The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have entered the second round of consultation with members on the proposed merger of the two associations.
The FPA and the AFA agreed in principle in September 2022 to explore a merger between the two associations, with a goal of creating a united voice for the financial advice profession.
Recently, members have been invited to complete a survey to help guide the development of a new name for the proposed merged association. And this week, members have also received a merger summary document and a draft constitution for the proposed merged association, and are encouraged to provide their feedback.
Sam Perera, National President of the AFA, said the boards of each organisation are gathering valuable insights from members through the consultation process.
“We have had the opportunity to meet and consult with many members around the country, over the past few months, and the message we have heard is that members see the benefits of a merged association providing a united voice for financial planners and advisers.
“All members have now received personal emails surveying their views on a new name for the proposed merged association and we have appointed a branding agency to review responses and develop a proposal for a new name and brand.
“It is important that the name of the proposed merged association reflects member views.
“Members now have the opportunity to review a summary of the merger proposal, and the draft constitution, and provide feedback on these documents over the course of the next couple of weeks.”
David Sharpe, chair of the FPA, said this is an important step in the member consultation process.
“The second phase of consultation allows members to review more detail on how a merged association would operate, and what it means for them as members of the FPA and AFA. Their feedback is very important to us and will help guide the next stage of the process.
“In my discussions with members over the past few months, it is clear that effective advocacy is the number one priority for them.
“We believe a merged association will result in more effective advocacy and will create a unified voice which would speak for all members, as well as the wider profession.
“A merged association will also allow more and better resourcing for members, including events, community and professional standards.
“The boards of both associations strongly believe that a merger is in the best interests of all members, and the financial planning profession, and it will be the FPA and AFA members themselves who make the final decision on whether to merge.”
The next step will be separate AFA and FPA consultative member webinars, which will be held in late January, where members can provide any final feedback before voting will formally open in early February 2023. Voting will close at the FPA and AFA EGMs on 28th February, and the results will be announced shortly thereafter.
For the proposal to succeed, 75 per cent of members of both associations who vote will need to vote in favour.
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About the AFA
The Association of Financial Advisers Limited (AFA) has been the authentic voice on the value of financial advice for over 75 years. Today, the AFA is a vibrant, innovative association, where the underlying driver of policy is the belief that great advice transforms lives. To this end the AFA is striving to achieve the vision of Great Advice for More Australians. The AFA’s ongoing relevance as a professional association is derived from its success in engaging with the major stakeholders in financial advice including advisers, consumers, licensees, product and service providers, and the regulator and government. Culturally the AFA believes in the value of collaboration to create powerful outcomes and this drives how we achieve influence and work towards our vision.
About the FPA
As Australia’s leading professional association for the financial planning profession, the Financial Planning Association of Australia (FPA) represents the interests of the public and almost 11,000 members. The FPA is home to Australia’s 4,900 CFP® professionals and is the only certification body in Australia for the global CFP® designation. Our proactive efforts in policy, advocacy and government relations support our goal to create a thriving financial planning profession and enable greater access to financial advice for all Australians. For more information, visit: www.fpa.com.au
CFP®, CERTIFIED FINANCIAL PLANNER® and CFP Logo® are certification marks owned outside the US by the Financial Planning Standards Board Ltd (FPSB). Financial Planning Association of Australia Limited is the marks licensing authority for the CFP® marks in Australia, through agreement with FPSB.