In association we trustBY CHRISTOPHER PAGE | THURSDAY, 7 OCT 2010 1:16PM Financial advisers in Australia frustrated by their associations despite there never having been so many of them should look at the Financial Planning Association in the US. Sustained ... Upgrade your subscription to access this article
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For many years I have been complaining about the FPA and how it does not do enough work on behalf of its members. My opinion of the FPA is that it has an agenda to promote membership and CFP status above that of working on behalf of advisers to educate the regulators and public about what a financial planner does and the value of advice. (May I be so cynical to suggest that their agenda is monetary driven?) The FPA has continuously refused to create a resistance to the blatant lies and false information emanating from Industry Funds Superannuation. Additionally, the government and regulator activity they provide is so poor, it is laughable. No wonder that many advisers either have refused to renew their membership, or only retain membership because of CFP status! I would dearly love to have our associations work on our behalf like the US Financial Planning Association. They get enough membership money from us, so why don't they spend some of this money in areas that will benefit members?
Your comments are valid and I could not agree more
WHEN ARE THE INDEPENDENT ADVISERS GOING TO REALISE THAT THE FPA ARE 85% INSTITUTIONAL MEMBERSHIP, AND UNDERSTANDABLY, ONLY INTERESTED IN INSTITUTIONAL ISSUES. THE REASON THEY HAVE NOT COUNTED THE INDUSTRY FUND STRATEGY IS BECAUSE THE INSTOS HAVE WHOLESALE MANDATES WITH THE INDUSTRY SUPER FUNDS - SELF INTEREST!!
Have always though that an association should work for the benefits of members and stay away from running education programme that are key to the associations income and focus on promoting members to build a solid and respected industry