The Financial Planning Association (FPA) is offering discounts to attract new members and win back financial advisers who may have previously not renewed with the organisation.
The membership drive comes as the organisation has acknowledged a 6.6% decline in members over the past 12 months but has noted that this is better than the double-digit decline in the number of planners registered on the Australian Securities and Investment Commission’s (ASIC’s) Financial Adviser Register (FAR).
In a letter sent earlier this month, FPA chief executive, Dante De Gori, has outlined an offer involving saving “up to $506 on FPA 2020/21 membership as an FPA Associate Member” if they become a member before 18 December.
It also suggests that people who do so will gain free access to four FPA CPD recordings.
De Gori’s message has been sent out under the headline – Fighting for a sustainable profession Join the FPA.
“Together we are stronger. John the FPA,” the letter said. “I am writing to invite you to become an FPA member. Whether you have been a member in the past or you’re considering it for the first time, joining means you’re part of your professional community”.
Asked to comment on the membership drive, De Gori told Money Management that the FPA was targeting both past members and other advisers who had had contact with the FPA via events, webinars and other interactions.
He said that the FPA was pursuing the membership drive as part of the normal course of business based on contact details it already had for the advisers who had received the message.
De Gori noted that while the retirement of members from the industry had been an issue, there was also some churn as a result of advisers renewing after they had changed licensees and this had become more evident following the closure of Dover and BT Westpac and now the processes around the MLC Wealth sale to IOOF.
He said he believed it could be a number of months before the level of movement settled.
