Principal members of the FPA significantly reduced their contributions to the value of advice campaign in the 12 months to June 2009, contributing a drop of almost $400,000 towards the association’s total revenues.
The FPA’s total revenues from operating activities for the year ending 30 June 2009 decreased by $1,769,667 or 13 per cent from the previous year to $12,187,076, the association’s annual report said.
As well as contributions by FPA principal members dropping by $387,382, or 47 per cent, the association has experienced a 13 per cent drop in principal memberships since June 2008.
The association was hit by a drop of $575,953 or 37 per cent in certified financial planner (CFP) enrolment revenues from the previous year, though CFP members increased by 3 per cent.
The association also experienced a decline in interest income of $146,128 or 20 per cent compared to 2008.
However, despite the operating losses, the FPA recorded a post-tax surplus of $214,538 for the year ending 30 June 2009, and a jump in accumulated members’ funds to $6,359,715 for the same period.
This marks an increase in member funds from 2008, which was reported at $6,145,177.
The FPA also saw revenue from membership subscriptions rise by $172,940 or 3 per cent on the previous year.
In the past year, the FPA has also taken a tough stance towards enforcing association guidelines, with a number of new investigations being launched into member activity.
Since September 2008 the FPA has launched 111 new investigations, with 104 of these now closed.
In this period, 15 people had their FPA membership terminated, three members were expelled and two members were suspended.
