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The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have provided an update to members on the merger proposal, with the vote timing confirmed to be in late February 2023.
Since the proposal was announced in September, consultations have been taking place around Australia, with FPA CEO Sarah Abood and chair David Sharpe, and AFA CEO Phil Anderson and National President Sam Perera, meeting with FPA and AFA members responding to questions and feedback.
In the next stage of consultation, drafts of key documents including the proposed information memorandum, resolutions, and constitution will be sent to all members in early December. An extended consultation period will follow, with members providing feedback on the drafts.
Final versions of the documents will be issued to members and voting will open in early February 2023, closing in late February at separate Extraordinary General Meetings (EGMs) of the AFA and FPA.
Both EGMs will be hybrid events, held at different times, to maximise members’ opportunity to attend. For the proposal to succeed, 75 per cent of members who vote will need to vote in favour.
Mr Anderson said: “The AFA and FPA strongly believe there are substantial benefits to members from a merger, providing a united voice for financial planners and advisers.”
Ms Abood said: “We are determined that a merged association would honour the heritage of both the FPA and AFA. This is clearly important to members of both associations, in particular recognising the AFA’s proud 76-year history as well as the FPA’s background of providing the globally recognised Certified Financial Planner (CFP) designation.”
AFA members are also invited to attend the FPA Congress on 23-24 November in Sydney, at the FPA member price (registration details have been sent to AFA members via email). Both FPA and AFA directors will be attending, and there will be opportunities to engage with leadership, to participate in the high quality congress sessions and to network with colleagues, while the FPA celebrates its 30th birthday.
About the AFA
The Association of Financial Advisers Limited (AFA) has been the authentic voice on the value of financial advice for over 75 years. Today, the AFA is a vibrant, innovative association, where the underlying driver of policy is the belief that great advice transforms lives. To this end the AFA is striving to achieve the vision of Great Advice for More Australians. The AFA’s ongoing relevance as a professional association is derived from its success in engaging with the major stakeholders in financial advice including advisers, consumers, licensees, product and service providers, and the regulators and Government. Culturally the AFA believes in the value of collaboration to create powerful outcomes, and this drives how we achieve influence and work towards our vision.
About the FPA
As Australia’s leading professional association for the financial planning profession, the Financial Planning Association of Australia (FPA) represents the interests of the public and almost 11,000 members. The FPA is home to Australia’s 4,900 CFP® professionals and is the only certification body in Australia for the global CFP® designation. Our proactive efforts in policy, advocacy and government relations support our goal to create a thriving financial planning profession and enable greater access to financial advice for all Australians. For more information, visit: www.fpa.com.au
CFP®, CERTIFIED FINANCIAL PLANNER® and CFP Logo® are certification marks owned outside the US by the Financial Planning Standards Board Ltd (FPSB). Financial Planning Association of Australia Limited is the marks licensing authority for the CFP® marks in Australia, through agreement with FPSB.