There are four categories of membership: Ordinary, Associate, Affiliate and Retired.
Ordinary Members of the BFP:
- Hold an AFS licence to advise retail clients
- Have a Principal or controlling individual who is a member of the Financial Planning Association of Australia (FPA). When that personal membership of the FPA ceases, membership of this association automatically ceases.
- Have 20 or less Authorised Representatives. (A business with more than 20 Representatives may apply, under conditions set out in the Constitution.)
- Provide ethical and professional financial planning advice which is in the best interest of the clients.
- Are independent and independently-owned, as defined in the BFP Constitution.
Associate Members of the BFP:
Associate membership is available for practices or individuals who plan to obtain their own AFS licence within 2 years and who support the objects and mission of the BFP. There are substantial resources within the BFP to assist an Associate Member obtain an AFS Licence. Associate members cannot vote, nor is their business listed in our public members list, but they do have access to all other benefits of Ordinary membership whilst they progress their AFS licence application. It is also necessary for an Associate Member to hold some form of practitioner membership of the FPA.
Affiliate members of the BFP:
Affiliate membership is available to individuals who support the Objects and Mission of the BFP and are AFP or CFP members of the FPA. Affiliate members cannot vote, nor do they have access to the BFP’s commercial arrangements and are not listed on the BFP website.
It is the current policy of the BFP Executive to restrict Affiliate membership to those who have been an Ordinary member of the BFP for a minimum of 3 years but who have then sold their business to another AFSL and continue to provide advice.
Retired members of the BFP:
Retired membership is available for Ordinary Members who are no longer directly involved in providing financial planning advice to clients as a day-to-day activity but who continue to support the Objects and Mission of the BFP. Retired members will have been Ordinary members for at least three consecutive years. Retired members cannot vote.
Annual membership fees cover the period 1st July to 30th June each year.
There is no GST charged on membership fees therefore you cannot claim a GST rebate. The first year payment is pro-rated for the period from approval of the application to 30th
June with an invoice for that amount provided to you when you are notified of a successful application.