Foreword. Godfrey Nti Chief Executive Officer. FPI Strategic Plan: A Path to 2015

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2 Foreword As the pre-eminent standards-setting body for competent and ethical financial planners, Financial Planning Institute benefits the public by creating and upholding rigorous professional standards for the financial planning profession, with the CFP mark as its symbol of excellence. June 2012 marks the culmination of nearly two years of effort devoted to formulating a comprehensive, long-range strategic plan to provide on-going direction for FPI. This plan ushers in a new era of professionalism in financial services and is designed to move FPI to pure professional body status. Premised on the pre-eminence of the CERTIFIED FINANCIAL PLANNER designation, individual financial planners will be at the centre of its focus, acting in the interest of all South Africans who entrust their financial future to an FPI member. It s the start of a journey for us all to rebuild consumer trust in our community and communicate the importance of professional financial planning that demonstrates how FPI members are the ones who stand up and commit to taking ultimate responsibility for delivering on the core promise of professional and ethical behaviour, not because they are required to by law, but because of the higher standard that they have opted to hold themselves to, through association with the FPI. It requires all FPI members to not only act in the public interest, but to be seen to do so. It also means that as a professional body we will continue to set higher standards for the financial planning profession and support its growth through awareness campaigns, a commitment to higher standards and our expectation of our members adhering to a code of ethics and professional responsibility conduct higher than the minimum standards of professionalism set by regulators and policymakers. Strategic positioning is best achieved when there is a good understanding of an organisation s value proposition and capturing its attributes so they are easily conveyed to and recognised by all its stakeholders. Like you, the FPI leadership understands the key questions to unlock an organisation s potential for differentiation: Who are we? What do we do? Why does it matter? Further, we understand the power of these questions is revealed when your audience answers them for you. In that spirit, we reached out and have been honoured to hear from many members and other stakeholders throughout the strategic planning process. We must acknowledge that our ability to invest time in this effort is borne by our 30 year legacy of quest for excellence in financial planning and the dedication of our past and current board of directors as well as our staff. We hope our exhaustive efforts have resulted in a clear path for FPI in the years ahead. However, we recognise the natural ebb and flow that will occur as the plan s strategies and tactics are deployed. Our progress will be marked by a constantly changing business environment and the increasing value of financial planning professionals offering competent and trusted services in the market place. The Board and staff will re-evaluate the plan regularly in light of emerging trends affecting the financial planning profession as well as the environment in which it operates. To that end, we will seek an open, on-going dialogue with our members and all other stakeholders as we strive to achieve the plan s goals. Since 1981, FPI has bulldozed pathways for financial planning professionals to establish solid careers in the financial services industry. Today, with FPI s re-stated vision of Professional financial planning for all, we look to take the financial planning profession to even greater heights and to a greater number of South Africans. A strong FPI and the successful positioning of the CFP mark as the pre-eminent symbol of excellence in financial planning will support the public s understanding of the value of financial planning from a CFP professional. Godfrey Nti Chief Executive Officer 2

3 Vision [What is our goal?] Professional financial planning for all. Tagline [Our brand promise] THE PROFESSIONAL STANDARD Mission [How will we achieve it?] The FPI s mission is to advance and promote the pre-eminence and status of financial planning professionals, while at all times acting in the interests of the society (community, constituency) whom the profession serves, by: For the past 30 years, the FPI tag line has been: Setting the Standards. It s a brand promise that has served us well and on which we believe we have delivered for our members. However, the enhancement of the FPI vision means that we are now aiming to build on the significant brand equity that we have established in the South African financial services industry over the years and offer our members, and the financial planning community as a whole, even higher levels of service, advocacy and partnership. 1) Improving the quality and accessibility of professional financial planning for all in Southern Africa. 2) Acting as advocate for professional financial planning, building a recognition of the importance and need for such planning by the general public. 3) Provide a framework within which members can achieve qualifications and maintain competence to create greater value for their clients, practices and employers. 4) Ensuring that members maintain the highest ethical standards in the pursuance of their profession. 5) Providing a leadership role within financial services by providing balanced, credible input and commentary to government and the public. 6) Facilitating transformation within the profession. Value proposition [What s in it for you?] To demonstrate that FPI is raising the bar in this way, our new vision is represented by a new brand tagline. On the surface, this may seem like a very minor adaptation of the FPI s brand tagline. However, the inclusion of the word professional implies the following very important promises that the institute is making to its members and South African consumers. As the leading independent professional body for financial planners in southern Africa, the FPI is committed to: Leading the development, maintenance and promotion of standards of professionalism for financial planning. Serving the public by ensuring that people who carry the CFP designation are qualified, competent experienced and professional. Affording financial planners with the CFP designation the opportunity to differentiate themselves from their peers. Ensuring its members maintain the highest professional and ethical standards. FPI provides vision, leadership and resources to raise the professional standards and community standing of its members. Core Values [What do we stand for?] Client centricity Integrity Objectivity Fairness Professionalism Competence Confidentiality Diligence. 3

