The Financial Planning Association’s (FPA) strategy launch has received an overwhelmingly positive response from members.
Two weeks after launching, one hundred and twenty three practices have so far pre-registered as an FPA Professional Practice, and Professional Partner commitments have been received from large principals including most of the dealer groups within the ANZ, Westpac, NAB, CBA, AMP and AXA groups.
The FPA announced a new three year Strategic Plan at the FPA 2010 National Conference, Your Wavelength. The immediate response at the conference was positive, and this reaction has grown since.
The FPA Board launched the three year strategy alongside a new brand and advertising campaign to position FPA members as trusted professionals. The FPA engaged in lengthy discussions with members ahead of the launch, refining proposals and ensuring the launch would be well received by members.
Mark Rantall, CEO of the FPA said:
“Our determination to make the FPA a true professional association has resounded with our members and the new strategy has received the broad support we had hoped for.
“The feedback the FPA received during and since the conference shows that our members believe we are going in the right direction for the profession. We continue to receive support from all involved including individual members; chapters, both small and large principals, other associations, government and regulators.
“We expect the New FPA strategy to result in significant growth of AFP and Future Planner members, and increased CFP enrolments. The initial rapid take up of Professional Practice pre-registration is a good sign, and there is anecdotal evidence of both increased membership growth and increased interest in CFP enrolments since the launch. Last year close to 500 young people joined the FPA as students or Future Planners, and we expect this rapid growth in young people who are the future of the profession to continue due to our increased focus on individual professionalism”.
“We are particularly delighted with the initial rush of support for the FPA Professional Practice concept. The FPA brand will become the mark of trust and seal of quality for financial planning practices, enabling Australians to be confident in the higher professional standards of FPA members. It is great that there are already 123 top quality local practices around the country that will commence using the new FPA brand from July 2011 onwards.
“We are asking members to continue to provide us with feedback over the coming months, via the consultation paper and member survey, by emailing us, or by attending the roadshows being held around the country in March. In time for the roadshow, we expect to have the next round of advertising concepts for member feedback. Ultimately, the new strategy is the members’ decision and we hope that the Extraordinary General Meeting on April 7 2011 will bring a positive result for the entire Financial Planning industry.”
Boutique of Financial Planning Professionals Group (BFPPG) president, Claude Santucci, said:
“The Boutique Financial Planning Principals Group (BFPPG) has long held the view that the FPA should represent financial planners in a professional capacity and should not simply be an industry body. The FPA’s new strategy is a positive step in that direction and is supported by the BFPPG.
“It is essential that financial planning be recognised as a profession by the public and government. Strengthening the profession at the member level is the best way to achieve that recognition and the FPA’s new strategy is directly member focussed. It encompasses many of the changes that the BFPPG has sought over the years and we will work hard with the FPA to ensure that those changes benefit the public and financial planners.
“The BFPPG and the FPA have a long relationship built on mutual respect and we see that relationship strengthening as the benefits of the FPA’s strategy become apparent”.
Rodney Lavin, FPA Chapter Chair in Gippsland and the inaugural CFP Professional Ambassador said:
“It is an exciting milestone that is being signalled by the FPA announcements at the recent annual conference on the Gold Coast. Financial Planning has come of age and it is logical that the FPA now must concentrate on becoming a professional association rather than just an industry group.
“Financial planning has been evolving in Australia for over 20 years and it is time that ALL members of the FPA are viewed as Professionals and our membership should be viewed, and behave, as such. To raise the bar on eligibility of membership is a good thing for our profession and I endorse it whole heartedly. I applaud the FPA board on their strategy and I am confident we are heading in the right direction.”
