AFA/FPA reveal proposed name for merged organisation
Ahead of a vote later this month to determine a merger between Australia’s leading financial advice bodies, the Financial Planning Association of Australia (FPA) and Association of Financial Advisers (AFA) have shared additional details about the potential new entity.
The full legal name of the new entity would be the Financial Advice Association of Australia Limited. The association would be known as the Financial Advice Association (FAA).
This followed a consultation period where over 500 members of the FPA and AFA weighed in on what was important to them in a name, said AFA President Sam Perera.
He said: “During the member consultation process, we received strong and consistent feedback that the name for the merged association should be simple, reflect professionalism, honour the heritage of both organisations, and promote unity.
“It should also make clear the role the organisation will play in supporting financial advisers and planners.
“The new name represents the coming together of the profession of financial advice in Australia, now and in the future.”
The merger vote was set for 28 February, requiring 75% of member votes in favour to go forward.
If the merger received a green light, the expected legal completion date would be 3 April, AFA chief executive Phil Anderson had previously confirmed.
He also noted that the chair of the FAA would be appointed by the FPA while the deputy chair would be decided by the AFA.
The chief executive of the FAA would be Sarah Abood, currently chief executive of the FPA.
As reiterated by both organisations, this potential merger stemmed from substantial synergies and benefits from a larger organisation, such as creating a united voice and allowing stronger advocacy.
AUTHOR
Rhea Nath
Recommended for you
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
Australian licensees are expected to make greater use of custom model portfolios for their clients, according to State Street Investment Management, following in the footsteps of US peers.
Adviser Ratings has argued that it’s time for more advisers to utilise digital engagement tools available to them as a disconnect grows between consumers seeking advice from finfluencers and from professionals.
The tail wags the dog
Cannot help feeling that it will be a FPA disguised under another new name.
Smoke and mirrors.