The Financial Planning Association of Australia (FPA) has released its annual report, with Chairman Steven Helmich describing the previous 12 months as a period of challenge and opportunity.

The challenge was the change in the education market that was mainly responsible for the FPA finishing the year with an operating deficit of just under $2 million.

The opportunity was to establish the FPA’s position and role as the professional association for financial planners.

“The aim was for the FPA to throw off any shackles of being an industry body and focus clearly on operating as a professional association that exists primarily for the benefit of its members.”

Mr Helmich says a business plan is in place to reverse the financial situation, and he projects a surplus for the current operating year.

CEO Kerrie Kelly has recruited people for several management positions. “This has helped bring in the fresh thinking to the association that members were demanding.

“As we move into a new financial year, I feel confident that we have turned an important corner in strategic and financial terms.”