FPA looks to $470,000 IT upgrade

The Financial Planning Association (FPA) has declared its intention to spend nearly $500,000 on an upgrade to its information technology (IT) systems.

In the same annual report which confirmed the level of its declining membership, the FPA revealed that it is currently negotiating to upgrade its IT infrastructure “to be able to serve its members better”.

The annual report said it was estimated that the upgrade could cost in the order of $470,000 and would be implemented over the 2022 financial year.

The association also revealed in the annual report the cost of its accommodation.

It said that effective from 2 August, this year, it had moved its office to 55 Clarence Street in Sydney and a lease agreement had been entered into for a period of three years with the total value of the lease amounting to $1,126,000.

The FPA balance sheet reveals that revenue from membership subscriptions were down by $614,000 from $7,213.000 in 2020 to $6,599,00 in 2021 with the CFP program revenue down from $585,000 to $373,000.

The balance sheet also revealed a dramatic decline in conference and seminar fees from $2,826,000 to just $216,000.

As Financial Newswire has previously reported, the FPA is facing into its membership number decline by looking to broaden its base to include paraplanners.