The CEO who ushered in greater stability at the Financial Planning Association under centralized leadership and collaboration died of cancer.
Patrick D. Mahoney, 62, died Feb. 1 after "after a long and very brave battle with cancer," according to an announcement a few days later by the professional development and networking organization. Chief Operating Officer Dennis Moore will take over as interim CEO as the FPA searches for a permanent replacement.
Mahoney was appointed interim CEO in May 2020 of the FPA, one of the largest professional organizations for financial advisors with nearly 17,000 members, before taking over on a full-time basis in December of that year. He's survived by his wife of 34 years, Lesley, and their four children, and the family will hold a funeral mass this weekend in Groton, Connecticut, his obituary said.
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"He stepped into an organization facing internal and external challenges," Paul Brahim, the 2025 president of FPA, said in a statement. "He quickly focused on repairing relationships and revitalizing the Association, laying a strong foundation for the future. As the Association celebrates its 25th anniversary this year, we also honor the life of Patrick D. Mahoney and recognize the numerous contributions he has made during the last five years of service. We are now a better and stronger Association thanks to his efforts."
Mahoney once worked as an aide and speech writer to the mayor of his native Philadelphia, where he was the first grandchild to a family of Irish-American immigrants, before becoming a senior manager at ratings agency Standard & Poor's and securing four patents in the U.S., Canada and the United Kingdom. After working in C-suite positions at industry associations in New York and New Jersey, he found "his true professional calling" at Denver-based FPA, his obituary said. Rather than flowers or gifts, the family requested donations to the Melanoma Research Fund at Mass General Hospital.
"Upon his diagnosis in 2022, Patrick promptly informed the FPA Board of Directors, exemplifying his commitment to transparency," Brahim said in a Feb. 4 letter to the group's members. "As he navigated his treatments, he kept the board updated and requested privacy, which we honored as required by law. His foresight and dedication were further evidenced by the robust succession plan he developed with the board, ensuring our vital work would continue uninterrupted. True to his Irish heritage, Patrick brought a lighthearted spirit, infusing humor into our discussions. His ability to reset the mood helped the board tackle difficult issues with clarity and purpose. His passion for our Association's mission transformed him from a chief executive into a tireless advocate for the critical work CFP professionals do for their clients, communities, and the financial planning profession."
In a post on LinkedIn, the CFP Board also paid tribute to Mahoney's contributions as a leader who "strengthened the profession and championed the work of CFP professionals" and whose "dedication and vision will be deeply missed" across the industry.
Membership at the FPA slipped 7% to 16,889 members among certified financial planners and other professionals in 2023 from 18,137 two years earlier, according to the organization's most recent annual report. Revenue ticked down 3% year over year to $8.7 million in 2023 as well. In December of that year, the organization's board approved a strategic plan toward "incremental success over the next three years, culminating in the realization of our bold vision" to be the leading organization and trade association for CFPs by 2034 with a focus on "driving maximum value through delivering unmatched practice support, learning, advocacy and networking for practitioners and partners of all backgrounds," the report stated.
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In a 2022 op-ed for Financial Planning, Mahoney and Moore traced the group's history from the 2000 merger of the International Association for Financial Planning and the Institute for Certified Financial Planners to an effort defining its "core" membership as CFPs. Two years earlier, the FPA had started moving its dozens of local chapters under its national leadership.
"The local chapter is where our members work to positively impact their local communities as they build their financial planning businesses," Mahoney and Moore wrote. "The association is stronger when FPA and our chapters work together to support our members. The OneFPA Advisory Council was introduced a few years ago and has been resoundingly welcomed by our chapters. This important body plays a significant role in ensuring the voices of FPA's members and communities are heard on issues of importance to the association and profession. After two full years of seeing the council's positive impact on FPA, we can say definitively that it is the single most consequential initiative of the association in years."
