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fpa professional PRACTICES The path to greater recognition and respect

you’ve taken your business

to another level.

Let people

know.


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professional practices

At the end of 2010, we defined and articulated why we exist, what we stand for, our goal and why it matters. PURPOSE To help the financial planning industry become a universally respected profession. VALUES Professionalism Standards | Processes | Governance Accountability Commitment | Responsibility | Delivery Integrity Ethics | Transparency | Respect MISSION The Financial Planning Association acts in the public interest by setting, promoting and enforcing the highest standards of professional conduct among its members. VALUE PROPOSITION The Financial Planning Association provides vision, leadership and resources to raise the professional standards and community standing of its members.


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Not all financial planners are the same.

Not everyone subscribes to

the highest

ethical & professional

standards,

so it’s no wonder that consumers are confused,

not knowing who to trust. If your business meets the criteria of professionalism as defined by the Financial Planning Association, you can now set yourself apart from the rest by becoming an FPA-accredited Professional Practice. It sends a clear message to the community and your peers: yours is a high quality business, at the leading edge of the financial planning profession.


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LEADING THE FINANCIAL PLANNING PROFESSION The Financial Planning Association (FPA) represents the interests of the public and Australia’s professional community of financial planners. We are unrivalled in our: • reach of the financial planning market • influence on government and regulators • standards set through our world-class Code of Professional Practice • unique position as the certification body in Australia for the global CFP® designation, and • reputation for quality professional development. With more than 10,000 members and affiliates, of whom 7,500 are practising financial planners and a 20-year legacy, the FPA represents the changing face of financial planning, from industry to a profession. The FPA has five key roles to play: 1. To represent professionals:  to become a member of the FPA, financial planners need to meet higher standards than the minimum levels required by law, so we represent the true professionals in the financial planning industry. 2. To advocate and advance the profession:  we represent the collective voice of our members and their clients when lobbying government, the opposition, the regulator and other bodies. 3. To set and maintain high standards:  we set and enforce professional and ethical standards for our members to make sure that they conduct business to the highest quality. 4. To award certifications:  we are the only Australian body that assesses and awards the Certified Financial Planner® or CFP® designation, which is the highest certification available to financial planners worldwide. 5. To foster professional development:  we design and offer an industry-leading range of training programs to help financial planners keep their knowledge and skills up to date.


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Partnering with leading organisations To recognise the pivotal role played by quality advice businesses in transforming financial planning into a respected profession, the FPA created two important types of relationships. FPA Professional Practice This is a financial planning practice that demonstrates the highest professional and ethical standards through adherence to the FPA’s Code of Professional Practice. The practice stands apart as a role model for financial planning in the community through the use of FPA Professional Practice branding. FPA Professional Partner This is an Australian Financial Services Licensee that is recognised as a promoter of professionalism and a leader in the financial planning community. Professional Partners are committed to furthering the interests of the profession and consumers, and helping the FPA to shape the future of financial planning.


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Benefits of the Professional Practice Program Becoming an FPA Professional Practice will distinguish your business as a financial planning practice of the highest calibre. You’ll get higher client and community recognition – the use of FPA Professional Practice branding in your offices and on your business stationery will clearly identify you as a top quality financial planning practice. The demonstration of the commitment by your practice to maintain the highest professional and ethical standards will set your business apart as a role model in the community. To your peers, you’ll represent higher professional standards – the quality of your business will be instantly recognisable because at least 75% of your practitioners are FPA members and at least 50% have CFP® professional status (or will meet that criteria within three years). Your practice will become an ‘employer of choice’ – both future and current employees will be attracted by your standing as a Professional Practice. The interests of your practice will be supported by the FPA through representation and advocacy, together with national consumer advertising, promoting the higher standards of FPA members.

PROFESSIONAL PRACTICE

.........................................................................................................

FINANCIAL PLANNING ASSOCIATION of AUSTRALIA


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What are the advantages of being an FPA Professional Practice? Your business will be in the distinguished company of other practices that meet the same high standards of professionalism. Your practice will receive an exclusive benefits package that includes:

• Contractual rights for your business to use the FPA Professional Practice logo. • Access to invitation-only events for Professional Practices. • Priority contribution to Financial Planning magazine. • Special rates for the CFP® certification program, ie 10% saving on FPA Professionalism (CFP® 1) enrolments. • Special Professional Practice rates for the LRS® Life Risk Specialist designation program, saving 10%. • Special Professional Practice rates for FPA events. • Tailored CPD workshops designed to fit in with your programs and requirements, including specific programs focusing on our Code of Professional Practice and Ethics. • 10% saving on FPA online CPD programs.


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Tailored Professional Indemnity Insurance for your practice FPA Professional practices are invited to take advantage of a brokerage service negotiated by the FPA with insurance broking firm, Jardine Lloyd Thompson (JLT). The service offers Professional Indemnity insurance tailored to the needs of financial planning businesses. What can JLT do for you? • Advice on policy requirements relating to ASIC RG126 compliance, and assistance with meeting those requirements. • Tailored quotation terms on your behalf. • The best possible outcomes and premiums for your business. • Access to underwriters who understand what it means to be an FPA Professional Practice. • Access to a team that specialises in the needs of financial planning businesses. • Other classes of insurance that your business may require (ie Directors’ & Officers’ Liability, Office Pack, Investment Managers Insurance, Travel, Crime). To find out more, contact JLT on 1300 655 931, at fpa@jlta.com.au or visit www.jlta.com.au.


