FPA posts million-dollar surplus

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The FPA has said it is no longer reliant on sponsorship monies or an annual conference to meet its operating or funding requirements after reporting a surplus of $1,413,047 for the 2012/13 financial year.

Mark Rantall, CEO of the FPA, said in a statement, “We are pleased with the strong financial performance of the FPA and the fact we are on a firm footing for future growth.” He also welcomed gains in its membership numbers which showed planners were “voting with their feet”.

Overall, the FPA’s net assets increased to $7,339,794 while liquid assets were at $15,020,341.
The FPA said the 2012/13 result was achieved on the back of prudent expense management and a record increase in membership across all categories.

“The numbers give us confidence for the future and will enable the FPA to consolidate its position as Australia’s pre-eminent destination for professional financial planners,” Rantall said.

Rantall said the 2012/13 surplus would replenish reserves drawn upon in 2011 when the FPA was restructured and principal membership removed. It would also invest in a new information system platform to enable significant improvement in member communications, knowledge sharing and engagement.

“Our sustainability is built on membership revenue exceeding operating costs and funding investment without the need for sponsorship or event revenue.”

  • Innocent Observer on 15/10/2013 9:14:04 AM

    Hey, let's not be too quick to beat up on the FPA. After all, when advisers and their practices were being crucified by the past government the FPA helped by.... Anyone else hear crickets?

  • Long term Member of FPA on 14/10/2013 2:53:19 PM

    FPA has become an Investment Fund.
    Members should be changed to share holders of FPA.
    FPA needs to take a hard look at themselves.
    FPA is an association, not an investment fund FPA needs to invest in its members and to promote Financial Planning Industry
    I am having a good hard look at FPA and the value it provides me & my Practice, which is "NONE".
    Looking into Cancelling my FPA membership & CFP as being a member for a very long time. This feels like just renting a CFP logo.
    Finacial Planning is about looking after Australian Homes, not themselves.

  • Wayne Leggett on 11/10/2013 11:39:01 AM

    I must be missing something. The FPA proudly announces that it has achieved a $1.4m surplus. Given that it has roughly 10,000 members, all that says is that they have charged each member $140 more than they should have. They should only be proud when they have achieved a balanced budget, not a large surplus. They charge members an advertising levy, then bank the proceeds. They are proud to announce they have $15m in liquid assets. What is the purpose of such a sum? I pay subscription fees to an organisation to fund the operations of the organisation, not to accumulate a massive "war chest" for who-knows-what. If the FPA can't balance a budget, who can?

  • withheld on 11/10/2013 10:16:19 AM

    Good news for the FPA, maybe now they can be a bit "kinder" on the increase in annual subscription fees, especially the advertising fee!!

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