Strategic plan will address member discontent: FPA
The Financial Planning Association (FPA) has reassured its members that its proposed strategic plan will address member discontent with several aspects of the FPA’s policies.
Speaking at the FPA National Roadshow in Sydney, chief executive Mark Rantall said the new strategic plan, which will be voted on next month, would give the association a clearer definition and new goals for the future.
The FPA conducted a focus group in August last year, which found members were unclear on what the FPA stood for, did not think the association fought hard enough for them and did not think the FPA promoted the Certified Financial Planner (CFP) designation well enough. Members also believed that having the principal membership category within the association was a conflict.
“We have put in place a special resolution around the removal of the principal membership category and have committed ourselves to representing individual financial planners only,” Rantall said.
The FPA will also work towards completing the strategic plan to advance financial planning into a respected industry and achieving a professional recognition of its members in the community, Rantall said.
“This will be done by raising education and professional standards and with the launch of the proposed advertising campaign,” Rantall said.
“Our members know how hard we’ve been working on their behalf by being involved in every Government review,” he said.
According to Rantall, the association had already gained increasing support from planners, with 85 per cent of those present at the Sydney Roadshow indicating they would vote in favour of the proposed strategic plan.
The vote will take place at FPA’s extraordinary general meeting on 7 April, with 75 per cent of ‘yes’ votes needed to adopt the strategy.
Recommended for you
Original bidder Bain Capital, which saw its first offer rejected in December, has returned with a revised bid for Insignia Financial.
Preliminary results from Wealth Data for the 2024 calendar year have unveiled which licensees reported the highest growth and losses in adviser numbers.
As Capgemini recommends artificial intelligence be used for hyper-personalised advice strategies, two professionals explore the impact it is having on advisory practices.
Insignia Financial has issued a statement to the ASX regarding a potential bid from a third global private equity business to acquire the firm.
