According to the FPA’s annual report for FY20, chief executive Dante De Gori earned $485,000 in total remuneration including salary, bonuses and super, down from $502,000 in the 2019 financial year.
The report revealed that director remuneration for the 2020 year had decreased to $324,000 from $304,000 in 2019, while overall short-term executive remuneration for the association had remained steady at $1.59 million.
The FPA saw a decline in total revenue over the year from $13.39 million in 2019 to $12.43 million in 2020, due to plummeting investment income and a decrease in membership subscriptions and CFP enrolments.
While 1,090 new members joined the FPA in the 2020 year, just 5,550 were listed as CFP members, down from 5,734 in 2019.
The declines came as the association made substantial cuts to staff over the 2020 year, in order to “align the FPA to new strategic priorities and ensure it continues to best serve member needs”, Mr De Gori said in the report.
The association’s financial statements showed it reduced overall employee expenses from $5.84 million to $5.83 million, cut advertising and marketing from $864,000 to $695,000, and reduced administration costs from $1.54 million to $1.28 million.
The FPA had 13,189 total members as at 30 June, and noted it had seen an increase in the proportion of female members to 27 per cent, compared with the industry average of 20 per cent female financial planners.
The report also noted there had been 21 complaints made against members in the 2020 year, with five still open for investigation as of June.
1,000 new members! Good to see Dante has made a deal with some industry fund in exchange for membership $$. What are they trying to get him to sell? WE all know the answer!
The FPA CEO and Board have published a vision – Policy platform: Affordable Advice, Sustainable Profession – what has AIOFP done? Really I am asking seriously to the IFAs out there that love alphabet soup.
At least the FPA publishes an annual report and their financials. TRANSPARENCY is good practice and good governance of a legitimate professional organisation. Cant wait for Sarah and IFA to scrutinise the annual reports of AIOFP and the other associations. Yeah Right!
You are missing the point here. Focus on this problem first as it is 100% unacceptable.
still waiting for the FPA to show the split between members fees and non members fees. TRANSPARENCY rubbish.
THIS IS THE PRICE WE PAID BY THE ASSOCIATIONS SELLING US OFF TO FSC SO THEY COULD GET COMPULSORY MEMBERSHIP AND WAGES THAT ARE NOT DESERVED WHEN THEY HAVE SAT ON THERE HANDS AND WATCHED THE ATTROCIOUS TRAIN WRECK WHICH OUR INDUSTRY HAS BECOME WITH FSC FASEA AND OVER COMPLIANCE.
Dante has NOT taken a paycut, this just looks like he didn’t meet all the triggers for his massive bonus, I think his bonus is usually in the vicinity of $75,000, so instead he only got maybe $50,000 and his salary has stayed the same, all this while Advisers are put through the ringer, FASEA makes us pay more for everything including PI Insurance, Licences and now a lot of Advisers have to go and spend nearly $20,000 just to keep their job! How can any organisation that is a membership based organisation still pay “bonuses”……of $50,000 for one year??? Bad look.
FPA head gets just under $500k… pretty close to the PM who runs our country… what the !!
I recently recieved a CoreData survey and it was all about why not join FPA and why are you not a member…. One question was “what, if any, are the most negative associations you have with the FPA?”
I don’t think IFA will post my answer (I did save it and emailed to a friend). I will try to post in “reply”
they don’t advocate for the real advisers. they are associated with AMP and the banks. they made a deal with CBA’s Marianne Perkovich which got them mandatory memberships. I really don’t like their lack of fight for ALL advisers and their high and mighty approach when it comes to fees and billing clients which is a very ridiculous idealistic approach as many adviser still work on ongoing fees via % of FUA and commisions via risk and product.
I don’t like how they treated Dr. Adrian Raftery! I don’t like how they think they are the only ones who are right and ended up splitting our voice as an industry causing politicians to think we didn’t have a united voice. Mortgage brokers rallied together and fought back. Dante Di Gori has really achieved NOTHING and is paid far too much. Why is the FPA allowing the slow strangle of advisers while sitting on so much savings in the bank when it could have been spent to lobby?????
At least the they ask you what you think and are prepared to do something about it. what has AIFOP ever done? They done ask and they dont publish anything – have you seen their financials? have you seen what they Pay PJ? No of course not.
AIFOP are the only ones who tried to launch a High Court challenge to stop our rights from being removed. The others did nothing. What is your real problem with AIFOP Dante?
I would say because how they treated Adrian who then went over and joined AIFOP board.
They in conjuction with the SMSFA and the Stockbrokers and Advisers association achieved an extension to the FASEA exam.
People often ask if I’ve made poor investments. I reply “being an FPA Member”. Ten years ago if I invested my membership fees in CBA shares I would have $45,156 today…..but instead all I have to show is FASEA, depressed business values, three times as much red tape, some additional levies and higher PI costs, a crappy CFP brand that gets confused with Commonwealth Financial Planning and Mr $485K to represent me…and I’m the one providing advice around money..not the smartest investment.
