IFP targets 50 firms as it reveals more on membership ambitions
The chief executive of the Institute of Financial Planning has revealed more details to Financial Planner Online about its ambitions to increase its members by 1,500.
Steve Gazzard CFPCM said the organisation has begun targeting about 50 firms that are involved with Financial Planning. These could add another 1,000 members.
At the IFP's AGM on Monday it officially set a target of 3,500 members by the end of 2016.
Giving more details on the plans, he said: "I think if you have a look at our current growth rate then probably it's optimistic but that would be if we carried on doing the same thing.
"We have a number of different strategies in place, we're building partnerships with like minded organisations who are definitely talking to our potential members such as in the compliance space and financial advisory space.
"There are a number of those partnerships up and running now. We want to get the members engaged in the spread the word campaign."
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The membership numbers have significant benefits for the IFP's status in the industry, the influence with the FCA and its financial resilience, he said.
The 3,500 target has been set because the IFP believes this will give it a "reasonable proportion of the professional Financial Planners in the market place".
Mr Gazzard said: "We are growing membership at the moment but just not at the level across the board that we would like.
"Therefore, we have to do a couple of things differently.
"One is we've got to be better at spreading the word and I think members can play a huge part in spreading the word."
He said the most compelling way to spread the word is face to face with other professionals who are potentially interested in joining – rather than through articles in the media.
Mr Gazzard wants members to tell the other 28,000 in the industry how the IFP can help with relevant qualifications, education, sharing best practice with you, when they meet up with them.
The IFP member survey found 98 per cent would be willing to recommend the IFP to someone else.