FPA reports slight budget surplus

After recording a budget deficit of more than half a million dollars in 2010/11, the Financial Planning Association (FPA) has emerged into the black in the last financial year, according to its annual report.

The just-released FPA annual report for 2011/12 highlights a slight budget surplus.

"Our financial result is significant in that we projected operating deficits for three years as part of the three-year strategic plan we launched in April 2011," said the FPA chair Matthew Rowe.

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"This surplus is two years ahead of the board's expectation and reflects the judicious financial management of the organisation," he added.

In the annual report released to the its members, the association highlighted achievements including member concessions as part of the Future of Financial Advice reforms (restricting the use of the term 'financial planner' by 1 July 2013) and the FPA Difference advertising campaign, which increased public awareness of FPA members by 14 per cent in the last financial year.

The surplus is also attributed to the 65 per cent increase in Certified Financial Planner (CFP) certification program enrolments.

FPA members and other industry participants will receive a personal update from the FPA chair Matthew Rowe and CEO Mark Rantall at the upcoming celebratory banquets, which will replace the national conference and mark the association's 20th anniversary.

The FPA has over 10,000 members, 5500 of which are CFPs.

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