AFA/FPA Merger Confirmed

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The Association of Financial Advisers and the Financial Planning Association of Australia will merge to form the Financial Advice Association of Australia. Confirmation of the merger was made this afternoon following Extraordinary General Meetings conducted by both associations, where the result of the member vote on the merger proposition was announced. A release announcing confirmation of the merger reported an average of 96.5% of AFA votes and 96.7% of FPA votes were in favour of the merger proposition, well exceeding the minimum 75% required for the merger to proceed.

AFA National President, Sam Perera, said the result showed overwhelming support by members for a merger and that “A merged association gives us a united voice at a crucial turning point for our profession, including the proposed changes from the Quality of Advice review.” Perera added the during discussions in recent months with members, it was clear that there was significant support for a merger, “…but we never took this for granted and recognised the importance of members having their say,” he said. Calling it an historic day, FPA Chair, David Sharpe, added that both the AFA and FPA boards were unanimously in support of a merger since it was first proposed to members in September 2022.

The rest of this article can be found at riskinfo.com.au.