FPA and AFA announce merger plans
The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) are planning to merge, with the aim of creating “a united voice for the financial advice profession”.
The boards of both organisations have signed a Memorandum of Understanding on the potential merger. They are now seeking feedback from their members ahead of inviting them to vote on the proposal, likely before the end of the calendar year.
The FPA and AFA boards said there are “substantial synergies and other benefits” for their members from a merger, such as creating a united voice and allowing stronger advocacy for financial planners and advisers.
In recent years, the two groups have worked together on advocacy and have made joint submissions on policy on several occasions.
David Sharpe, chair of the FPA, said: “Effective advocacy is consistently the number one priority for members of both associations and a merger of the FPA and AFA would create a single association which would speak for the profession.
“By creating a unified voice, the merged association would add clarity and power to the positions it takes and avoid duplication of activity and erosion of its messages. It also increases the likelihood of achieving crucial advocacy positions.”
Members of each association will be invited to webinars in the coming days to hear more about the proposal, ask questions and provide feedback on the proposal.
In addition, FPA members will be able to attend the AFA Conference on 21-23 September at member rates and AFA members can attend the November FPA Congress at member rates. A joint session of the AFA and FPA will be held at the AFA Conference.
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