The Financial Planning Association (FPA) has been given the green light by its members to transition from an industry body to a professional association.
Members cast their vote at an Extraordinary General Meeting held in Melbourne on 7 April 2011. Over 94% voted in favour of the three year plan.
“This is an important day for the FPA and for the financial planning profession,” said FPA Chairman Matthew Rowe.
“Today our members have voted for transformational change to create a peak financial planning representative body with the highest professional standards.”
The three year transition program was announced at last November’s FPA National Conference. As part of the strategic plan, the FPA will introduce new membership requirements, a $15 million brand and advertising campaign (which is scheduled to run over five years), and an education strategy to raise the professional standards of the advice industry.
The FPA will also remove the principal membership category with only individual planning professionals having the right to vote going forward. 87% of current FPA principal members voted in favour of the proposed changes.
“The Board and executive has received great support from both principals and members during an extensive consultation process, and evidence of this is seen in the overwhelming support achieved for the vote,” Mr Rowe said.
The changes will be introduced from 1 July, for the 2011-2012 membership year, with the national consumer advertising campaign to start in second half of 2011.