When I was growing up I played the clarinet and the reed for the mouth piece cost $2. That $2 investment made much sweeter music than $485k can buy.
wow…how do I apply for that job…
Morning- have Breakfast with Hostplus
mid day- approve a cut and paste press release from CBA, agree with CBA “it’s not us it’s dirty planners”
Lunch – have it with mates from StateSuper/ Aware Super,
sit around for the rest of the arvo and answer emails – reply with standard “let’s wait and see what happens”
followed by, getting yelled at by actual planners for doing nothing….and then like water off a duck back, actually DO NOTHING…
yeah I reckon $250K should cover it…. probably need a bonus to turn up to a Royal Commission and say ” I know nuthing”
And blogging on this site means you are busy and productive in looking after your clients!!! Talk about pot and kettle!
But I don’t get paid $485K…and I don’t claim to represent advisers.
Looks like you have nothing to do also Kettle!
What a joke. Talk about high income for no service. We need an AFA / FPA merger and I would vote Phil over Dante anytime. Its time for advisers to vote with their feet. We are all forced into being members so the easy solution is resign from the FPA and go with the AFA. Together we can force the merger and stop this.
Cut advertising Etc. wow. So our marketing $$s Added on to membership just propped up salary.
The drop was well below industry averages where 20 % was the minimum drop for private enterprise like Dante. Last time from me mate, fishing and golfing is the new norm without all the stress left on the industry with ZERO meaningful representation from FPA. One less senior CFP On the books shortly
Now grandfathering has gone, If Dante got busy & got rid of the ridiculous red-tape Opt-In, retail advisers might have some profit margin to afford the FPA membership fees. Of course, the 1000 intrafund advisers are rolling in it, as they don’t have to waste 1 second on chasing up Opt-Ins, collecting over $100 million a year in ongoing remuneration. What a joke.
The only way to make a change is to revolt like our CPA counterparts. Paying Dante and the directors to absolutely do nothing for our profession is ridiculous. I have personally made contact with CFP USA to become a member not to pay these gray train riders here
Just here for the comments
How can an organisation that generates only $12.43 million pay a director $485,000 pa? That represents roughly 4% of the gross revenue. A similar analogy would be Matt Comyn getting paid $1.2 Billion for the financial year. Next year I will be cancelling my FPA subscription.
And why has it taken that long to cancel ?
Because my employer pays for it.
As an organisation whose main purpose is to represent financial planners, Dante is paid too much. If the average experienced planner is earning $120k-$150k p.a., he should not be earning more than 3 times this amount, especially when you consider the size of the FPA & number of staff. How do we vote on remuneration….
Amazed that he’s even got a job. Happy to do the CEO”s job for $250,000, but I’d be given some of that $11 million in cash back to members. It’s positive to see such a mass exodus in members and advisers saving $1,095 a year for Zip return. Perhaps a large portion of that decline is the Banks ceasing to pay their employee’s fees because, really the FPA is an association for Bank & Insto employees. I suspect the 1000 new members were a sign up from Hesta Call Centre. Of note is the single line in the financials saying “receipts from members and non members” falling at a much higher rate compared to actual members leaving. Only when the FPA stops getting kick backs from non members (insto’s) will they be relevant and advisers be able to reduce red tape. That requires leadership.
if your comment does not please the funpolice monitoring these reviews dont bother posting it, this is why we are in the mess our industry is in. People with vallid opinions are not being heard.
Good to see its just not me this happens too
I am yet to get a comment through.
Me too
“they don’t advocate for the real advisers. they are associated with AMP and the banks. they made a deal with CBA’s Marianne Perkovich which got them mandatory memberships. I really don’t like their lack of fight for ALL advisers and their high and mighty approach when it comes to fees and billing clients which is a very ridiculous idealistic approach as many adviser still work on ongoing fees via % of FUA and commisions via risk and product.
I don’t like how they treated Dr. Adrian Raftery! I don’t like how they think they are the only ones who are right and ended up splitting our voice as an industry causing politicians to think we didn’t have a united voice. Mortgage brokers rallied together and fought back. Dante Di Gori has really achieved NOTHING and is paid far too much. Why is the FPA allowing the slow strangle of advisers while sitting on so much savings in the bank when it could have been spent to lobby?????
if you the adviser think your valuable dollar could be better spent join AIOFP and dont pay these embiciles half a million to do nothing for you, wake up advisers.
AIOFP represents Advisers.
Get on board Real Advisers.
Stop FPA Insto / Industry super mouth piece that does Zero to help Advisers
Wow! Nice work.
Hopefully, the penny has finally dropped. If they don’t fight ongoing government ‘reforms’ such as FOFA, TASA, AFCA, FASEA, LIF etc., then it’s RIP for the FPA.
Thats a shame, De Gori still earning a good income for being little to no use for Financial Planners
Wow….. welcome to Struggle Street Dante!
#salary+bonusesfornoservice
Maybe they should further reduce their salaries so they could put money to better use, and make the FPA relevant again