The Financial Planning Association of Australia The Financial Planning Association of Australia

FPA launches Fee-for-Service Toolkit and online knowledge hub for members

The Financial Planning Association (FPA) has launched a Fee-for-Service toolkit and an online knowledge hub as valuable and useful resources to support members in their practices.

The Toolkit includes a practical and diverse range of tools and educational resources to help transition financial planning businesses to a Fee-for-Service model. The resource is in line with the FPA‟s own remuneration policy, approved by the FPA Board in 2009, requiring members to remove conflicted remuneration for investment and superannuation advice in line with the FoFA reforms. Following a three year transition, this policy is effective from 1 July 2012 for all FPA members.

Lindy Jones, Chief Marketing Officer of the FPA said:

“Commissions will soon be history for most aspects of investment and superannuation advice. Our research shows that more than 75% FPA members have already removed commissions from their business models and we are committed to supporting all of our members with the transition to the FPA remuneration model. Removing conflicted remuneration and ensuring financial planners adopt an approach characterised by clarity, comparability and transparency, signals a key milestone in assisting financial planning become a respected profession.”

“This Toolkit brings together the best ideas and strategies from FPA experts, FPA practitioner members and leading technical specialists in the industry. FPA members will find a practical and diverse range of tools and educational resources to help transition their business to a post-FoFA model and comply with the FPA remuneration policy.” The Toolkit, offered free of charge as an exclusive benefit to FPA members, outlines a ‘6 steps to Fee-for-Service transition’ guide as well as online CPD sessions and a live blog to ask questions and share ideas.

Another resource designed specifically for FPA members is the new online “knowledge hub‟ which is live at which provides access to valuable content from the FPA‟s Financial Planning magazine, which FPA members receive each month. The website features social media functions, content from back issues of the magazine as well as the latest news from the FPA and the profession.

Ms Jones said, “Our research tells us that FPA members highly value the quality content that characterises our Financial Planning magazine. In response to member feedback, we are delighted to be extending this content to digital channels on a state-of-the-art interactive platform for our members. With everything happening in the industry right now, we believe it‟s vital to keep the focus on adding real and practical value to our members through initiatives such as this online knowledge hub and our Fee-for-Service Toolkit.”

Click here to view the Fee-for-Service Toolkit. (You will need your FPA member ID and password)