FPA chief executive Mark Rantall and the FPA board are expected to lead the charge at this month’s conference on the Gold Coast.
Rantall said the FPA was always in active dialogue with its members about ways to improve and change.
“The new strategic plan will mark a significant step towards becoming a truly professional association,” he said.
“Our focus is, and will continue to be, building professionalism. Any changes we can make to enhance professionalism have been seriously examined.”
News of the change in strategy comes after much change for the advice association, both internally and externally.
Earlier this year, Rantall was appointed as the association’s new chief, a board member resigned publicly, citing loss of confidence in the association’s direction, and most recently a new board was appointed amid angry objection from members over the use of an independent consultancy to assess candidates.
The FPA has also been forced to defend its stance on its investigations regarding member involvement in Storm Financial and Astarra Asset Management to name a few, and apparent low-level sanctions imposed on ‘guilty’ parties.
The association has also taken a hit in terms of its membership, with outsiders suggesting many of its members only remain for their certified financial planning designation or because their company pays.
In answer to its critics and sceptics, the association released up-to-date figures last month that showed it had more than 1000 new members join during the 2010 financial year.
“It has been a tumultuous year with many businesses emerging from the GFC (global financial crisis), numerous government reviews and initial uncertainty surrounding the outcome of the federal election,” the association said.
“We have worked hard to represent the best interests of our members and consumers to the federal government, sitting on 11 different committees and making over 20 formal submissions.”
To credit the association, its attention to reform detail has been a positive.
The FPA has made no secret of its wish to propel itself forward as the peak professional advice body and rescue the industry from ‘bad apples’, however, it is yet to stand above the pack.
It continues to jostle with a pack of groups and fellow associations that declare they are the true champions of Australia’s financial planning industry. Perhaps 25 November will be the day for change.