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Bringing your Professional Practice to life There are many ways in which you can incorporate the Professional Practice logo within your business stationery to clearly set your practice apart from other financial planning businesses in your community. In your business stationery and office signage:

Aron Wainwright CFP® FPA Professional Practice Level 1 42 Planner Street, Plannerville NSW2000 T. (02) 9999 6626 F. (02) 9999 6628 M. 0400 123 645

Dear Sir/Madam, Where a CFP practitioner belongs to an FPA Professional Practice, both the CFP logo mark and FPA Professional Practice logo may be used on the same communication piece. Where the CFP logo mark and Professional Practice logo is used in the same document, a CFP practitioner must ensure that the Professional Practice logo takes priority of appearance on the document. Yours Sincerely

Anton Wainwright CFP® PROFESSIONAL PRACTICE .........................................................................................................

FINANCIAL PLANNING ASSOCIATION of AUSTRALIA

John Smith

CFP®, B Com (Fin Plan)

123 High Street, Plannerville NSW2000 Direct 02 999 1234 Mobile 0404 123 456 johnsmith@northstar.com.au

ABC Financial Planning Authorised representative of North Star Financial Planning

PROFESSIONAL PRACTICE .........................................................................................................

FINANCIAL PLANNING ASSOCIATION of AUSTRALIA

North Star Financial Planning is an FPA Professional Practice North Star Financial Planning 123 High Street, Plannerville NSW2000 Australia


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Bringing your Professional Practice to life On your company website:

PROFESSIONAL PRACTICE .........................................................................................................

FINANCIAL PLANNING ASSOCIATION of AUSTRALIA

HOME

|

ABOUT US

|

SERVICES

|

SUPPORT

WELCOME TO NORTH STAR FINANCIAL PLANNING

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CONTACT US

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What some of our Professional Practices have said:

“The FPA Professional Practice designation is a way of illustrating to clients the professional standards within our firm in a way that is marketable and easy for the consumer to understand.” Craig Green CFP®, Green Associates

“We greatly value the professional recognition and accreditation awarded to us by the FPA. We see it being the result of many years of doing the most professional job we can to assist, advise and guide our clients toward achieving their particular lifestyle and financial goals.” Rob Pyne CFP® FFPA, HPH Solutions

“Delivering consistent value and quality advice is team game in a financial planning practice. Our Professional Practice designation tells our clients and colleagues that the financial planners at Eureka are technically skilled, put the client first, and that we follow the professional code.” Greg Cook CFP® Eureka Financial Group


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Recognition in the community When your business becomes an FPA Professional Practice, we will provide you with a media release to announce the newly appointed status of your practice to the local community.

We will also promote your Professional Practice to consumers on our ‘Find a Planner’ online directory. Find a Planner attracts over 2,000 visitors a month.


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Recognition amongst your professional peers We showcase our Professional Practices with pride through profiling them within Financial Planning magazine.

WLM Financial Services Matthew Walker CFP®

Tupicoffs Neil Kendall CFP®

“WLM Financial Services in Sydney is one of the first practices to achieve the FPA’s Professional Practice brand, something that has impressed existing as well as prospective clients,” said founder and director Matthew Walker.

Tupicoffs in Brisbane was also one of the first financial planning practices to earn the new Professional Practice brand.

“We wanted to continue the relationship we have with the FPA and we think the push towards the recognition of the industry as a profession is good. We all know that we need to raise the levels of professionalism and the credibility of the industry. Consumers are looking for it. If we can develop ourselves into an industry that has similar credibility to accountants, lawyers and doctors, it’s going to be good for everybody – industry participants and consumers alike.” “We think the credibility and support that this is going to lend is money well spent,” he added.

“One of the biggest challenges that we hear from potential clients is that they don’t know who to go and see,” he said. “Who they can trust is a continual issue for them. It was not just about the industry’s drive to professionalism, but about professionals within the industry being recognised as such,” Neil Kendall said. While there are obviously costs involved in getting the Professional Practice brand, as well as the five-yearly audits, Neil believes the money spent was not significant compared to the benefits and the opportunities the brand afforded. He also noted that the costs were recovered if the brand attracted just one more client.


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Your obligations as an FPA Professional Practice To qualify for Professional Practice status, your practice will need to meet a number of criteria, including: • 75% of your practitioners are FPA members; either Financial Planner AFP or CFP® professionals • 50% of your practitioners are already CFP® professionals or will be within three years of initial commitment • you commit to upholding the FPA’s Code of Professional Practice • you agree to conduct a three-yearly review to confirm adherence to the criteria described above.

How are we going to help you? We will of course provide you with high quality education, technical and practice management information and learning. We will also help you to keep the financial planners within your practice up to date on the FPA’s Code of Professional Practice, by bringing the Code to life in many of our initiatives.

Want to know more? If you would like to find out more about the FPA Professional Practice program, please contact Member Services: By phone 1300 337 301 By email fpa@fpa.asn.au Or visit www.fpa.asn.au/professionalpractice


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professional practices

abn 62 054 174 453 GPO Box 4285 Sydney NSW 2001

Members call 1300 337 301 Consumers call 1300 626 393

Phone 02 9220 4500 Fax 02 9220 4580

fpa@fpa.asn.au www.fpa.asn.au

CFP®, CERTIFIED FINANCIAL PLANNER® and CFP Logo Mark are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Association of Australia Limited is the marks licensing authority for the CFP Marks in Australia, through agreement with FPSB.


FPA Professional Practices