Planning for Life founder and director Jeremy Deedes was re-elected, while Helm Godfrey managing director Bruce Wilson and Axa-Winterthur Professional Edge business consultant Brian Sweeney are new to the board.
Speaking at the IFP annual conference at Celtic Manor in Wales today, chief executive Nick Cann said: “There were seven nominations for three places on the board and the members voted in Bruce, Brian and Jeremy. We welcome them to the board.”
Cann added that IFP members present at the AGM were “unanimously supportive” of the IFP’s decision to take a £75,000 loan last year.
It emerged last week that the IFP was forced to take the loan from directors Marlene Shalton and Jane Wheeler ahead of the IFP’s 2008 conference to cover a funding shortfall.
Shalton, a financial planner at Bluefin Wealth Management, lent the IFP £50,000 and Wheeler, principal of Direction Financial Planning, lent £25,000 at an interest rate of 6.5 per cent above base rate.
IFP president Barry Horner says the loan became necessary following growth in 2007 which saw a senior management team appointed, while sponsorship dropped away in September and October ahead of the 2008 conference.
Horner says the IFP is now in a stable financial position with £182,000 in the bank, following a loss of £138,000 in 2008.
Currently the IFP has 2165 individual members and 985 certified financial planners.
Cann says the IFP will launch a register of financial planners in 2010 that aims to guide consumers to “genuine” financial planning firms, provide consumers with guidance on what to look for and help firms deliver quality financial planning.
He adds: “We will be talking to people about what this should look like and how they would like it to work.”