FPA, AFA announce name for merged association

The full legal name of the proposed merged association will be the Financial Advice Association of Australia, but the association will generally be known as the “Financial Advice Association” or “FAA” for short.

This announcement, made in a joint statement on Monday, follows a consultation period where members of the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) provided their feedback on what was important to them in a name. 

Sam Perera, president of the AFA, said there was a high level of engagement by members, with over 500 responses received. 

“During the member consultation process, we received strong and consistent feedback that the name for the merged association should be simple, reflect professionalism, honour the heritage of both organisations, and promote unity. It should also make clear the role the organisation will play in supporting financial advisers and planners,” Mr Perera said.

“The new name represents the coming together of the profession of financial advice in Australia, now and in the future,” he said. 

Members of the FPA and AFA will vote on the proposed merger of the two associations at Extraordinary General Meetings (EGMs) for each association to be held on Tuesday, 28 February, the FPA and AFA confirmed on Monday.

The AFA EGM has been scheduled for 11am AEDT, while the FPA EGM will take place at 2pm, both in Sydney.  

The AFA and FPA have confirmed that eligible voting members will be able to vote either in person, during the live stream, or via appointing a proxy at any time until 48 hours before the commencement of their EGM. 

Members will also be able to submit questions about the proposed merger either at the EGMs in person or in advance via the portal. These questions will then be addressed during the respective EGMs.

David Sharpe, chair of the FPA, said the EGM offers eligible voting members a historic opportunity to vote for a united voice for the profession.  

“A merger of the FPA and AFA will provide our profession with a stronger policy and advocacy voice to government as well as a stronger voice on the value of financial advice for consumers,” Mr Sharpe said.

“We encourage all members to take part in the vote and ensure their voices are heard,” he said. 

The proposed merger of the FPA and AFA will take place if 75 per cent of the votes cast by eligible voting members are in favour of the merger. 

The legal completion date of the proposed merger is scheduled for 3 April, the AFA’s chief executive Phil Anderson said in a webinar hosted by the group last month.

AFA members have been advised that they will receive an invitation to join the merged entity, most probably in April, and will have the opportunity to confirm this up to 15 June.

Members that do opt-in will be transitioned on 1 July. Post this date, another EGM will be held to wind up the AFA and appoint a liquidator.