supported by consumer campaigns to build awareness of what it means.

“Following discussions with members in recent months we have refined our proposals and received broad support. We are confident that the FPA’s proposals , will be welcomed by the broad membership and other stakeholders, in the interest both of financial planning professionals and the Australian people.

“I encourage all members to give the proposed changes careful consideration, let us have their comments and, most importantly, vote for change,” Mr Rantall said.

FPA members can vote on either electronically or by attending an Extraordinary General Meeting on April 7 2011.

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