FPA and AFA announced round two of merger consultation

The Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) said in a joint statement that they’re now welcoming feedback on a merger summary document and a draft consultation for the proposed merged association, both of which have been provided to members.

The FPA and AFA agreed in principle in September to explore a merger. Recently, they invited their members to complete a survey regarding the proposed merged association’s name.

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,” Mr Perera said.

“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.”

Also commenting on their progress to date, David Sharpe, chair of the FPA, said that the second phase of consultation allows members to review more details 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,” Mr Sharpe said.

“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,” he noted.

“A merged association will also allow more and better resourcing for members, including events, community and professional standards.”

Mr Sharpe underlined that while the boards of both associations “strongly believe” that a merger is in the best interests of all members, and the financial planning profession, ultimately 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 final feedback before voting formally opens in early February 2023. Voting will close at the FPA and AFA EGMs on 28 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.