4 Strategic Objectives Leadership (L) FPI is the pre-eminent financial planning standards setting body for competent, ethical and professional financial planners. CFP certification is the standard of excellence for professionalism in financial planning in South Africa and the world over. (L1) Establish and uphold the premier positioning of the CFP designation. (L2) Position FPI as the standards setter or thought leader for financial planning with key stakeholders. (L3) Growth in the number CFP professionals. (L4) Secure organisational sustainability. (L5) Protect FPI and associated trademarks or brands. (L6) Promote transformation in the financial planning industry (L7) Define and grow the financial planning market space. Standards Upliftment (S) Ensure that FPI has established the highest standards of practise for the practise of financial planning and ensure that members and stakeholders are in full compliance with CFP certification standards. (S1) Ensure strict adherence to FPI s Code of Ethics and Professional Responsibility. (S2) Establish pre-eminent standards of practise for professional financial planners and advisors. (S3) Uphold world class certification standards. Recognition and Awareness (R) Implement a consumer and employer advocacy campaign on the value of the financial planning process and of CFP certification. (R1) Promote awareness of the benefit of financial planning profession and the CFP mark. (R2) Position CFP professionals as the financial planners of choice. (R3) Promote career pathways in financial planning. (R4) Develop a solid value proposition for employers. 4

5 FPI Strategic Plan: Path to 2015 In the last quarter of 2010 the Board of Directors of FPI unanimously agreed to carry out a major strategy review of the institution against a backdrop of 30 year legacy of excellence in financial planning, declining membership, emergence of serious competition from other industry players to standard-setting positioning and financial planning being increasingly being erroneously seen as a niche profession that serves only the wealthy in our society. Strategy Review Process The Board retained the services of Perry & Associates Strategy Consultants and other consultants to assist in this endeavour. Since then, the strategy review process has entailed an environmental scan to measure the value of financial planning to the financial services industry, awareness of the FPI and its professional designations in the marketplace and the needs, perceptions and preferences of FPI members and other stakeholders. Strategic research was conducted via three main avenues: 1. Focus Groups: Strategy review working group made of directors and staff. 2. A number of our corporate partners responded to an electronic survey in Similar survey was conducted among consumers. 3. Face-to-face interviews with members (selected from all membership levels), corporate partners, regulators and other important industry players. The research revealed four major themes: Theme 1: General lack of understanding of FPI s mission and value proposition, with some seeing FPI as a trade association whilst others seeing FPI as a professional body. The former was strongest among the RFP and AFP certificants whilst the latter was strongest among CFP professionals. Theme 2: The quality of the CFP mark is easily recognised and respected by industry insiders. There was however general lack of awareness among consumers of FPI and its associated professional designations. Theme 3: Confusion in the marketplace due to difficulties in the industry of being able to differentiate between the many designations awarded by FPI (RFP, AFP, and CFP mark). Theme 4: FPI is perceived primarily as a self-centred and elitist association for well-educated white individuals. With the assistance of Perry & Associates Strategy Consultants, the Board proceeded to map out a long-term strategic plan with clear and concise goals to address these themes. The process included authoring a vision statement and writing a new mission statement in support of that vision. It also included authoring of a new tagline The Professional Standard. In addition, the board identified three main objectives to help shape the strategies and tactics of the overall plan Leadership, Standards Upliftment and Recognition and Awareness. The Board approved the FPI Strategic Plan 2015 in December 2011 and tasked the executive to develop a detailed implementation plan. Clearly, the past two years has been about the formulation of our strategy. Moving forward FPI will execute the FPI Strategic Plan 2015 with clear purpose and resolve. The 2012 Board of Directors and those that follow will adopt systems to manage initiatives and maintain dynamic communications with all stakeholders. Simultaneously, FPI will implement devices for strategy learning, including benchmarking, best practise sharing and change management. 5

6 Strategy Implementation Focus Areas To achieve the strategic objectives outlined above, the FPI has developed four primary strategic thrusts as follows: Marketing and Communications Strategy a. Consumer Awareness pre-eminence of the CFP mark b. Brand positioning Strategy c. Website Strategy. Membership Growth Strategy a. Re-organisation to categories of membership b. Introduction of new products c. Consumer awareness and advocacy d. Student outreach programme e. Employer outreach programme f. Membership retention programme. Advocacy and Thought Leadership Strategy a. Advocacy strategy b. Research Initiative c. Thought leadership initiative. Pre-eminence on Certification and Professional Body Standards a. Local benchmarking b. International benchmarking. New FPI Logo Designs FOR FURTHER INFORMATION If you have questions about the enhanced FPI strategy, or would like to find out more about the way in which it will position the institute as your valued partner in professional financial planning, send us an on 6

7 About the FPI The Financial Planning Institute of Southern Africa (FPI) is a non-profit professional body formed in 1981 as the Institute of Life and Pension Advisors (ILPA) to improve levels of professionalism. To ensure that financial planners in South Africa meet international standards, in 1998 the Financial Planning Institute affiliated with Financial Planning Standards Board Ltd. (FPSB), in the United States and in April 2000 adopted its new name; Financial Planning Institute of Southern Africa to more accurately reflect its role as the custodian of competency and ethical standards in South Africa. Through its global partnership with FPSB along with other 23 countries, the FPI is the only institution in Southern Africa able to offer the CFP certification. The CFP mark asserts that the financial planning professional has met appropriate competency, ethics and professional practice standards to provide comprehensive personal financial planning services to clients. Today the institute is the leading independent professional body for professional financial planners and advisors in South Africa. Many top financial institutions have adopted the FPI as an independent standards partner and members include both general professionals and specialists in particular branches of financial planning. The CFP, CERTIFIED FINANCIAL PLANNER and are trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. The FPI is the marks licensing authority for the CFP Marks in South Africa through agreement with FPSB. Visit FPSB s website for more information at 7

8 Financial Planning Institute of Southern Africa Palms Office Court, Block A, Ground Floor Kudu Avenue, Allen s Nek PO Box 6493, Weltevredenpark, 1715 Tel: FPI (374) fpi@fpimail.co.za