The Institute of Financial Advisers (IFA) has announced that chief executive Penny Mudford will be leaving IFA at the end of the year.
Mudford, who has a background in the professions, was brought in to further develop the role of IFA to lead the financial advice profession. She says that IFA is a well-established professional body and the focus for the Institute now needs to be on developing professional career pathways for financial advisers and providing support for our members who work in the financial advice profession.
Board chairman Julie Berry says “Mudford’s contribution to IFA has been valuable and has continued our focus on leading the profession”.
While the board is disappointed to see Mudford leave after only a short time it acknowledges the contribution she has made to strengthen the Institute and her commitment to continue to the end of the year.
“We understand Penny’s move is for professional reasons and we wish her well into the future,” Berry says.
The Institute’s Appointments Committee will commence the process of seeking and recommending a replacement to the Board.
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Along with many other advisers that I know, I have real issues with paying $900+ every year to be a member of the IFA just to retain my CFP and CLU status. I disengaged from any involvement with the IFA a long time ago for a number of reasons, including discontent at the personal 'fiefdoms and agendas' of the elected people at the top.
Having had a personal engagement with Penny, where I was most impressed with her professionalism and determination, I was optimistic that she was the person who could do something about the issues that exist.
What is happening at IFA? Is it a toxic employment environment? How long did Peter Lee last? How long did Joe Grayland last?
Is it time that we do something about this organisation and the leaders? I have no desire to be 'politically involved', but I am prepared to put in blood sweat and tears behind the scene to get ONE INDUSTRY ASSOCIATION, where egos can be catered for, but that works for all of us. We have lost Penny - which is a major defeat.
Is anyone else prepared to work together to get some kind of sensible industry organisation happening???