AFA Membership Numbers Soar

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The Association of Financial Advisers has announced a 60% leap in membership numbers over the last 24 months.

AFA CEO, Brad Fox, has overseen a 60% member increase...
AFA CEO, Brad Fox, has overseen a 60% member increase in the last two years…

The Association has twice referred to its membership growth in recent releases – as part of its statement welcoming the return of the Coalition Government and more recently in an open letter to its members notifying them that nominations are now open for AFA Board elections.

This period of growth has been dominated by issues relating to the implementation of the Future of Financial Advice reforms and the sometimes heated debate surrounding the controversial new Life Insurance Framework reform proposals.

In its statement welcoming the return of the Coalition to power, AFA CEO, Brad Fox, noted: “The profession is at a transformational point in its evolution, with technological change and the adoption of new standards shaping its service offering…The AFA is in a growth phase, with membership up 60% over the last two years, and with strong inroads made in policy and advocacy, member engagement and with the media.”

AFA membership has now crossed the 3,500 mark…

Fox told riskinfo that AFA membership has now crossed the 3,500 mark and continues to grow. He also affirmed the vast majority of the Association’s 3,500+ members are adviser practitioners, most of whom operate through traditional dealer groups or ‘own AFSLs’, particularly within the independent adviser and licensee market.

AFA President, Deborah Kent, has called for nominations to the AFA Board.
AFA President, Deborah Kent, has called for nominations to the AFA Board…

AFA President, Deborah Kent, also made reference to the Association’s significant growth over the last two years in her message to members about the impending Board Elections: “The current Board of Directors has made a wonderful contribution over the past 2 years growing our membership by around 60%. I am very proud of the current standing that the AFA has within the financial advice marketplace with government and other parties, and our regulators. Even so, there remains enormous opportunity to continue growing our role in adviser development, professionalism and championing the value of advice.

Eight of the nine AFA Board positions are up for election and riskinfo understands most of the eight current AFA Board members whose terms are ending will be seeking re-election.



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8 COMMENTS

  1. “Membership” of the LICG has now passed the 2600 mark. That’s a 2600% growth in the space of a few months and is already almost the same size in membership as the AFA. Probably more if you deduct product providers and employees thereof memberships (it would be interesting to know how many of the 3500 fall into this category).
    That’s over 2600 people disagreeing with the deal made on their behalf by the AFA and FPA with the FSC. THE SAME SIZE OF MEMBERSHIP DISAGREEING WITH THE LIF.
    This article also fails to mention that the “growth” co-insides with most dealerships making membership compulsory in the same period.
    This is what should be noted in coming elections unless the AFA start acting on behalf of members and consumers and not the FSC.

    • The reality check is… no-one within the AFA, FPA could have wanted the current framework of the LIF. The reality check is, without the AFA, FPA and others…the LIF would have been far far worse. The reality check is, the LIF was a decision made by Bureaucrats with blinkers, because other Bureaucrats with blinkers gave them that power. I sincerely hope the hardwork of the LICG can improve the LIF, but if I may geek up…Sauron’s forces are overwhelming, so unless the LICG can produce a Frodo, there is only hope in the LICG. While the AFA and the FPA got the best result that was actually available. In reality, it was actually more then I thought Sauron’s forces would allow.

      • The reality is that the industry bodies are selling the fact that the deal could have been worse and some are buying the excuse. The government is naively thinking that the LIF has a combined industry agreement when this is not the case and stronger arguments and actual facts should have been presented from the start from our industry bodies.
        You only have to look at the naivety when they didn’t pick up on the direct insurance carve out by the FSC until now to know that the job is not being done as well by the industry bodies as it is by the FSC
        I also think that egos are a bigger problem. The AFA leadership especially don’t want to admit that they could do better.
        The fact that the same number of individuals as members of the AFA are in disagreement with the LIF through the LICG is proof enough.

        • You are 100% right Reality Check.

          Too many people asleep at the wheel at the associations meant to represent us while the industry goes off the cliff.

          Maybe the ongoing sponsorship from banks and insurance companies has caused a conflict of interest? The adviser associations are certainly not representing my interests. Pity the LICG was not around at the start of this debacle as we may be in a different position if it was.

          Lets face it, if the associations had done much worse there would not be an industry left for 90% of existing risk advisers.

    • Oh Reality Check, really? 2,600 members? I hope that figure does not include myself who has been spammed by the LICG and claimed that I received the email because I signed up on their website, which I did not! Personally I would love to see the LICG get permission to share the names of these so called 2,600 members. I doubt many are even AFA or FPA members as you claim. I’m calling BS. Prove me wrong or move along!

      • Have a look at the LICG website for numbers. Even the people running it are AFA and FPA members! Their profiles are there…..Hello!!
        From your blatant FSC supporting comments I suspect you are more likely to be an AFA leadership or FSC stooge. If so answer the following questions:
        1. Of the 3500 AFA members how many are providers and staff (i.e. non advisers)?
        2. What in dollar figures is the annual financial support from members of the FSC vs. adviser members?
        3. Why have the AFA never polled their adviser members for their views on the LIF and published these results?
        4. Why have neither the FSC or AFA ever been able to clarify what the consumer benefits will by in the deal negotiated without member support?
        Can’t answer? Won’t answer? That’s the BS I’m calling

        • Reality Check, I can easily create a website and put any number on it – nice diversion. Yeah there are a handful of profiles on the LICG website that are AFA & FPA members but that is certainly not 2,600! Either way you haven’t proven me wrong, so until you do I certainty wont be answering anything you ask. Fair is fair buddy.

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