The Financial Planning Association of Australia (FPA) has announced changes to its strategy and corporate structure, reflecting a shift in focus for the professional body.
The FPA’s 2025 Strategic Roadmap, scheduled to commence on 1 July, will highlight the professional body’s focus on members, advocacy and consumers (MAC).
Changes will also be made to its team structure, including redundancies, to align it with the body’s strategic framework.
FPA chief executive Dante De Gori said: “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.”
De Gori noted the new strategy would better reflect the financial advice industry in its current form.
“Our members are facing more regulation, higher education standards and increased costs. At the same time, there has never been a greater need for Australians to seek financial advice,” he added.
“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.”
Changes to its corporate structure, intended to align it with the professional body’s new strategic direction, will also take effect from 1 July.
“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.
“As our five-year strategic plan was finalised, it was natural to look at the team structure.”
However, he did not provide further detail on how many staff were being made redundant or the roles they held within the association.
“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.”
Earlier this month, the FPA welcomed the federal government’s decision to defer the implementation of measures relating to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry as a result of the coronavirus pandemic.