"Elevating the profession of financial planning is a calling; a noble cause that FPA has embraced and that requires many facets to be considered and nurtured. To realize our vision and given that financial planning is not currently regulated as a separately recognized profession, our advocacy efforts must remain a priority."
Those were the wise words of Frank Paré, CFP®, a past president of our Association, in an op-ed he penned for ThinkAdvisor.com in September 2018. That sentiment remains unchanged for FPA as we endeavor to elevate the profession. Our resolve has only strengthened over the past year, with the Association embracing the legal recognition of financial planners through title protection as FPA’s primary advocacy objective. The FPA Board of Directors established three other primary advocacy areas that your Association is working on: financial literacy/wellness, the tax treatment of financial planning fees, and financial planning fee structures.
2023 is the 50th anniversary of the CFP® marks. As a professional practice, financial planning is over 50 years old in the United States. We have come a long way over the past half-century, thanks to the organizations and leaders who paved the way with perseverance and tenacity. But as with any other noble profession, the challenge continues. We have work to do to ensure that the public and policymakers recognize financial planning as a true profession. That is FPA’s responsibility as our profession’s leader.
FPA's work to give our Members a voice on policies that impact them, their businesses, and their clients continue to strengthen the profession. From Advocacy Days in Washington, D.C., and state capitols across the Nation to our FPA Political Action Committee (FPA PAC), and our efforts to directly challenge legislation that would harm our Members (e.g., taxing of professional services in Kentucky that included financial planning and investment management), FPA plays a critical role and will continue to do so.
Our commitment to advocacy, on behalf of our Members, will continue to underscore FPA as the profession's leader and be of immense value to Members and society. It will:
- Protect the interests of financial planners: FPA's advocacy efforts aim to protect our Members' interests by advocating for laws, regulations, and policies that support the growth and sustainability of the financial planning profession. It is paramount to create a level playing field for financial planners to ensure they can operate fairly and competitively.
- Improve the perception of financial planning: FPA can improve the public perception of financial planning by promoting ethical and professional standards. Building trust and credibility with clients and the public increases demand for financial planning services and is essential to a sustainable profession.
- Advance the financial planning profession: FPA promotes the adoption of best practices, standards, and regulations that support the profession's growth and development. Creating a more robust and sustainable financial planning profession benefits financial planners and their clients.
- Promote financial wellness: FPA advocates for policies and programs that support financial education in schools and communities. Improving the financial well-being of individuals and families contributes to the overall economic health of society.
- Contribute to public policy debates: FPA contributes to public policy debates by providing expert analysis and insight on financial planning issues. Informing policymakers and the public leads to more effective and informed policy decisions.
Your standing as a financial planner, and your place in a respected and recognized profession, drive FPA's advocacy and public policy initiatives. But we can only have the desired impact when all corners of the FPA ecosystem work together. If you have attended an Advocacy Day, added to the discussion about title protection, contributed to the FPA PAC, or have engaged in advocacy in some other way — thank you. If you have yet to get involved, I encourage you to do so. We can only move the financial planning profession forward over the next 50 years by working together to make our voices heard and have the financial planning message resonate in all corners of society.
In Case You Missed It
- You can now register for FPA Annual Conference 2023! It's time to ignite your work and career in Phoenix at FPA Annual Conference 2023, one of the biggest gatherings of CFP® professionals each year. From September 27-29, you'll connect with like-minded professionals, explore new trends, and uncover valuable insights that will take you to new heights. Register now with early bird pricing that will help you attend at the lowest possible ticket price.
- New research that uncovers the keys business growth! FPA and Janus Henderson partnered on new research that revealed that 46% of advisers are comfortable with their current growth rate, but only 12% strongly agree with that sentiment. The good news is the same research identified six keys to growth for today’s advisory practices in the Six Keys to Growth for Today's Adviser report. Get your copy of the report.
- Join FPA Leaders for the ‘State of FPA’ Virtual Update on June 21! Join our "State of FPA" Virtual Update on June 21 at 4 p.m. ET (1 p.m. PT) where we'll bring you an exclusive inside look at the work FPA has been doing to drive maximum value for you. We’ll also review the 2022 FPA Annual Report and audited financial statements. Register now to join us.
Thank you for the privilege of your membership and for allowing FPA to be your partner in planning.
Sincerely,
