The Financial Planning Association is going to change its legal relationship with its chapter organizations in order to centralize some functions, the organization said Monday.
The new initiative to be detailed next week is known as OneFPA Network. FPA has historically operated as an umbrella organization with each of its 86 chapters existing as separate legal entities. It will be introduced to the chapters during 2019.
Under the new format, FPA will be the overarching legal entity, maintaining certain central functions such as technology.
FPA CEO Lauren Schadle said, “FPA is keenly focused on building the association of the future -- today. An association that is proactively addressing looming challenges because of an ever-evolving landscape and further solidifies FPA’s relevance, improves our operations, and helps us continue to drive an outstanding member experience.”
Describing the new operations, she said, “We have designed a path forward that integrates and aligns all FPA communities and will leverage an expanded and more inclusive governance process that embraces our culture of diversity while centralizing key administrative functions to maximize the time of our volunteer leaders.
“By doing this, FPA can empower volunteer leaders and staff, deliver a consistent member experience across all communities [chapters], elevate FPA’s brand awareness, secure a more impactful voice with key influencers, and realize greater buying power to support all FPA members and communities,” she added.
FPA has approximately 23,000 members, most of whom are Certified Financial Planner designees.
The loose legal organization that has existed until now was brought into the spotlight earlier this year when the national FPA was asked to step in to resolve a dispute in the FPA New York chapter. The FPA appointed a new volunteer leader of the state chapter while the internal dispute was negotiated.The changes being announced now were in the planning stages prior to the New York state problem and not a result of it, FPA said.