The Financial Planning Association (FPA) says it is well on its way to raising the professional standards of the industry, with two initiatives generating significant interest from members.
The first, aimed at rewarding professionalism among individuals, is the FPA’s Best Practice Awards, which FPA CEO, Mark Rantall, says has already yielded a number of high quality entries.
“We have seen some outstanding entries for the CFP and AFP Award categories for financial planning practitioners, and we’ve also been very impressed by the high level of entries for the Future2 Community Service Award which is a tremendous reflection of the good work done by financial planners in their local community,” he said.
This year the Association says winners will be awarded both at the national level and at the local level, recognising contributions made in grass-roots communities.
With nominations closing this Friday, and Mr Rantall said he expected a last minute burst of entries. “We’re looking forward to a busy end to our week,” he said.
To nominate for the Best Practice Awards, click here.
The FPA has also launched a Professional Practices designation, to be applied to businesses that ‘stand apart as a role model for financial planning provision in their community’.
In order to receive the title of FPA Professional Practice, the advice business needs to meet strict and rigorous eligibility criteria, including having a high proportion of CFP practitioners. According to the Association, ten practices have already been awarded the designation.
“We expect to have around 500 by this time next year,” Mr Rantall said, “Although it’s important to remember that this initiative is about quality more than quantity.”
