FPA and AFA confirm merger vote date
The Financial Planning Association of Australia (FPA) and Association of Financial Advisers (AFA) have confirmed the timing for a vote on a potential merger between the two parties.
Since the proposal in September, the two associations had been holding consultations around Australia and responding to feedback from members.
The next stage would be for documentation drafts including proposed information memorandum, resolutions and constitutions to be sent in early December followed by a second consultation period.
Voting would then open in early February and close later in the month at the association’s extraordinary general meetings.
For the merger to succeed, 75% of members needed to approve it.
Earlier this month, research by Adviser Ratings found more than 80% of respondents were in favour of the merger going ahead.
AFA chief executive, Phil Anderson, said: “The AFA and FPA strongly believe there are substantial benefits to members from a merger, providing a united voice for financial planners and advisers”.
Sarah Abood, chief executive of the FPA, said: “We are determined that a merged association would honour the heritage of both the FPA and AFA. This is clearly important to members of both associations, in particular recognising the AFA’s proud 76-year history as well as the FPA’s background of providing the globally recognised Certified Financial Planner (CFP) designation.”
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
Add new comment