The FPA will revamp its constitution to reflect its focus on professionalism, with changes taking effect on July 1.
Financial planners were consulted on the changes during a membership and constitutional review.
The FPA will have three categories of members.
The principal category will have two sub categories: small principal member (with less than 20 representatives) and large principal member (with more than 20 representatives).
The second category, practitioner, will have two sub classes: Certified Financial Planner practitioner and Associate Financial Planner practitioner.
The third class is general.
Honorary, life and retired members will become a status not a membership category, as will the designation of “senior”.
“Members also approved a change in the structure of the FPA Board. The number of directors was reduced from 12 to nine, while the number of Practitioner member directors was increased from two to three,” FPA chairman Julie Berry said.
The board will be made up of three elected practitioner member directors, two elected principal member directors, up to three additional directors appointed by the board and the FPA chief executive.
