The Financial Planning Association of Australia has announced a restructure that will mean a streamlined organization that is able to focus on advocacy.
As the industry faces uncertainty from economic instability and regulatory changes, it's essential that industry organisations like the FPA – who represent more than 14,000 members and affiliates – need to adapt.
FPA CEO Dante De Gori says it's all about supporting members and encouraging more Australians to take up 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."
Reacting to market requirements
Since the Hayne Royal Commission, there has been a great deal of uncertainty in the industry. The moves by the FPA this week not only react to those requirements but set up a framework for future requirements.
The FPA has introduced a five-year strategic framework that will provide guidance for the organization going forward. "This new structure will enable the FPA to focus on the core areas outlined in the MAC strategy – member engagement, public policy advocacy and consumer education," De Gori said.
The roadmap will focus on three areas: members, industry advocacy, and general consumer education.
"There are significant opportunities for the FPA to lead on initiatives under each of these three strategic priority areas. 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," said De Gori.
Sharper focus, fewer people
The downside of change, of course, is that it can mean redundancies. De Gori said a number of roles will be made redundant from 1 July when the new organizational structure goes into effect. "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."
"This new structure will enable the FPA to focus on the core areas outlined in the MAC strategy – member engagement, public policy advocacy and consumer education," De Gori said.