The FPA and the AFA have entered the second round of consultation with their members on their proposed merger.
A joint statement from the two associations notes they agreed in principle in September 2022 to explore a merger between them, “…with a goal of creating a united voice for the financial advice profession.” (See: AFA, FPA Merger Proposal).
The associations say that recently, members have been invited to complete a survey to help guide the development of a new name for the proposed merged association. Members have also received a merger summary document and a draft constitution for the proposed merged association, and are encouraged to provide their feedback.
The next step will be separate AFA and FPA consultative member webinars, which will be held in late January, where members can provide any final feedback before voting will formally open in early February 2023. Voting will close at the FPA and AFA EGMs on 28 February, and the results will be announced shortly after.
Sam Perera, national president of the AFA, says the boards of each organisation are gathering valuable insights from members through the consultation process.
He says the organisations 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 says 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.”
He notes that it’s important that the name of the proposed merged association reflects member views.
“Members now have the opportunity to review a summary of the merger proposal, and the draft constitution, and provide feedback on these documents over the course of the next couple of weeks.”
David Sharpe, chair of the FPA, says this is an important step in the member consultation process.
“The second phase of consultation allows members to review more detail on how a merged association would operate, and what it means for them as members of the FPA and AFA. Their feedback is very important to us and will help guide the next stage of the process.”
Sharpe says that in his discussions with members over the past few months, “…it is clear that effective advocacy is the number one priority for them.”
“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…
He adds that a merged association will also allow more, and better, resourcing for members including events, community and professional standards.
“The boards of both associations strongly believe that a merger is in the best interests of all members, and the financial planning profession, and it will be the FPA and AFA members themselves who make the final decision on whether to merge.”
For the proposal to succeed, 75% of members of both associations who vote will need to vote in favour.
“members have been invited to complete a survey to help guide the development of a new name for the proposed merged association. Members have also received a merger summary document and a draft constitution for the proposed merged association, and are encouraged to provide their feedback.”
This member has received the merger summary document.
This member has not received an invitation to complete a survey.
And definitely, this member has not received an invitation to submit suggested names for the merged entity.
Over to you AFA
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