Conference helps FPA back into black
The Financial Planning Association (FPA) has signalled that the worst of its budget woes may be behind it, announcing a rebound in its financial position on the back of a successful 2004 annual convention.
The organisation is predicting a return to a budget surplus for the full year to June 30, 2005, and has already reported to members that its results for the first six months of this financial year were ahead of budget.
This compares to a deficit of about $2 million for the full year to June 30, 2004.
The FPA has described last year’s convention as a “significant financial as well as a professional success, generating net revenue of slightly over $1 million against a budget of $706,000”.
A major contribution to the 2003-04 deficit, according to the FPA, was maintaining an expanded education program to get financial planners ready for the FSR regime.
The FPA had earlier predicted that the 2003-04 deficit would “not quickly be undone” — making the 2004-05 forecast all the more surprising.
The FPA said membership revenues at the half year to December 31, 2004 “tracked close to budget, with operating expenses being held below budget”.
“This stronger trading position has allowed the FPA to make progress in the second half of this financial year on a number of member service initiatives, such as CFP materials and web site developments,” the body said.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.