The Association of Financial Advisers (AFA) and the Financial Planning Association of Australia (FPA) will merge to form the Financial Advice Association of Australia.
Confirmation of the merger followed an Extraordinary General Meetings conducted by both associations last week, where the result of the member vote on the merger proposition was announced.
On average, 96.5% of AFA votes and 96.7% of FPA votes were in favour of the merger proposition, exceeding the minimum 75% required.
AFA National President, Sam Perera, says the result shows overwhelming support by members, and that “…a merged association gives us a united voice at a crucial turning point for our profession, including the proposed changes from the Quality of Advice review”.
FPA Chair, David Sharpe, says both AFA and FPA boards were unanimously in support of a merger since the idea was first proposed to members in September 2022.
“The boards developed the proposal as they believed a merger for the two associations was in the best interests of all members, and of the financial planning and advice profession as a whole.”
The full legal name of the new association will be the Financial Advice Association of Australia Limited. The transition is expected to be completed by 1 July 2023.