The Institute of Financial Planning has set a target of taking membership from 2,000 to 3,500 by the end of 2016.

The goal was agreed at its AGM at the annual conference yesterday and this afternoon IFP chief executive Steve Gazzard CFPCM called for delegates to help make more people aware of the profession.
He also said the old style of financial advice has failed to do enough to solve the advice gap. He referred to it instead as the Financial Planning gap.
He used a series of statistics to underline his point about the gap that he said needed to be addressed urgently. These were:

-12.67m households with cash savings under £15,000
- 12% have more than £50k in easily accessible savings
- 19% have no savings whatsoever
- 3.3% household savings ratio projected for 2015
- £54,828 average household debt including mortgage

Mr Gazzard said: "It doesn't look good does it? That's why I think there's a Financial Planning gap; I don't think advice has worked.
"Only 4% think they have a comprehensive financial plan. There's 18% using an IFA, 82% worry about money some or all of the time."

{desktop}{/desktop}{mobile}{/mobile}

However, he added: "Advice is definitely useful, whether on annuities or anything else there are statistically better outcomes."
A key objective at the IFP is membership growth, he stressed. He told Financial Planner Online that the 3,500 target would look ambitious based on current numbers but said that would be from the point of view of doing the same things it has been doing.
He said the IFP would be taking a different approach in order to ramp up the numbers.
He said: "We have massive support from members. My plea is can you please help us, we are going to organisations who we think are aligned to bring members. Can you please help us spread the word?"
He cited a well known quote which he said applies to where consumers are at the moment with Financial Planning:
"The definition of insanity is doing something over and over again and expecting a different result."
Regarding the Budget reforms and the new retirement service pledged by the Government, he believes there's a growing acceptance at the FCA and The Treasury it needs to offer more than just a one off session.
A single face to face guidance session "doesn't do the trick", he said.
He said: "Everybody in this room knows that the plan is the starting point but it needs to be tracked."