Nearly one year since its announcement that it would become a professional association, the Financial Planning Association (FPA) has revealed an annual loss of over $500,000.
The 2011 FPA Annual Report showed an outlay of $819,000 towards its professional association restructuring costs, resulting in an overall loss of $537,149.
The Report states that: ‘Whilst 2010/2011 saw a surplus from operations, the extraordinary expenses incurred produced an overall loss.’
However, in his CEO’s report, Mark Rantall, points out that the FPA’s financial position ‘remains very strong’.
‘Our pledge to you is to provide vision, leadership and resources to raise professional standards and the community standing of our members.’ Mr Rantall said in his report.
In other FPA news, the Association has announced the Chapter winners of its inaugural Best Practice Awards. The Awards, which replace the Value of Advice awards, recognise professional financial planning expertise that is provided in line with the FPA Code of Professional Practice and Code of Ethics.
The Chapter winners in the three Best Practice Awards categories are:
FPA Certified Financial Planner (CFP) Professional Best Practice Award
- Gregory Cook CFP – Sydney Chapter
- Pippa Elliott CFP – Western Australia Chapter
- Andrew Harris CFP – South Australia Chapter
- James Harris CFP – Mackay Chapter
- James Kenny CFP – Brisbane Chapter
- Russell Lees CFP – Melbourne Chapter
- Anna McGregor CFP – Gippsland Chapter
- Peter Roan CFP – Western Division Chapter
- Greg Tindall CFP – Sunshine Coast Chapter
FPA Associate Financial Planner Best Practice Award
- Jim Fenwicke AFP – Sydney Chapter joint winner
- Sam Henderson AFP – Sydney Chapter joint winner
- Andrew Frith AFP – Newcastle Chapter
- Steve Salvia AFP – Western Australia Chapter
- Michael Smith AFP – South Australia Chapter
Future2 Community Service Best Practice Award
- Charles Badenach CFP – Hobart Chapter
- Geoff Havenstein AFP – Sydney Chapter
- Kate Kimmorley CFP – Gold Coast Chapter
- Wayne Moriarty CFP – Albury Wodonga Chapter
- Maurice Nistico CFP – South Australia Chapter
- Peter Roan CFP – Western Division Chapter
- Ross Shepherd CFP – Newcastle Chapter
The national winners will be announced later this week at the FPA National Conference in Brisbane. To stay up to date with all the news from the event, follow us on Twitter.
