AFA/FPA merger talks shut down

During the AIA Adviser conference this week, the Financial Planning Association of Australia (FPA) chair Marisa Broome fielded a question about the prospect of a merger between FPA and the Association of Financial Advisers (AFA), saying it was “not off the table”.

However speaking to ifa, AFA CEO Phil Anderson said the question asked at the conference is “not an uncommon occurrence”.

“The message from both bodies was that we are working closely together on a range of matters, including having joint meetings with politicians and the regulators,” Mr Anderson said.

“We also have a joint taskforce that is focused on the future of life insurance advice. This approach is, in part, responding to the view that financial advice needs to speak with a united voice, which is a message that we have been getting from Canberra for some time.

“We will continue to work together on issues, where we are aligned and where that is to the benefit of members. We also work with the other associations in the advice space.”

Similarly, the FPA board said in a statement given to ifa that it has close to ties all associations within the financial services sector.

“As a board, we are continually focused on doing what is right for members and the profession and consumers more broadly,” the statement read.

“There are no immediate plans for any mergers, although we do believe that some consolidation of the associations representing financial planning and advice could be a positive move for the sector.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.