Could industry see a merger of adviser organisations?
A merger between Association of Financial Advisers (AFA) and Financial Planning Association of Australia (FPA) is “not off the table” but will be driven by their members’ demands.
Speaking at the AIA Adviser conference, the two organisations said they were already working closer than ever on behalf of their members.
While they would remain as separate entities for the time being, there could be a possible merger if it would be of the benefit of members.
Marisa Broome, chair at the FPA, said: “Our focus in on member services at the moment and providing services to members who are in a broad style of business and style of advice. But if our members tell us they would want to merge, then it is not off the table. We are member-led so will certainly go back to members and follow the type of things they want us to do.
“But we do work closely together and its powerful having two organisations with a similar message going into meetings with key stakeholders. But the minute it stops being powerful, maybe we would be better together.”
Sam Perera, national president for the AFA, added the two firms already worked jointly in various capacities including meeting with regulators.
“We have been working more closely than I believe we have ever worked and have a great working relationship. We’ll continue to work closely together to benefit the members of the sector and the sector deserves us to do that.
“If I was to talk to the sector and the advice community at large, I think they would say the AFA and FPA need to work together in terms of a stronger voice which will broaden representation and pull together resources to try and get some wins that the industry desperately needs.”
AUTHOR
Laura Dew
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.
