In mid September, the new member-funded five year FPA advertising campaign will be launched, creating opportunities for practices and planners who have done their preparation to leverage this campaign.
It has been yet another tough year for financial planning practices, given FOFA, the industry fund attacks on remuneration, the negative press and the turbulent share market. In this environment, the old industry truism that we should work together to promote the value of advice is no longer enough.
Recent research conducted by the FPA showed that ideal financial planning prospects are holding back from a planning relationship because they don’t know who to trust, not because they don’t understand the value of advice. Many want an ongoing relationship with a financial planner, but are hesitant to act.
As a result, the FPA consumer campaign will address the financial planner trust issue head on, by differentiating FPA members from other advisers on the basis of their higher professional standards. The proof of these higher standards are the Code of Professional Practice, to which all FPA practitioner members sign up, and CFP accreditation. The campaign will communicate to consumers that not all planners are members of the FPA, and that ASIC and other data shows that FPA members represent the quality, professional end of the financial planning spectrum.
The new FPA brand, which has been designed as a “trust mark”, will signify these higher standards, and as a result, the FPA is being very careful about who is entitled to use it.
So there is a great opportunity now for dealer groups and individual practices to leverage this campaign on behalf of their own businesses, while also contributing to the overall success of the industry effort to re-establish trust in professional financial planning. After all, FPA members are already paying for this campaign via their individual advertising levy contributions.
Practices heads need to make some decisions regarding their level of participation in the campaign. For example, you can choose to:
- Become an FPA Professional Practice so that you can use the new FPA trust logo. If so, there is an annual license fee to pay plus standards of FPA membership and CFP certification to meet, and rules concerning the correct use of the logo:
- Promote the fact that some/most/all of your planners are members of the FPA
- Engage in local area marketing activity to promote your professional higher standards
- Adapt your dealer group level advertising and promotions to factor in the new campaign
The opportunity exists now for many high quality practices to leverage their investment in this new campaign since consumers will soon – finally! – be asking whether you are a CFP professional and FPA member.