FPA boosts Gen Y numbers
The Financial Planning Association (FPA) has seen a significant change in member demographics over the past 12 months, with an increasing number of young planners joining the association.
The FPA had released data about new members, with female planners making up a third of the 1,000 members that have joined in the financial year to date.
Generation X represents 48 per cent of FPA’s new membership, while Generation Y represents 40 per cent.
“We are motivated by the on boarding of these new faces of financial planning and inspired by how the profession is evolving,” said FPA chief executive officer, Mark Rantall.
Consistent with wider industry trends, the FPA became involved in a number of initiatives which target younger financial planners, such as the Sydney Chapter’s Elev8 program.
Rantall said the higher representation of female members was also encouraging.
“It is positive to see that the female representation in the FPA and more broadly, in financial services, is growing each year,” he said.
“However these numbers are not satisfactory and much needs to be done here to close the gap between the two genders and the FPA is aiming to do that with the financial planning profession,” he added.
“In order for Australians to receive appropriate advice, there needs to be equal representation across genders and all demographics.”
The FPA Professional Congress which will be held later this year, will hold sessions which specifically target those who have less representation in financial planning industry, according to Rantall.
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