The Financial Planning Association (FPA) and Association of Financial Advisers (AFA) have completed their merger to become the Financial Advice Association Australia (FAAA) and began activities under the FAAA name today.
The merger took place after receiving overwhelming support from members of both bodies at respective extraordinary general meetings in February, with around 96 per cent of the FPA and AFA memberships voting in favour of the motion.
The FAAA also announced its new board of directors will be chaired by former FPA chair David Sharpe and AFA director Michelle Veitch will take on the role of deputy chair, with the remainder of the board made up of seven other FPA board members and three other AFA board members.
AFA national president Sam Perera will not be joining the FAAA board, opting to refocus his time on family and his own practice, but will remain the president of the AFA and an AFA board member until the association is formally wound up at the end of the financial year.
Sharpe said the new board of directors had supported the transitory phase of the merger and will continue to ensure unified representation for the financial planning practitioners of the FPA and AFA.
“We had already taken steps to bring the board members together to start discussions following the merger and the AFA-nominated directors participated as guests at the last FPA board meeting and strategy day,” he said.
“We are now in a strong position to start our work as a merged association, advocating on behalf of members.”
Membership renewals for FPA and AFA members will begin in May, with all branding, website and membership activity to be fully transitioned to FAAA branding by the end of the financial year and Veitch called on members to engage with the new association.
“I urge all members to renew with the new association. The FAAA will speak with one strong voice for the vast majority of financial advisers in the Australian market as we work towards ensuring better outcomes for advice practices and their clients,” she said.