FPA tables plans to change structure
TheFinancial Planning Association(FPA) board of directors has released further details of a proposal to alter its membership structure for professionals working in the financial services industry.
As reported byMoney Managementin early September the FPA plans to recognise paraplanners and other financial services industry professionals as associate members. The changes, once accepted by FPA members at the annual general meeting look likely to become effective from July 1, 2002.
To meet the changes the FPA plans to create membership ‘stepping stones’ which mirror a person’s career path from entry level towards the certified financial planner (CFP) designation.
The CFP designation will retain its status as the premier financial planning designation in Australia. The FPA board has also revised its previous decision to recognise CFP as the sole practitioner designation, by July 2003.
The proposed new membership structure includes the current affiliate category to be upgraded to become a practitioner designation for tier one qualified advisers who satisfy IPS 146 requirements. A fellow designation will be created for highly experienced and respected members.
A retired member category is also proposed to be created for those no longer working in the industry and a general member category will replace the affiliate category for members interested in the financial planning sector who are not practitioners.
It is understood that the changes in membership structure has been driven by the introduction of the Financial Services Reform (FSR) legislation and the Australian Securities and Investments Commission’s (ASIC) Interim Policy Statement 146 (IPS 146) with revised training requirements for representatives.
The FPA says the new membership model will streamline the Association’s activities and provide tailored conferences, continuing professional development (CPD) seminars and training, and better networking opportunities.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
