The Financial Planning Association (FPA) turned a profit of $149,761 in 2011/12, despite not expecting to do so for three more years.

The association had revenues of $9.79 million and expenses of $9.22 million. It spent $1.9 million on conferences and education, $933,000 on administration and $500,000 on advertising.

“I’m happy we achieved a general surplus although we hadn’t planned to,” FPA Chairman Matthew Rowe told insuranceNEWS.com.au.

The surplus resulted mainly from an increase of 600 in membership numbers for the year.

“Cost reductions, closing the Melbourne office, more prudent management and marketing” also contributed, Mr Rowe said.

The FPA now has 10,000 members and associates, which Mr Rowe says is about half the registered financial planners in Australia.

Part of the financial surplus will be invested in supporting education and promotion for the profession.

Mr Rowe says there are now 500 students doing courses with a strong financial planning component, as a result of the FPA working for two years with 17 universities to develop degree courses.

The FPA says it won significant concessions for members in the Future of Financial Advice legislation, and its “FPA Difference” advertising campaign increased public awareness of the association by 14% in the financial year.

The campaign is estimated to have reached 860,000 people.