Two associations representing financial planners tied to AMP have agreed to merge and in doing so will drop references to the advice business under which they are licensed.
The two bodies, the AMP Financial Planners Association (AMPFPA) and Hillross Advisers Association, will form The Advisers Association (TAA), which will be headed by Neil Macdonald, who will retain the chief executive role he previously held with the two adviser associations.
The newly formed association will have about 1500 members – most from AMPFPA – and came about following a vote at annual general meetings held in Melbourne last week to create a single body to represent advisers of both licensees and to continue to work with the Charter Financial Planning and New Zealand adviser associations.
The AMPFPA was formed in 1925 and Macdonald said the new association would continue to represent and support members, most of who continued to provide quality financial advice during a testing time for the financial advice sector.
“It is important to remember that despite the headlines, collectively, the vast majority of our members have provided sound, cost-effective financial advice to hundreds of thousands of everyday Australians over a very long period of time,” he said.
“It is therefore very important to us, as we navigate this difficult period in our history, that our members are treated with dignity and respect, and that their voices are heard.
He also referenced the need for TAA members to be able to present a consistent case to AMP, as well as the government and community, about the role and value of financial advice.
“The merged association will allow for a more uniform message to be delivered in ongoing negotiations with AMP and when communicating with the broader financial community, the media and the government.
“If advice ultimately becomes unaffordable and inaccessible, it could be financially disastrous for Australia. It is therefore imperative that Australians continue to have access to face-to-face, consumer-focused financial advice.”