Member growth underpins a strong and vibrant FPA
The Financial Planning Association (FPA) has today released its Annual Report for 2011/2012, including a number of significant highlights for the professional body.
Financially, the FPA remains strong, reporting a slight surplus in the past financial year. Matthew Rowe, Chair of the FPA said: “Our financial result is significant in that we projected operating deficits for three years as part of the 3-year strategic plan we launched in April 2011. This surplus is two years ahead of the Board’s expectation and reflects the judicious financial management of the organisation, coupled with increasing engagement with members and relevance with stakeholders.”
In addition to financial results, the Annual Report documents achievements in line with the FPA’s strategic plan, including:
- A strong and stable membership base comprising over 5,500 CERTIFIED FINANCIAL PLANNER® professionals and 2,000 additional practitioners, in a community totalling over 10,000 members and affiliates as at 30th June 2012. To supplement the strong existing membership base, the FPA has also welcomed over 600 new members in the past year, and achieved a 65% increase in CFP certification program enrolments.
- As a body representing the interests of individual practitioners, the past financial year also saw the professional association take on over 200 co-branded FPA Professional Practices endorsed as quality businesses and over 60 FPA Professional Partners (large licensees and dealer groups) pledge their support, replacing the previous Principal membership structure.
- Significant member concessions achieved as part of the FoFA reforms including commitment from the government to table legislation to restrict the use of the term ‘financial planner’ by 1/7/2013.
- Success of the ‘FPA Difference’ advertising campaign, funded by members for members, which increased public awareness of FPA members by 14% in the last financial year. This has recently been supplemented by additional activity which has resulted in a further awareness boost by 24%. In addition, research has shown that 85% of the consumer audience recalled that FPA members worked to higher standards. Furthermore, for consumers, the CFP designation was the most commonly cited credential when looking for a financial planner.
- To support members in developing their careers and differentiating their credentials, the FPA’s CFP certification program, as well as CPD and national events, have enjoyed over 5,000 attendees in the past year with member satisfaction ratings well in excess of 85%.
“FPA members are at the heart of the Association. This Annual Report recognises a number of outstanding individuals including our 2011 Best Practice Award winners and four accomplished members who achieved the ‘hat trick’ of the CFP mark and both the LRS and AEPS designations. The proof points evidencing the tangible value of the CFP designation is published for the first time in this Report (on page 43) and overall, the report shows that we are on-track and on-target in achieving our strategic plan.
“As Chair presiding over the Association in its 20th anniversary year, I am immensely proud of the collective efforts of our members who have made these achievements possible in our mission to help transform financial planning into a respected profession.”, said Mr. Rowe.
FPA members and other industry participants will receive a personal update from the FPA Chair Matthew Rowe and CEO Mark Rantall at the upcoming national events series to be held in capital cities in November and December. Hardcopies of the Annual Report will also be available at these events. Event details are available at www.fpabestpractice.com.au/advancedcpd and the Annual Report can be viewed at www.fpabestpractice.com.au/2012annualreport.