Convention marks 10 years of history

To look back over the past 10 years of the FPA’s National Convention is to take a history lesson in the development of the financial planning industry.

What becomes apparent when one embarks on such a task is that the predictions made, and the advice given, at these annual conventions invariably prove to be on the money when it comes to the key issues and major developments in the industry.

One of the reasons for this is the high standard of speakers always involved in the FPA conventions, which in turn attracts an increasingly growing number of delegates.

Over the past 10 years, speakers at the FPA Convention have included the likes of the Australian Consumer and Competition Commission’s (ACCC) chairman Allan Fels, Federal Treasurer Peter Costello, past Victorian Premier Jeff Kennett, Godfrey Pembroke’s founder John Godfrey, Investor Security Group managing director Robert Keavney and a string of other industry experts.

Since its earliest beginnings in 1992, the FPA National Convention has set out to inform, educate and unite the financial planning industry under one big roof.

It has provided the opportunity for industry participants to network and discuss with like-minded individuals the key issues of the industry at particular points in its history.

One of the key discussions at the first FPA Convention held in Hobart, was establishing financial planning as a fee-based service, as a way to draw wider acceptance of the industry as a profession. While this issue has been debated ever since, we now see a much greater acceptance of fee-for-service business.

Some 1,400 planners attended the 1993 FPA Convention held in Canberra, growing to 2,400 delegates by the following year.

Held in Perth, the theme for the 1994 convention was ‘Better advice, better business,’ with technology dominating the sessions and discussions.

The Victorian Premier, Jeff Kennett, praised the industry for its self-regulation at the following year’s Melbourne convention, while Investor Security Group managing director Robert Keavney predicted trail commissions would soon be widely disclosed in the industry and clients could terminate them if they so wished.

By all accounts, the 1996 Brisbane convention, in which 2,300 delegates attended, is most remembered for the hot debate over the degree to which practitioners and principal members represented the industry via the FPA. Concern came from smaller dealer groups over the level of influence larger groups were exerting within the Association.

In the following year, some 2,500 delegates witnessed the honouring of two of its long service members, Gwen Fletcher and John McNeil, with the presentation of the Association’s first lifetime memberships for outstanding service.

There is only one word to describe the 1998 convention held in Cairns — hot. While some 2,200 delegates sweltered, John Godfrey was awarded FPA lifetime membership for some 37 years of involvement in the planning industry. The industry was acknowledged for its acceptance and take-up of the Certified Financial Planners (CFP) creditation.

Treasurer Peter Costello used the opening address at the 1999 FPA National Convention held in Sydney to poke the Opposition in the ribs for holding up CLERP reforms and choice of superannuation legislation. Meanwhile, FPA chairman Ray Griffin called on the Federal Government to establish an inquiry into retirement income’s policy as part of a drive to develop a savings culture in Australia.

Such a review is now on the Government’s agenda, with Prime Minister John Howard announcing some reforms to retirement income policy in the lead up to the recent Federal election.

The convention held last year in Melbourne saw the newly elected FPA chief executive officer, Ken Breakspear, describe financial planners as a dominant force in the personal finance market, while the ACCC’s chairman Allan Fels introduced the FPA’s National Quality Assessment Program, saying it was a big step forward.

As for this year’s convention, expectations are running high, as the FPA will undoubtedly seek to continue the high standard in both convention substance and spectacle. Watch history being made.