The Financial Planning Association (FPA) is a premier professional organization that provides extensive support, resources, and advocacy for financial planners and advisors. Established to elevate the profession of financial planning, the organization offers its members access to critical educational materials, networking opportunities, professional development resources, and advocacy services. The FPA aims to enhance the professionalism and ethical standards within the industry while promoting the importance of sound financial planning to the general public.
History
The FPA was established in 2000 through the merger of the Institute of Certified Financial Planners (ICFP) and the International Association of Financial Planners (IAFP). This union was driven by a shared vision to unify the voice and standard of the financial planning profession and to serve the collective needs of financial planners more effectively.
Objectives of the FPA
Professional Development
The FPA provides members with continuous professional education opportunities through conferences, webinars, workshops, and certification programs that ensure financial planners remain knowledgeable about the latest industry trends and regulatory changes.
Advocacy
The FPA actively engages in advocacy efforts to influence policy and regulation in favor of the financial planning community and public. This includes lobbying activities, participation in regulatory discussions, and public awareness campaigns.
Ethical Standards
One of the key pillars of the FPA is to uphold high ethical standards. Members commit to adhering to a strict code of ethics, which is designed to instill trust and confidence in clients.
Membership Benefits
Continuing Education
Members have access to a variety of continuing education programs that are necessary for maintaining professional credentials and staying current with industry standards.
Networking Opportunities
Being a part of the FPA offers significant networking opportunities through state and national conferences, regional meetings, and specialized interest groups.
Resources
The FPA furnishes its members with a wealth of resources including practice management tools, marketing support, industry research, and a comprehensive library of educational materials.
Professional Recognition
Members can leverage their affiliation with the FPA to enhance their professional credentials and reputation within the financial planning community.
Example of FPA Activities
Annual Conferences
The FPA holds annual conferences that attract thousands of financial planning professionals. These conferences feature keynote speeches by industry leaders, breakout sessions on a breadth of topics, and opportunities for one-on-one networking.
Publications
The FPA publishes several periodicals including the “Journal of Financial Planning” which covers various aspects of financial planning practices, regulatory updates, and professional ethics.
Special Considerations
Membership Requirements
To join the FPA, financial planners typically need to hold recognized certifications such as the CFP® (Certified Financial Planner). They must also adhere to the FPA’s code of ethics.
Code of Ethics
The FPA’s code of ethics is an essential aspect of membership, emphasizing integrity, objectivity, competence, fairness, confidentiality, professionalism, and diligence in their practices.
Related Terms
- Certified Financial Planner (CFP®): A professional certification for financial planners that prioritize ethical financial planning and fiduciary responsibility.
- Chartered Financial Analyst (CFA): A globally recognized certification for financial and investment professionals, focusing on investment management and financial analysis.
FAQs
What is the difference between the FPA and CFP Board?
- The FPA is a membership organization aimed at providing support and resources for financial planners. The CFP Board, on the other hand, is responsible for certifying financial planners and upholding the standards of the CFP® designation.
Can non-certified financial professionals join the FPA?
- While the FPA places a strong emphasis on certification, non-certified professionals can join, provided they are committed to achieving the necessary credentials and adhering to the FPA’s ethical standards.
How does the FPA influence policy?
- The FPA participates in lobbying efforts, provides testimony at regulatory hearings, and works with policymakers to shape legislation that benefits both financial planners and consumers.
References
- Financial Planning Association (FPA) Official Website: www.onefpa.org
- “Journal of Financial Planning.” Financial Planning Association.
- “History of the FPA.” Financial Planning Association, 2000.
Summary
The Financial Planning Association (FPA) stands as a cornerstone organization for financial planners and advisors, advocating for their interests, offering robust educational resources, and promoting high ethical standards. By unifying the profession and providing essential tools and support, the FPA plays a pivotal role in the advancement and recognition of financial planning as a critical profession. Whether through networking, continued education, or policy advocacy, the FPA ensures its members are well-equipped to provide exemplary service to their clients.
