financial advice

FPA/AFA merger vote in February

FPA AFA merger

Members will have their opportunity to vote on the proposed FPA/AFA merger organisation towards the end of February next year.

The Financial Planning Association of Australia (FPA) and Association of Financial Advisers (AFA) have confirmed their respective members will be afforded the opportunity to vote on the proposed merger between the two industry bodies in late February 2023.

FPA chief executive Sarah Abood and association chair David Sharpe and AFA chief executive Phil Anderson and national president Sam Perera have been conducting initial consultation sessions across the country with the members of their organisations since the proposed merger was first announced in September.

December will see a second consultation period commence when drafts of key documents, such as the proposed information memorandum, resolutions and constitution, will be provided to all FPA and AFA members.

An extended consultation period will follow whereby members will be able to provide their feedback on the aforementioned draft documents.

The next stage of the process will see final versions of the key documents sent to members in early February, culminating in extraordinary general meetings (EGM) for both the FPA and AFA at which individuals will be asked to vote on the proposed merger.

Both EGMs will be held at different times and will be hybrid events to allow the maximum amount of members to participate. For the proposed merger to succeed, 75 per cent of members will need to vote in favour of it.

Both industry bodies remain adamant a single body for both sets of members will be beneficial.

“The AFA and FPA strongly believe there are substantial benefits to members from a merger, providing a united voice for financial planners and advisers,” AFA chief executive Phil Anderson said.

FPA chief executive Sarah Abood echoed those sentiments.

“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 designation,” Abood noted.

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