Australia’s Association of Financial Advisers (AFA) and the Financial Planning Association (FPA) are exploring a potential merger between the two industry bodies.
They have opened a consultation for members to express their views before the proposal goes to a vote in November 2022.
The AFA and FPA boards believe “there are substantial benefits for their respective members from a merger, providing a united voice and stronger advocacy for financial planners and advisers”.
The organisations said in a statement: “Effective advocacy is consistently the number one priority for members of both associations. The AFA and FPA have worked closely together in recent years in advocacy, making joint submissions in many policy areas. A merger of the FPA and AFA would create a single association which would speak for the profession. We believe we are better together.
“By creating a single unified voice, we add clarity and power to the positions we take, and avoid duplication of activity. It increases the likelihood that crucial advocacy positions would be achieved.”
The decision stems from several factors including recent joint work in running a life taskforce as well as member suggestions on the benefits of merging the two associations. They added that unifying the trade bodies is “the next logical step in combining the resources of both”.
The AFA and FPA aim to put the proposal to a vote before the end of the year – around mid-November 2022 – and if greenlit, the transition would formally begin from 1 January 2023 with completion expected by the end of June 2023.
The bodies have not yet agreed on what the combined association would be called if the merger goes ahead.