financial advice

New advisory body name released

FPA AFA new name

The new name for the industry body that will result from the proposed merger between the FPA and AFA has been announced.

The Financial Planning Association of Australia (FPA) and Association of Financial Advisers (AFA) have announced the name the new industry body will adopt should the members of each organisation vote in the affirmative for the proposed merger.

The full legal name of the merged entity will be the Financial Advice Association of Australia Limited. For convenience the organisation will be referred to as the Financial Advice Association or the FAA.

The proposed name reflects the elements FPA and AFA members expressed as important to them during the consultation period. The process attracted over 500 responses.

“During the member consultation process, we received strong and consistent feedback that the name for the merged association should be simple, reflect professionalism, honour the heritage of both organisations and promote unity. It should also make clear the role the organisation will play in supporting financial advisers and planners,” AFA president Sam Perera revealed.

“The new name represents the coming together of the profession of financial advice in Australia, now and in the future.”

Further details regarding the voting process relating to the proposed FPA and AFA merger were also release today.

Memberships of both industry bodies will be given the opportunity to vote on the matter at extraordinary general meetings (EGM) to be held on Tuesday, 28 February.

The AFA will hold its EGM in Sydney at 11am AEDT and the FPA will do likewise at 2pm AEDT, with both sessions to be livestreamed for members who are unable to attend in person.

Members will be able to register their vote either in person, via the livestream or by way of proxy any time up to 48 hours before the relevant EGM.

Each EGM will address any questions about the merger forwarded by members in person or in advance of the meetings through using the dedicated portal.

FPA chair David Sharpe described the vote as an opportunity for eligible voting members to participate in an historic event.

“A merger of the FPA and AFA will provide our profession with a stronger policy and advocacy voice to government, as well as a stronger voice on the value of financial advice for consumers,” Sharpe said.

“We encourage all members to take part in the vote and ensure their voices are heard.”

For the proposed merger to succeed, 75 per cent of the votes cast by eligible members must be in favour of it, and 15 former senior leaders across both bodies have written an open letter urging members to lodge an affirmative vote for the merger.

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