The Financial Planning Association (FPA) is set to take the next steps in transitioning from an industry organisation to a professional association.
Little more than four months after assuming the role of chief executive of the FPA, Mark Rantall told Money Management that announcements would be made at the organisation’s forthcoming national conference on the Gold Coast reinforcing its evolution as a professional association.
And notwithstanding criticism of the FPA’s evolution and resultant policy position, Rantall said that membership had continued to grow, with renewals for the new financial year strong.
“Since assuming my position as chief executive I have been trying to engage with members, and the overall tenor of the feedback is that they are strongly supportive of the FPA transitioning from an industry organisation to a professional association,” he said. “That is also consistent with the views of the board.”
Looking at the political and policy dynamics confronting the financial planning industry in the wake of the Federal Election, Rantall said he agreed with the chief executive of the Financial Services Council (FSC), John Brogden, that the industry would need to speak with one voice to ensure it was heard in Canberra.
He said that the FPA was already openly discussing policy issues with the FSC and the Association of Financial Advisers, and while there was broad agreement on most issues, there would always be disagreement at the margin.
Rantall said that the FPA would be seeking to pick up the lobbying narrative with the new Assistant Treasurer and Minister for Financial Services, Bill Shorten, on the issues flowing from the Future of Financial Advice reforms.
He said that, in particular, priority would be directed towards trying to gain greater clarity around the ‘opt-in” provisions and fiduciary duty.
The FPA’s moves towards transitioning to becoming a professional association have come at the same time as a record 23 candidates have nominated to fill three independent positions on the board. The board election will close on 8 October.
