Financial Planning Association

The Financial Planning Association (FPA) is a major nonprofit organization in the United States, dedicated to supporting financial planners and promoting financial planning practices. The FPA was formed on January 1, 2000, through the merger of the Institute of Certified Financial Planners (ICFP) and the International Association for Financial Planning (IAFP)[1][4].

History

• Institute of Certified Financial Planners (ICFP): Founded in 1973 by the first graduating class of the College for Financial Planning[1].
• International Association for Financial Planning (IAFP): Established in 1970[1]. The merger aimed to create a unified voice and resource for financial planners across the U.S.

Mission and Activities

The FPA focuses on providing professional development and practice management support primarily to Certified Financial Planner (CFP) professionals. It serves as a platform for networking, education, and advocacy within the financial planning sector[3][4]. The organization also engages in advocacy efforts to advance the interests of financial planners and promote the financial planning profession.

Membership and Structure

As of 2022, the FPA has a membership of approximately 22,000 financial planners, making it the largest membership organization for financial planners in the U.S.[1]. The FPA works closely with its members to enhance their professional skills and advance the financial planning profession as a whole.

Nonprofit Status

The FPA is classified as a 501(c)(6) organization under U.S. tax law, which includes business leagues, chambers of commerce, and real estate boards, created for the improvement of business conditions. Donations to the FPA are not tax-deductible[2]. The organization generates most of its revenue from program services[2].

Community Outreach

The FPA also runs a Pro Bono Program designed to link financial planning professionals with individuals, families, and communities in need of financial guidance[5]. This program underscores the organization's commitment to community service and social responsibility.

Financial Overview

The FPA's financial activities are detailed in its annual Form 990 filings with the IRS. The organization's revenue primarily comes from program services, with significant expenses in salaries and executive compensation[2]. The FPA maintains substantial assets while managing liabilities to support its operations[2].

[1] https://en.wikipedia.org/wiki/Financial_Planning_Association [2] https://projects.propublica.org/nonprofits/organizations/841521488 [3] https://www.financialplanningassociation.org [4] https://www.financialplanningassociation.org/about [5] https://www.financialplanningassociation.org/advocacy/pro-bono-program