Strategic Plan

The following is the Strategic Plan formulated by the Board of Directors on November 10, 2010. The Strategic Plan will follow and adhere to the Chapters' Mission and Vision Statements as well as implement the Goals and Action Items listed below.

Mission Statement

The mission of the Financial Planning Association of Rhode Island is to be the financial planning resource for the public and planners in the state of Rhode Island. We seek to foster the value of financial planning and to advance the financial planning profession. Our goal is to promote public awareness and understanding of financial planning and the role and competency of financial planning professionals. We welcome all those who support the planning process, Certified Financial Planner™ mark as the promise, and future of the profession.

Vision Statement

For its members, the Financial Planning Association of Rhode Island seeks to cultivate a strong knowledge base for financial planning, to share best practices, and to facilitate professional development consistent with the Certified Financial Planner Board of Standards' updated Standards of Professional Conduct (as amended July 2009).

For the financial planning consumer, FPARI promotes relationships that offer complete transparency, clearly understood financial planning services and high standards of conduct. Financial planning offered by our members is expected to be delivered in accordance with the FPA's Standard of Care which requires the practitioner to put the client's interests first and provide disclosure of all material facts and any conflicts of interest.

For the public, the chapter will serve those in our community who cannot afford a financial planner by offering pro-bono and consumer outreach programs designed to help the less fortunate negotiate financial challenges.

Goals and Action Items for 2011

Continue efforts to broaden financial literacy across the state and local region.
Attract officers and directors; establish Board committees.
Provide networking events to our members.
Foster joint meetings and stronger relationships with affiliated associations.
Maintain and enhance the currency of our website. Maintain/Increase revenues through meeting sponsors, ancillary donations from membership, etc.
Maintain high quality programming at monthly CE meetings. Maintain current memberships and increase enrollment. Acknowledge excellence through public recognition and awards.
Expand our Consumer Outreach and Pro-Bono Programs.

Broaden Financial Literacy

FPARI will continue its contribution to state wide efforts to increase financial literacy. Our Education Director will guide FPARI towards opportunities to participate and implement financial literacy programs throughout the state. In addition, FPARI will stay current on the state and national financial literacy legislative initiatives.

Attract Officers and Directors

FPARI will continue to attract qualified officers and directors for the Board, as well as establish Board committees in order to:

Bring new energy to the Board. Create succession plan opportunities for those who want to take on additional Board responsibilities.
Minimize the workload of the board members in order to make Board positions more attractive.
Foster an atmosphere of involvement in the organization so everyone counts and has input in the direction of the chapter.

We will hold 4-6 Board meetings per year with one additional meeting to concentrate specifically on Strategic Planning.

Provide Networking Events

FPARI will schedule networking events to cultivate new members, a chance for members to interact on an informal basis, and an opportunity to share best practices between professionals.

Foster Join Meetings and Stronger Relationships With Affiliated Associations

FPARI will continue to team up with the other financial organizations in the State of RI and other local FPA chapters for at least one joint meeting plus other potential networking events. The FPARI will seek to strengthen relationships with such organizations as the RI Society of Financial Service Professionals, NAIFA-RI, the Estate Planning Council, Local Chambers of Commerce, and colleges and universities that offer CFP® certification education programs.

Web Site Design

FPARI will continue, in concert with our Director of Technology, to maintain and enhance our current web site. The existing platform has few limitations; expanding what is available on the current website is desirable. Specific areas of improvement include planner search, news feeds, social media, and sponsorship opportunities.

Maintain / Increase Revenues

FPARI will explore ways to maintain or increase revenues to help defray the costs of our meeting location and venues. This will be done through:

Soliciting a sponsor for each of our continuing education meetings
Encouraging donations from the membership to participate in a Sponsorship Fund.
Charging for ethics presentations, both for CFP® certification credit and for RI insurance licensing credit.
Increasing membership through retention and solicitation

Maintain High Quality Programming

Our programming is a high priority for our organization and we focus the majority of our energies and resources in creating monthly presentations that provide CFP CE credits and RI Insurance CE Credits.

FPARI's 2011 goal for programming was to continue to provide high quality seminars that would draw, on average, 35-40 participants per CE meetings. The average attendance in 2010 had been 38.

In 2011, attendance averaged 45 participants per meeting, allowing us to achieve our goal.

The 2012 programming goal is to maintain the high quality educational seminars and draw, on average 50 participants per meeting

Maintain Membership and Increase Enrollment

Our chapter was able attract 14 new members in 2011. At the same time, we experienced some delay in renewals of memberships, resulting in some attrition. Our 2012 goal is to have 145 members. We can achieve this through:

Promoting the website to make it easier for interested parties to contact the Board regarding becoming a member.
Reach out to those members that have yet to renew and remind them of the benefits of continued membership.
Contact ancillary membership lists
Encouraging joint meetings with other professional organizations.
Building on the relationship that we have developed with Bryant University's Certified Financial Planner Certificant Education Programs and explore opportunity to have a student chapter.
Publicly welcoming new members at our monthly meetings and developing a network of Board members to reach out to those new to our chapter.

Awards and Recognition

FPARI will identify those members throughout the year, and especially at our annual meeting in December, that we want to recognize for their outstanding achievements and involvement within our organization. The goal is to foster an atmosphere of appreciation and gratitude for members' who promote our Mission and Vision Statements.

Expand Out Consumer Outreach and Pro-bono Money Mentoring Programs

FPARI will continue to develop educational seminars, workshops and other programs that assist individuals and families who lack the income and assets needed to retain a financial planner on their own. The committee will work closely with non-profit and charitable organizations in our communities to create and implement programs that address their clients' needs.

Subject to Board approval FPARI will also participate in other public events in order to increase the awareness of the FPARI chapter throughout the state.