The Financial Planning Association (FPA) has acknowledged a significant downturn in the number of registrations for its Certified Financial Planner (CFP) designation, but its chief executive, Dante De Gori, believes it can survive and thrive beyond the Financial Adviser Standards and Ethics Authority (FASEA) regime.
At the same time as publishing an explanation of the continuing value of the CFP designation, De Gori confirmed to Money Management that while his organisation had forecast on the basis of fewer sign-ups this year, that (reduced) budget forecast had almost been met.
Past FPA annual reports had revealed the CFP designation as being one of the organisation’s most important on-going sources of revenue.
De Gori said he was also optimistic that notwithstanding the reduced revenue generated by the CFP designation and the costs associated with meeting other FASEA obligations, including the possibility of becoming a code-monitoring body, the FPA would end the year with a financial surplus.
“We always knew that the obligations imposed on planners by FASEA would impact the CFP equation and we budgeted accordingly,” he said. “Members are simply prioritising the FASEA regime and the need pass the examination.”
However, De Gori said the reality for those already undertaking the CFP designation, there was an imperative for them to finish to ensure they received the FASEA credits attaching to the course.
He said that while it was undeniable that there had been a reduction in the revenue flowing from the CFP designation, the FPA was still benefiting from its continuing professional development (CPD) regime.
“We are actually looking to enhance that CPD regime, recognising the needs of planners in the current environment,” De Gori said.