The FPA’s five-year strategic roadmap will focus on three core pillars, including members – “to lead the profession on the financial planning model of the future”; advocacy – “to be the voice of the profession with a policy visions that ensures a growing and sustainable future for financial planning”; and consumers – “the showcase the value of financial advice among all Australians”.
“There are significant opportunities for the FPA to lead on initiatives under each of these three strategic priority areas,” said FPA CEO Dante De Gori. “Supporting members to grow and thrive, increasing the number of Australians accessing financial advice, and having a leading voice in public policy will be key priorities with significant initiatives to be rolled out over coming weeks and months to support each of these areas.”
The plan has been unveiled as the financial advice landscape has “shifted dramatically”.
“Our members are facing more regulation, higher education standards and increased costs,” Mr De Gori said. “At the same time, there has never been a greater need for Australians to seek financial advice.
“In this context, we are excited to set in place a roadmap that we believe will support a vibrant and sustainable profession into the future and make financial advice accessible and affordable for all Australians.”
The FPA has also announced changes to its corporate structure as part of the reforms, including “redundancies to a number of roles”.
“As our five-year strategic plan was finalised it was natural to look at the team structure,” Mr De Gori said. “I am personally grateful for everyone’s contribution to the FPA over the past five years but as our strategy evolves and the environment changes we need to transform to ensure we remain relevant and effective.”
Time for a rethink. Neither organisation has relevance today and their boards & executives are self serving. Time to be brave and visionary – that won’t come from the employees (or current boards) of these member funded organisations. Isn’t it hard to act in the best interest (as any current adviser would attest)?
The FPA. The best analogy I could use is to say they’re like the AMA having members (professional partner program) that pay $60,000 a year from members such as Thalidomide, (the famous drug company that caused birth defects), and then making it compulsory for the Doctors that provide prescriptions to be members of the FPA in order to avoid Government regulation and then you guessed it, they’ll pay for their membership too. So but what type of Financial Planner would want to be part of that. Then these same planners wonder why they are over regulated and we’ve created a situation where ASIC’s preferred model is now for Australians to get advice from Accountants.
Love these grandiose BS “visionary / roadmap” statements from these Muppet’s at FPA.
Seriously stating the obvious, if the FPA have NOT already been focusing on:
– it’s Adviser members leading the profession (Not the INSTITUTIONS Dante !!!!)
– advocating for any policy sense what so ever to the complete STRANGULATION of BS REGS
– and showing value of Advice to consumers (or What real Advisers call CLIENTS).
[b]So what the bloody hell have you been doing FPA & Dante ??????[/b][b][/b]
Seriously Advisers, if you still pay membership and support this rubbish then nothing will improve.
Get rid of FPA and AFA and cut any and all links to INSTITUTIONAL control / conflict and the real Financial Advisers will continue to thrive.
I would say what I thought of Dante and the FPA but I think its been clearly said by the other comments.
Not renewing
I’ve been a FPA member for over 20 years but I’m not renewing this year. I don’t think I’ll be alone.
The FPA 5 YEAR PLAN. Lets guess more platitudes about helping advisers while selling courses and preparing to care for advisers while courting FSC criminality. Fofa lif fasea corps law changes more regulation red tape….where were you FPA AFA. Loss of trail commissions despite it not being legal under the constitution 10 year look backs devastating advisers where were you FPA AFA. FASEA exam money wasted for a worthless exam designation is not a qualification now degree courses no recognition for experience where were you FPA AFA. ..FASEA extension not granted yet advisers exiting in rapid numbers loss of revenue to AFA FPA now there you are. Yes now that its your survival at stake now you say you care. Go away De Gori of FPA go away Kewin of AFA You have hurt us all by selling advisers out for years. BY THE WAY DONT BE PARASITIC feeding of adviser member fees for your exit pay.
financial advisers needed advocacy but the public interest…whatever that is was more important to FPA. Now that the horse has bolted the FPA want to become advocates for their members…you cant make this stuff up
the FPA and AFA are now in financial trouble as members leave. After years of neglecting their members, they are getting what they deserve. I stopped paying either of these 2 nitwit organisations that are wolves in sheeps clothing years ago. Saved me a packet. So will either De Gori or kewin get that redundancy package and who pays this…ah yes the suckers who are memebrs of these clown circu entities. No integrity, just greed and self serving arrogance. Remember Brad Fox, of yes he helped the industry lots when at the AFA helm. Good riddance to both these entities. Back to my family I go. Thank goodness for them. Rather spend my money on supporting people that help my business not hurt it.
Nice rant, pretty easy to send shots from the sidelines isn’t it. Not a fan of the FPA and Mr $502K but the AFA under Phil Kewin have done a great job in representing advisers and bringing new advisers through. But I bet you are one of these advisers who misses the good ol days of 4% entry fees on investments and churning insurance….
How many members would the FPA have if they din’t have TPB status?
Sounds like the FPA is going to make planning great again.
Watch for Dante’s next career move (ala the previous incumbent) – somewhere else in the “advice chain” – but definitely not client facing. He is not that stupid.
Sorry FPA/Dante, but you have had your opportunity. Just have a look at the unmitigated mess you have left behind under your watch.
You forgot a pillar Dante.
To prolong our ability to clip the ticket and to lead the FPA into irrelevance.
Harsh but true.
Is Dante getting a pay cut?
He has your full support. @Cranky CFP could you tell me why it takes 12 months for your association to handle a compliant? Could you tell me why your association got called out at the Royal Commission? Maybe you should just be Cranky and ditch the reference to CFP.
A core part of the FPA Consumer approach needs to be supporting through advisers the ability of each person to be much more aware of the personal implications of living longer and how to holistically handle the opportunities and threats – not just the financial ones.
When are the FPA, AFA and all the other various associations going to merge and actually have a strong, united voice? It could be similar to how doctors have their structure, everyone needs to be a member of the AMA, then they have their various specialist areas.
Compulsory membership to FPA? No thanks.
The AMA dosen’t get payments from Thalidomide the drug manufacturing payments
“lead on initiatives”
“grow and thrive”
“leading voice”
“sustainable future”
“vibrant”
“roadmap”
Nothing quantifiable. Zero substance. Just a masterclass in corporate-speak and weasel-wording.
There was only one redundancy the FPA needed to make.
“…….we need to transform to ensure we remain relevant and effective.” a little to late ???
Unfortunately, apart from the odd regional breakfast an annual golf day The FPA really doesn’t offer that much to the planning community.
If the FPA did not have the CFP designation to sell, what purpose would it really serve? It does a very poor job at informing the broader community about the value of advice, and e really doesn’t do that much in terms of offering support to those on the ground within the planning community.
When talking about redundancies perhaps Mr De Gori should consider reducing his own inflated salary.
they looked after CBA during the advice scandal pretty well.
The FPA Is quickly becoming like North Korea. A closed secret state. Given TPB status and compulsory membership they really don’t need to act for Financial Planners or Australians. Is there anyone left as a member? Oh wait only the ones that work for a large institution and have there membership paid for them. It would be preferred if the FPA sticks to selling tickets at an annual conference and leave the Advocacy to associations that don’t represent large institutions. Check out SMSF Association, the Stockbrokers and Advisers Association, FINSIA. For $550 you get a TPB recognized body. IF you really want to reduce red tape and compliance you need to make a call.