Dante De Gori

The Financial Planning Association of Australia (FPA) today launched an online diagnostic tool exclusively for FPA Professional Practices as they bolster their businesses to support a growing number of Australians during these challenging times.

The FPA has partnered with global market research consultancy CoreData to build the FPA READY Index which allows FPA Professional Practices to benchmark their businesses, enabling practices to further improve and strengthen their systems and processes at a time when they face an increasingly uncertain future.

Dante De Gori CFP^®, CEO of the FPA, said: “As the COVID-19 pandemic creates increasing volatility in financial markets and uncertainty among investors, financial planners need to ensure their practices are firing on all cylinders as they service new and existing clients.”

“FPA Professional Practices have risen to the challenge of this unfolding economic crisis by supporting Australians through what may be the most difficult period in their financial lives. The FPA READY Index has been designed to give you a clear picture of the capability of a practice relative to its peers in these extraordinary times.”

Ken Whitton CFP^®, FPA Professional Partnerships Manager said: “The FPA READY Index will provide a comprehensive assessment of the success of your business. Practices will now have the opportunity to compare their businesses against their peers and really evaluate, assess and understand how they are positioned for the future.”

The FPA READY Index has been developed for practice principals through powerful data-driven diagnostics. This analysis will provide a visual critique of what parts of a financial planning practice is thriving and which areas need attention.

The Index enables practices to clearly identify the strengths and weaknesses of their business across a range of categories including analysis of revenue growth and profit margins as well as comparisons with the industry average to gauge and track overall performance.

The tool will benchmark across five key areas that are important drivers of practice readiness:

• Risk and compliance
• Efficiency and technology adoption
• Aspirations
• Differentiation to meet client needs
• Yield

Within 20 minutes practices can benchmark their business by answering a series of questions online. Once complete, practices will be able to access their FPA READY dashboard to view their performance.

“In the evolving nature of our profession, this sort of technology and innovation will further elevate the services we offer as the peak professional body and ensure FPA Professional Practices maintain strong, sustainable business models set for long-term growth,” Mr De Gori said.

FPA READY Index LITE will be made available to all members providing them with a light version of the FPA READY Index, to sample what the tool offers. Financial planning practices can apply to join the FPA Professional Practice Program to access the full version.

The FPA is also working on the FPA READY Client Index, which will give FPA Professional Practices feedback directly from clients.

FPA Professional Practices can access their custom FPA Ready Index dashboard via the FPA Member Centre.

Find out more about the FPA Professional Practice program.

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Mr Whitton was appointed on 3 September 2018 and his role will be to assist FPA Professional Practices by expanding referral programs designed to connect Australians with CERTIFIED FINANCIAL PLANNER® professionals, as well as enhance the FPA’s service offering.

Commenting on the appointment, Dante De Gori CFP®, CEO of the FPA, said: “Ken is uniquely qualified to take on this role.

He brings with him 13 years’ experience as a CFP® professional, as well as five years in senior management and advisory roles. “Ken’s expertise will help grow our national referral programs for financial planners in FPA Professional Practices that are committed to the highest professional and ethical standards.”

Based in the FPA’s Sydney head office, Mr Whitton brings over 20 years’ financial planning and superannuation fund management and advocacy experience to the role.

“It’s wonderful to be joining the FPA at this exciting time of change for financial planning. I look forward to working with FPA Professional Practices to shape the future of advice and further advance professionalism,” said Mr Whitton.

Mr Whitton previously held the leadership position of Senior Policy Advisor at the Association of Superannuation Funds of Australia (ASFA), developing and advocating public policy positions, promoting industry best practice and assisting the association to meet its objectives.

He has been a Consultant Educator to the FPA for nearly five years, involved primarily with the CFP® Certification Program. His role includes being a committee member, subject matter expert and exam marker.

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