The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have completed the much-discussed merger to form the Financial Advice Association Australia (FAAA), and confirmed the board directors of the new association.
AFA national president Sam Perera, who had been on the AFA board for three and a half years, announced he would not be joining the FAAA board.
“I have decided to refocus my time toward my family, staff and practice who have been patient with my absence whilst I served on the AFA board,” he said.
“I will remain an active member of the FAAA and continue to contribute in the areas of policy and advocacy.”
He would remain the president of the AFA and an AFA board member until the AFA wound up on 30 June.
With the merger, FPA members would start to see a transition to the new FAAA branding over coming weeks.
The FAAA would commence activities under the new name and logo from 3 April 2023.
Its new chair would be David Sharpe, former chair of the FPA, and Michelle Veitch as deputy chair.
In announcing the formation of the FAAA, Sharpe paid tribute to Perera’s tenure and his tireless dedication to the profession.
“I would like to thank Sam for his work as the AFA national president, and his deep commitment to bringing our two associations together. I also thank the other AFA directors who have worked so hard to make this merger a reality,” Sharpe stated.
“I would also like to acknowledge and thank Marisa Broome who, as immediate past chair of the FPA, was deeply involved in the early stages of talks and integral to the ultimate success of our merger.
“On behalf of the board of the FAAA, I would also like to extend our gratitude to all staff who have worked so hard to get us to this point.”
FAAA deputy chair, Michelle Veitch, said the formation of the FAAA represented a new chapter for the advice industry.
“I urge all members to renew with the new association. The FAAA will speak with one strong voice for the vast majority of financial advisers in the Australian market, as we work towards ensuring better outcomes for advice practices and their clients,” she said.
The FPA directors who would serve on the FAAA board were:
- David Sharpe – chair
- Diana D’Ambra
- Kearsten James
- William Johns
- Jade Khao
- Julie Matheson
- Angela Martyn
- Julian Place
The nominated AFA directors who would serve on the FAAA board were:
- Michelle Veitch – deputy chair
- Katherine Hayes
- Patricia Garcia
- Shaun McDonagh
This merger is the ultimate if it looks like a duck and quacks like a duck and or the lipstick on the pig story..
The future for the FPAA lies in representing AwareSuper, Telstra Super..both the super fund and their staff and everyone from the compliance person, the admin person to the so-called Adviser. They know it, unfortunately, there members don’t know that. You got a business like AwareSuper with hundreds of potential members in it and foolish advisers are still paying $1,000 a year to get some type of representation. The whole story that your bad regulation is because we weren’t listed to…. is a false narrative. The FPA interests have always been conflicted, and unligned with it’s member base and it won’t change. Please Please save yourself $1,000 because we need real change in this industry and it’s not going to happen with the FPAA.
Hmmmm. Just as I forecast. A previous FPA dominance now with the new regime. Advisers be wary.