FPA records solid result for 2014-15
The Financial Planning Association (FPA) has recorded an after tax surplus of $444,544 for the year ending 30 June, 2015.
According to figures in the FPA's 2015 Annual Report, the member association recorded a before tax surplus of $894,562 for the year ending 30 June 2015 (down four per cent on the previous year) and an after tax surplus of $444,544 (down 54 per cent). This increased accumulated members' funds to $8,764,862 — an increase of $444,544 on the previous year.
The significant changes that occurred in the financial year to 30 June 2015 that impacted the financials of the FPA were:
- The increase in member numbers and revenue without increasing membership fees;
- The continuing investment made in the advertising campaign funded from members' advertising levy contributions, with the FPA investing more funds than collected; and
- The investment in the new customer relationship management system, which is now being amortised.
Other key results recorded by the FPA include a five per cent increase in membership as at 30 June 2015, with a total of 11,252 members, of which 48 per cent are Certified Financial Planner practitioners. The FPA also recorded a significant increase in enrolments in the CFP Certification Program, which grew by 34 per cent across the year.
During 2014-15, the FPA participated in over 200 separate stakeholder meetings with politicians, Government agencies and other stakeholder groups.
Members of the FPA also helped raise $267,000 for the Future2 Foundation — the charitable foundation of the FPA that assists disadvantaged young Australians.
Recommended for you
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
