The independent research conducted by Ipsos ASI Australia launched today at FPA National Conference in Brisbane, described the FPA advertising as “strong on appeal, attention-grabbing and providing a relevant message”. 

“[The advertisements were] also working well to promote a positive impression of FPA planners as hard-working, creating wealth and instilling confidence in investing,” the research concluded. 

Mark Rantall, FPA Chief Executive, said the advertising campaign had exceeded expectations with the TV message reaching almost 80 per cent of the target audience at least once and over half of the target viewers at least three times. 

“This is an extraordinary result for a campaign that is relatively small scale in financial services terms, and has undoubtedly lifted the profile of financial planners and the relevance of the FPA across Australia,” Mr Rantall said. “Taken across the whole multi-media campaign we’ve achieved an additional $1 million of value out of a total spend of $1.7 million.” 

FPA print ads reached two-thirds of the target audience at least once and 32 per cent of the targeted group at least three times, which was also above forecast, said Lindy Jones, FPA General Manager, Marketing. 

“The print ads reached almost 40 per cent of the total Australian population,” Ms Jones said. “At the same time, the online display advertising generated a ‘click-through’ rate four times above the average for the finance industry, proving that Australians are hungry for trusted sources of good advice, while also delivering tangible, direct response dividends for our advertising spend on behalf of members. 

”The online campaign activity resulted in the FPA website experiencing over 20,000 unique visits resulting in more than 1,500 ‘Find-a-Planner’ searches.’ 

‘Ms Jones said that awareness of the advertising increased by 36 per cent while awareness of the FPA brand increased by 14 per cent, as measured by a survey of 620 targeted consumers conducted by Australian Online Research. 

“For a campaign that ran over 6 weeks on a $2 million budget, our expectations were for modest, single digit increases in brand awareness.  These results are exceptional and we attribute them largely to the simplicity of the concept and clarity of the messaging.”

The campaign also helped lift the reputation of the financial planners as a whole, according to the research, with the proportion of positive consumer impressions of the industry increasing by a third after viewing the FPA ads. 

“While the ad campaign has cemented the FPA’s position as the leading professional body for financial planners, the entire industry has benefited from a positive spin-off,” Ms Jones said. 

Launched in September, the FPA’s national consumer advertising campaign is fully funded by individual members and reinforces the importance of choosing a financial planner who is a member of the FPA.  Recently completed, the campaign ran nationally across metropolitan and regional TV and print media, as well as a range of online websites, and included a Google Search Engine Optimisation strategy.

Over 1,000 delegates are attending the FPA Conference held this week in Brisbane.

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According to research conducted by Investment Trends, CFP® holders lead the shift to a post- FoFA world already deriving over half (54 per cent) of their revenue from fees compared to the industry average of 43 per cent.

“By 2014 CFP® advisers have indicated almost 70 per cent of their revenue will come from fees versus 60 per cent for the industry as a whole,” FPA chief executive, Mark Rantall said. “It’s clear the FPA’s 2009 remuneration policy, which laid the groundwork for a fee-based world well before FoFA, has given our members a head-start for the transition.”

Rantall said the Investment Trends research confirmed FPA members were on track to cope with the FoFA remuneration reforms due to be implemented in July next year.

However, a survey of FPA members has also found the proposed FoFA Opt-in rules were a source of concern with the majority expecting they would have a negative impact on their clients.

“While we support sensible reforms which bolster the momentum we have created in enhancing consumer trust in advice, the FPA remains opposed to the Opt-in requirements,” said Mr Rantall. “It is redundant and adds nothing but cost and administrative red-tape when the introduction of a best interests duty and banning of commissions, both of which the FPA fully supports, already ensures that consumers get the advice they need and know what they’re paying for that advice. 

“Our members continue to tell us, as evidenced in our most recent survey, that their clients won’t be better off, especially if clients neglect to renew their contract and are left without access to critical financial advice when they are at their most vulnerable – such as just prior to retirement or when markets are volatile.”

While Opt-in topped the list of regulatory worries, the FPA survey found continuing market volatility was the biggest concern for members over the next 12 months.

“The recent events in Europe have demonstrated once again the ongoing fragility of world’s financial markets,” Rantall said. “Our members are telling us that they’re ready for, and indeed, moving beyond FoFA now, and are focused on how they can add value to their clients within this continuing landscape marred by volatility.”

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The Financial Planning Association (FPA) is confident that its members will vote resoundingly in favour of adopting a new strategic plan to make it a true professional association.

The FPA will speak with over 2000 of its members throughout March as part of its National Roadshow, providing planners an opportunity to hear first-hand on the proposed new three-year strategic plan, which aims to elevate financial planning as a universally respected profession.

Feedback from the initial roadshows has been overwhelmingly positive, with over 85 per cent of attending members stating they would vote in support of the plan, which would see only individual planning professionals with the right to vote going forward.

The new strategic plan was announced at the FPA 2010 National Conference in November following a long-term engagement process with members.

Seventy five per cent of members who vote need to vote “yes” to adopt the strategy, which removes the Principal membership category, at an Extraordinary General Meeting (EGM) on 7 April 2011. Members can vote in person at the EGM in Melbourne, or lodge a proxy electronically from 14 March until 5 April.

In association with the strategy plan, the FPA has launch a new brand and advertising campaign to position FPA members as trusted professionals.

Mark Rantall, CEO of the FPA said:

“Clearly the members are very much in favour of the new FPA and its journey towards building Australians’ respect for financial planners as trusted professionals.

“This is a once-in-a-generation opportunity for change and we’re calling on all members to vote yes for their professional recognition.”

“We look forward to members continuing to provide us with feedback and communicating their thoughts as we work away around Australia over the coming weeks.”

Peter Roan CFP, Chapter Chair of the FPA said:

“It is time for all members to unite and show their professionalism and support for the FPA as the peak professional body for Financial Planning professionals going forward.”

“We now have the opportunity to do this, it is black and white … and it is time.”

Rodney Lavin CFP, FPA Chapter Chair in Gippsland and the inaugural CFP Professional Ambassador said:

“Financial Planning has come of age and it is logical that the FPA must now concentrate on becoming a professional organisation rather than just an industry group.

“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”

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Mr Ripoll was due to discuss the future of the financial planning industry as part of the Hypothetical Beyond 2012: The future of financial planning session.

Mr Ripoll has been asked to remain in Canberra while Parliament is sitting and these dates conflict with the FPA National Conference.

The Hypothetical Beyond 2012: The future of financial planning session will continue as part of the National Conference program and will be run by David Galbally, QC.

Other participants include Justin Hooper CFP®, RLB, Managing Director, Sentinel Wealth Management Pty Ltd, Greg Medcraft, Commissioner, ASIC, Mark Rantall CFP® CPA, Chief Executive Officer, FPA, Annette Sampson, Personal Finance Editor, The Sydney Morning Herald and Steve Tucker, Chief Executive Officer, MLC.

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