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FPA, AFA release draft merger constitution

FPA AFA merger constitution

The FPA and AFA have entered a second round of consultation with members, sending them a draft constitution for a merged association.

The Financial Planning Association (FPA) and Association of Financial Advisers (AFA) have moved to the second round of consultation regarding their proposed merger, sending members a draft constitution for a combined body.

Members have so far been invited to complete a survey regarding the development of a new name for a merged association and have been asked to provide feedback on the draft constitution and merger summary document.

AFA national president Sam Perera said the consultation process had shown there was interest in a single body that promoted the needs of advisers and the advice sector.

“We have had the opportunity to meet and consult with many members around the country over the past few months and the message we have heard is that members see the benefits of a merged association providing a united voice for financial planners and advisers,” Perera said.

“All members have now received personal emails surveying their views on a new name for the proposed merged association and we have appointed a branding agency to review responses and develop a proposal for a new name and brand.”

FPA chair David Sharpe said the second phase of consultation will allow members to review more detail about the operation of a merged association and what a single body means for them as members of the two current associations.

“In my discussions with members over the past few months, it is clear that effective advocacy is the number one priority for them,” Sharpe said.

“We believe a merged association will result in more effective advocacy and will create a unified voice which would speak for all members, as well as the wider profession.

“A merged association will also allow more and better resourcing for members, including events, community and professional standards.”

Following this round of consultation, the two associations will hold separate consultative member webinars in late January 2023 before formal voting on the merger will open in early February and close at separate extraordinary general meetings to be held on 28 February, after which voting results will be announced.

The FPA and AFA announced in September they had agreed in principle to explore a merger, with the proposal requiring 75 per cent of members of both associations to vote in favour for it to succeed.

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