The Financial Planning Association (FPA) will for the first time highlight the value of a CFP qualification when promoting its brand to consumers.
The industry body has previously sought to draw a distinction between FPA members and other financial advisers and felt the CFP designation was one acronym too far in getting this message across to the public.
However, feedback from a new nationwide campaign shown to a test audience of 452 consumers has encouraged the FPA to introduce the CFP as the bedrock of the professional base it claims for its members.
The new message hopes to build on a successful six-week advertising campaign run in 2011.
The advertising was repeated in June this year with the FPA claiming a record number of Australians read, heard or clicked through to it’s message of renewed trust in financial planning.
The 2012 campaign is expected to be far more comprehensive as it will run for 12 months, airing on national and pay television, in print and online.
As with the previous marketing message, it will encourage consumers to seek financial advice from a qualified, professional member of the FPA.
“We are delivering on a promise to boost awareness among all Australians of the importance of having a qualified professional manage your finances,” said FPA CEO Mark Rantall.
“It positions the FPA brand as a mark of trust and explains the facts about our financial planner members adhering to the highest professional standards in the land.
“We are engaging directly with the Australian public on behalf of our members, to promote awareness of the benefits, and to help rebuild community faith in all that is good about financial planning and its professional practitioners.”
Despite these intentions, the FPA has drawn fire from both members and non-members alike with many telling Professional Planner Online they have never once been asked if they were CFPs despite over ten years experience in the industry.
“I also have never been asked if I am in the FPA or if I am CFP. Clients wouldn’t even know what they mean,” was one typical response with others more outspoken in their criticism.
Complete incompetence
Independent financial adviser Matthew Ross argues that the CFP designation may be an important qualification but questioned the FPA’s efforts to get the message out to the wider population.
“[It is] complete incompetence that the FPA and CFP program have demonstrated by not re-investing some of the exhorbitant fees they charge into getting the CFP brand out in the marketplace,” he said.
Others like Rob Pyne were more understanding.
“I was asked just last week if I was a member of a professional association,” he posted.
“The prospective client (a doctor) wasn’t specific and when he tried to be, he didn’t know the name of the association. Having said that, I was happy to confirm that I am a CFP professional with the Financial Planning Association and our firm is an FPA Professional Practice.
“Was probably just a tick in his check list but it wasn’t a cross. I agree that more has to be done to promote CFP professionals and fortunately, so does the FPA board and management team.”
A spokesperson for the FPA confirmed to Professional Planner Online that the CFP designation would now be promoted along with the FPA brand.
New advertisements to build on the existing campaign creative will be introduced in line with the FPA’s Financial Planning Week, which will be held from August 20.
Running for its 12th consecutive year, Financial Planning Week is the FPA’s main consumer initiative.
The GFC fallout and related media coverage was a huge blow to public sentiment towards financial planners, and the FPA had an uphill battle just convincing people that there were still trustworthy advisers out there.
Without the “completely incompetent” FPA planners would still be lumped in with lawyers, con artists and politicians. CFP awareness is important, but keep it in perspective.
I hope the campaign is a roaring success. Good luck.
I also had a client ask last week, the full range of questions about my qualifications, professional associations, FPA, my CFP and our professional practice designation and found it quite refreshing. The message is getting out but we need to push it further to distinguish ourselves. We all have some responsibility in doing this not just the FPA.
Others need to stop complaining and G.O.Y.A. and do something positive.