The Institute of Financial Planning could have grown faster and still has “a long way to go” before financial planning is the norm, according to IFP president Rebecca Taylor.
Speaking at the IFP’s annual conference in Newport today, Taylor said the organisation must continue to grow and spread its message more widely.
She told delegates: “During my first president’s address two years ago, I said I have a dream where one day financial planning would be the normal practice, no one would question what we did or what was different between advice and planning, it was just how things were done.
“In my heart I genuinely believe that this is where we should be, ethically and morally. But to get to this point we still have a long way to go.”
Taylor added that the culture of the IFP may have held it back from spreading its message more widely among the industry.
She said: “Back when the IFP was founded, there was a reliance on people sharing their knowledge and expertise, and the culture of the IFP that we love was formed.
“When I think about the culture and the people, I realise that I rarely venture outside of this world.
“The IFP does tend to attract especially warm and giving people, so I wonder whether this is why we haven’t grown quite as quickly as we could have, because we are shouting about this wonderful world of financial planning, but we are shouting to those that are already here because it is safe for us to stay in this environment.
“So my request to you today is could we all try to get out into the wider world and let someone else know what financial planning is all about?”
Taylor suggested that each of the IFP’s 2,000 members should try to bring in one more member.
She said: “4,000 members would mean more expertise to learn from, more people to go through the certified financial planner process and more professionals to make a statement for the gold standard internationally for financial planners.
“Do not forget as well that whilst the CFP mark is the gold standard to set you apart as a financial planner, the journey does not end here. The experience of working as a CFP professional changes the way you work and the fulfilment of your work and the clients that you work with.”