4 Professional Associations for Financial Advisors

Financial advisors looking for professional support can join one or more of several key organizations that help in many parts of the trade, including fee-based planning, general financial services, and insurance sales.

Peter Lazaroff, an Investopedia top-10 financial advisor, spoke with us about the organizations he values most in a field that is constantly changing. “The evolution of financial advice is fascinating. Fees haven’t compressed much because advisors are offering more services for their fees, and the nature of the advice has changed significantly,” he said.

That said, financial advisors are not just professionals armed with spreadsheets pointing out potential returns for this or that investment—if they ever were. “The best advisors these days resemble therapists more than number crunchers,” Lazaroff said. “Being a good advisor is about connecting with people, helping them solve their problems, and making life simpler. It’s not all about spreadsheets; people have wants in addition to needs, and addressing those requires listening and empathy.”

Although it isn’t necessary to join any of these, membership with each major professional association comes with several benefits that can help advisors grow their practices and become the kind of advisors Lazaroff describes. Below, we take you through four influential financial planning-related organizations and their benefits: The Financial Planning Association (FPA), the Society of Financial Service Professionals (FSP), the National Association of Personal Financial Advisors (NAPFA), and the Financial Management Association International (FMA).

1. The Financial Planning Association (FPA)

The FPA considers itself the main association for certified financial planners (CFP). Founded in 2000 via a merger of the Institute of Certified Financial Planners and the International Association for Financial Planning, the FPA helps keep the CFP credential robust while offering advocacy, learning resources, and practice support. It’s also the organization behind the Journal of Financial Planning, which on its own is an excellent resource for the latest data and tips on a changing industry. It has over 17,000 CFPs among its members.

The association offers its members access to a vast network and opportunities for continuing education through conferences, webinars, local chapter events, and resources such as the FPA’s Journal of Financial Planning and other research publications.

Professional development is a cornerstone of the FPA’s offerings. The association provides pathways to the certified financial planner (CFP) certification, regarded as the standard in financial planning. Members can also engage in mentorship programs, study groups, and other initiatives to improve their skills.

The FPA says it fosters a sense of community and networking among its members. Through local chapters, online forums, and special interest groups, members can connect, share best practices, and collaborate.

FPA members also have access to providing pro bono financial planning to underserved communities nationwide. In 2023, FPA chapters provided nearly 3,600 hours of pro bono advice to more than 1,900 individuals and families nationwide. FPA members also support those needing financial planning guidance through many local, regional, and national organizations, including Family Reach, and Homes for Our Troops, among others, according to Ben Lewis, the FPA’s chief communications officer.

Lazaroff said you want to find an association where you’re not just cutting a check to keep some letters behind your name but gaining a deeper understanding of the profession you’ve joined. “The most important thing when you’re starting out is getting your designations. When you’re young, you don’t have a lot of perspective on what the rest of the profession is doing,” he said. That’s where the FPA and similar groups can be instrumental in your career.

2. Society of Financial Service Professionals (FSP) 

In late 2023 and early 2024, the FSP merged with the National Association of Insurance and Financial Advisors (NAIFA), the oldest financial professionals group, and Life Happens, the life insurance education group. The expanded organization is branded as NAIFA, but professional development is branded as FSP. The group’s public education work is under the Life Happens name.

“Being able to work together as one organization will expand our reach in the industry, help us better serve financial professionals, and increase the impact we have helping all Americans have a secure financial future,” said Kevin Mayeux, CEO of the reorganized NAIFA, when discussing the merger.

NAIFA provides insurance professionals, benefits specialists, and financial advisors with professional and legislative support. It’s, in effect, a major lobbying group for financial professionals. The core of NAIFA relates to its advocacy efforts. The association represents its members’ interests at both the state and federal levels, working to influence policies and regulations that impact the industry.

Its branch for professionals, FSP, is the only such association that requires all members to have a current credential, such as the CFP, chartered life underwriter (CLU), or chartered financial consultant (ChFC). The association also has a code of professional conduct and diversity statement. Members include financial planners, insurance agents, attorneys, accountants, and other specialists in the field.

Collaboration and networking are also major reasons members join the FSP. The organization encourages members to work together across disciplines, providing a platform for sharing knowledge and best practices. This varied membership means that joining its community should give financial planners access to very different professionals who can help them serve their clients.