Australia's FPA members affirm professional pathway

Historic vote marks comprehensive mandate for new direction

FPA members have made an historic vote to usher in a new era of professionalism,overwhelmingly endorsing plans to adopt true professional status.
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“This is an important day for the FPA and for the financial planning profession. Today our members have voted for transformational change to create a peak financial planning representative body with the highest professional standards,” FPA Chairman Matthew Rowe said.
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Today’s Extraordinary General Meeting held in Melbourne, delivered over 94 per cent of votes in favour of a new three-year strategic plan that aims to elevate financial planning as a universally respected profession. To be passed, the proposition required 75 per cent of voting members to vote ‘yes’. The resounding yes vote hands the FPA a mandate to aggressively pursue its vision of a truly professional association for members and in the interest of all Australians who entrust their financial future to a CFP qualified member of the FPA.

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“This is the long-awaited beginning for our members to rebuild trust in their community that professional financial planners take utmost responsibility for delivering on a core promise of professional and ethical behaviour,” said Mr Rowe.

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“This requires all FPA members to not only act in the public interest, but be seen to do so. It also means we as a professional body will set upward education requirements, endorse higher standards and adhere to a strict code of professional practice.

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“The FPA will also remove the principal membership category with only individual planning professionals having the right to vote going forward with 87 per cent of principal members voting in favour of the proposed changes.

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“The Board and executive has received great support from both principals and members during an extensive consultation process, and evidence of this is seen in the overwhelming support achieved for the vote,” Mr Rowe said. 

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The new FPA will be supported with a $15 million brand and advertising campaign over five years to position FPA members as trusted professionals. The changes will be introduced from 1 July, for the 2011-2012 membership year with the national consumer advertising campaign to start in second half of 2011.

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“We’re excited about the opportunity to promote both the benefits of financial planning to the wider community and the advantages of seeking an FPA member when seeking advice,” FPA CEO Mark Rantall said.

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“Financial planners face a fluid regulatory environment and increasing attention from both government and consumers.

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This new strategic direction will provide financial planners a consistent voice and build the reputation of the profession as a whole,” Mr Rantall said.