Millennium3 withdraws FPA membership
ANZ-owned dealer group Millennium3 has withdrawn its principal membership of the Financial Planning Association.
Millennium3 was one of the industry’s fastest growing dealer groups over the past year. It has just over 840 advisers.
The group has withdrawn its principal membership at a licensee level, but a spokesperson said “regardless of this resignation of the FPA, M3 is still encouraging individual M3 practices to retain their FPA membership”.
The group remains a licensee member of the Association of Financial Advisers.
The group said it considers “the best use of its resources at the moment [to be] served by membership of one association”.
“M3 still has representation and involvement with the FPA at the committee level and may return to membership next year,” the spokesperson said.
Money Management understands that there are a number of licensees currently considering the ongoing relevance of their membership to the FPA.
Professional Investment Holdings director Robbie Bennetts said while his group isn't "totally happy" with the current status of the FPA, he believes change can be created from within.
"Over the years many of our advisers have suggested that we should depart the FPA, and of course we've seen a considerable [upwards] shift in the number of planners that support the AFA in our group," Bennetts said.
"But overall we wish to support both because we believe there are benefits."
Bennetts said it is his intention to have more input into the FPA in the future, as he is "coming to the conclusion that most of the strong input seems to be coming from the big institutionally owned [licensees]".
"So we want to get more actively involved, to continue to have some input into making sure everything is relevant to the small independents as well as the bigger groups," Bennetts said.
"I wouldn't say we're totally happy with it [the FPA]. But my view is it's not about sacking somebody, it's about working together to make sure we're getting the outcomes that will benefit the industry as we go forward."
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