Personal Finance Society (PFS) interim chief executive Don MacIntyre has vowed to make the professional body “more vibrant”.
He said that, unlike the Chartered Insurance Institute (CII), the PFS has competition in the form of CISI, LIBF and NextGen Planners.
“Every one of them offers an amazing opportunity for people who want to consider where they want to hang their membership,” he said.
“It’s time to really respond to our members and do something a heck of a lot more interesting. We need to understand CPD and understand what it’s like to be in a profession that changes so quickly.”
Speaking to Money Marketing, he said the PFS has “never necessarily built an autonomous strategy” which fits within the group.
He said he wants to look at “significant investment” into CPD.
“Our current CPD is very technically oriented. It’s very sponsorship-driven, which I think is fantastic,” he said. “We want sponsors and we want them to participate, but we don’t want to depend on sponsors.
“We’re moving away from that model, and allowing for significant investment in higher calibre speakers, as well as working with our regional chairs to understand what is it that members want.”
He also said he wants to improve IT systems so that it is easier to interact with the professional body’s 40,000 members.
“I think a lot of [member] apathy is driven by the fact I think our product hasn’t been strong enough,” he said.
“I don’t think I’ve had enough engagement with key stakeholders, and I want that to change.
“When I say stakeholders, I mean members, media, and government. Those are my primary stakeholders.”
He also said he wants to engage more with end consumers.
“It’s time that we start teaching the consumer about the importance of working with highly qualified, amazing professionals.”
He added: “My profession is not that of an IFA. So I look towards my membership to give me guidance.
“What I need to do is provide them with a robust, fantastic business that provides the services they expect.”
Cover story: Inside the CII-PFS civil war
MacIntyre joined the PFS as interim CEO in August last year.
Just before Christmas, troubles which had been brewing between the PFS and the CII came to a head.
The CII decided to appoint three new directors to the PFS board, effectively taking control of the professional body.
At the time, the PFS itself condemned the move and a string of board members left and were replaced.
“I think both businesses have lost significantly, reputation-wise,” said MacIntyre. “It’s been a challenge and our predecessors, whatever they achieved or did not achieve, was utterly undermined.”
He said that, going forward, he wants to do what is “best for every member”, by providing the basic and underlying services and ensuring that the membership receives what they require.
