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

FPA welcomes the new face of financial planning

The Financial Planning Association (FPA) welcomes the new faces of financial planning to the professional body after already breaking 1,000 new members in financial year 2012-2013.

Female financial planners represent 32% of the new membership; Generation X represents 48%; and Generation Y represents an overwhelming 40%. Mark Rantall, CEO of the FPA believes the new members represent the new face of financial planning the future of where the profession is heading and these demographics highlight a change that is occurring in the profession.

Rantall said: “We are motivated by the on boarding of these new faces of financial planning and inspired by how the profession is evolving. The FPA community continues to work hard to build initiatives that encourage Australians across all demographics to join this profession. It is important that financial planners are a diverse group so that clients from all walks of life can access a full range of advice. The FPA community supports events, such as the Sydney Chapter’s Elev8, to target younger members; promote peer to peer learning and encourage mentoring between generations.”

The FPA currently has over 10,000 members with over 7,500 practicing members. Within this, almost 50% of the current membership is made up of Generation X, 37% of Baby Boomers and 10% of Generation Y.

Research shows that the FPA has a higher representation of female members at 23%, compared with 18% in other associations.

“It is positive to see that the female representation in the FPA and more broadly, in financial services, is growing each year. However these numbers are not satisfactory and much needs to be done here to close the gap between the two genders and the FPA is aiming to do that with the financial planning profession. In order for Australians to receive appropriate advice, there needs to be equal representation across genders and all demographics.”

The FPA Professional Congress, being held in Sydney in October, will hold sessions specifically targeting those who have less representation in financial planning including an event targeting the growth of female financial planners in the profession, and an event held for younger members on promoting growth and experience in their careers.