The free fall that FPA membership has been in over the last few years has come to an end and membership numbers have stabilized. New leaders say they are hopeful a turn around is in the offing.
But if taking controversial stands against the SEC and demanding that the Certified Financial Planning designation be the single standard by which financial advisors are judged costs the organization members, so be it, according to the leaders attending the Financial Planning Association conference, Experience 2012, in San Antonio, Texas.
"The FPA needs to do the right thing and take a principled stand," said Lauren M. Schadle, who will take over as CEO of FPA on Tuesday. Schadle, a long-time member of FPA and former COO, will take over for Marv Tuttle.
FPA now has a membership of 23,360 after hitting a high of about 29,000. Paul H. Auslander, president, repeated Tuttle's assertions that the membership drop was due to the drop in numbers of financial advisors and the strong stands the FPA has taken against the SEC.
The FPA is working to rebuild membership through partnerships with other entities and by attracting younger members through its NextGen program, said Michael A. Branham, FPA president-elect.
NextGen is a program open to financial planners 37 years of age or younger that offers networking and educational opportunities. FPA also has a mentoring program for young advisors. The average age of the nation's financial planners is about 52.
FPA wants all financial advisors held to fiduciary standards and required to be CFPs so the profession gains respect and has a single standard, Auslander said. FPA has brought on board two CFPs as consultants to the organization: James Tissot of New York and Valerie Porter of Indianapolis.
Membership will still be open to people from other related professions as the membership builds professional bridges, Schadle said.
Other programs are being designed to foster diversity among financial planners and among those who use their services, she said.
As an added resource for members, the FPA has developed a resource guide for affinity partners that promote the goals of FPA. Fiserv is one of the most recent additions and provides technology solutions for developing financial plans.