FPA faces tough year in US
America’s recently formed Financial Planning Association has had a turbulent year in membership numbers, with those leaving almost matching those joining.
According to Financial Planning magazine's US-based web site, the FPA signed up 6700 new members last year. However, 6500 also decided to leave the group formed last year after the merger of the Institute of Certified Financial Planners and the International Association for Financial Planning. Membership of the FPA now stands at 29,020.
While the FPA was kept busy signing members in and out, the relative newcomer representing fee-only financial planners, the National Association of Personal Financial Planners (NAPFA) recruited 117 new members last year to bring its total membership to 714.
At America's answer to the Association of CPAs, the AICPA, the number of members who hold its Personal Financial Specialist credential rose about 1,000 to 9,000. The number of US advisers holding the CFP licence last year increased 5 per cent to 36,307.
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