Consultation deadline looms for FPA, AFA merger

The consultation period for the proposed merger between the Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) is set to close on Tuesday, 31 January.

Members have been encouraged to provide feedback on two key documents: a merger summary, which includes draft resolutions, and a draft constitution for the merged entity.

FPA chair David Sharpe said the organisations would incorporate feedback from members upon the closure of the consultation period before finalising the draft documents.

“Member feedback is essential to the proposed merger,” he said.

“We want to ensure the voices of as many members as possible are heard during this process.

“We have had some very valuable conversations with members so far, and we hope that everyone who has a view on the merger has taken the opportunity to provide it.”

AFA president Sam Perera said organisational culture and the prospective name of the merged entity have been among the key focuses of member feedback.

“Community and culture are critical issues for the members of both the AFA and FPA. We have already established a committee to make recommendations on how to retain the best of both associations,” Mr Perera said.

“As well, members are very interested in the selection of a new name, and we have received lots of feedback that we need a name that is practical, forward-looking, descriptive and professional.”

Once updated, the final merger summary document, the new constitution, and the proposed name of the merged association would be sent to members of both the FPA and AFA on 6 February 2023.

This is expected to include details of the Extraordinary General Meetings for both associations, scheduled to take place on Tuesday, 28 February — held at different times at the same Sydney CBD location.

Members will have the option of attending and voting in person, casting a vote digitally, or nominating a proxy for an early vote.

If approved, the merged entity is expected to commence in early April, upon which a new name and new constitution will be finalised.