The Financial Planning Association of Australia (FPA) has announced a new series of events and activities exclusively for certified financial planners (CFP) and those enrolled in the CFP certification programme set to go ahead this November.
The industry group said the events will serve as a forum to share and exchange experiences, develop expertise, and create a network for CFP professionals.
The first event in the series is scheduled for Tuesday, 22 November at the ICC Sydney which has been titled, ‘It depends: Deconstructing the advice process’ and will feature CFP professional names such as Louise Biti, Kathryn Creasey, Shayne Sommer and Adam Crabbe.
FPA CEO Sarah Abood said they will lead participants through a complex workshop “challenging participants from a technical, ethical and client-best interest perspective”.
The first event will also cover the advice process based on a client case study and cover the issues and questions financial advisers deal with every day, allowing the audience to engage with the CFP professionals to create a “truly interactive workshop experience”.
“The launch of the CFP Professional Connect program compliments the changes made to FPA memberships earlier this year,” Ms Abood said.
“This is part of our commitment to provide more catered and customised services to each of our membership categories, to help ensure they get the most out of their membership.”
More events covering different topics in financial planning will be announced over the next 12 months.
The announcement comes only days after the FPA called for an “urgent and immediate” continuation of the ASIC industry levy freeze.
The group has argued that the 2022–23 financial year could potentially see a big increase in the ASIC fees paid by financial planners.
The fee level has been frozen in recent years, but the FPA fears that freeze could be about to end.
“Making financial advice more affordable for all Australians starts with making financial planning more affordable to practice,” Ms Abood said.
“There are activities that we’re aware ASIC undertakes that have nothing to do with financial planners, yet are funded by financial planners in the current model. The government has had to intervene twice in the past five years because the model isn’t working as intended.”
The association has also recommended the creation and application of retrospective regulations to directly charge the six large licensees at the time (AMP, Macquarie, ANZ, CBA, NAB and Westpac) under a separate and specific levy for the cost of ASIC’s ongoing oversight of their remediation programs and litigation.
Well I just renewed my FPA membership, but I’m only AFP (with a degree, post-grad, fully qualified under FASEA etc). This will be my last year as a member of the FPA (or should it be called the CFP association now)
Sounds like you are far more highly qualified than the grandfathered CFPs, yet are treated as their inferior. Grandfathered CFPs are the handbrake on FPA becoming a professional association. They are also one of the main reason AFPs and real CFPs are leaving the FPA in droves.
Another desperate attempt by FPA to prop up the value and standing of the CFP designation. When will FPA finally realise that the only way CFP will be taken seriously is when they admit the CFP “grandfathering arrangements” were a dodgy deal to to raise revenue, and were nowhere near the “highest available standard at the time”. The CFP will only be accepted as a high quality designation once everyone who holds it has completed a degree and the CFP Certification unit. Until then it is just a marketing gimmick which no-one is fooled by.
It makes me think, the FPA isn’t there just to benefit members at all, its there to make a profit. It looks like a company, not a member based organisation. Why the hell do we have professional associations trying to maximise profits from its members? This is bloody ridiculous