The number of advisers who have renewed, or are in the process of renewing, their membership with the FAAA is pleasing, according to the association.
Sarah Abood, CEO of the FAAA, says 90% of advisers who were FPA and AFA members have renewed with the merged organisation, noting the association is happy with how the numbers are tracking.
She says that between them, the FPA and AFA had just under 12,000 members across all categories just before the merger, of which 8,946 were practitioners.
As of last week, 9,525 members have renewed across all categories “…including 8,093 practitioners. This means that 90% of advisers have renewed their membership with the FAAA.”
Abood adds the ASIC data on the Financial Advisers Register represents current practitioners who had completed their renewal with FAAA before the bulk update cut-off earlier in August.
“It does not include those who are still in the process of finalising their membership, or those who have left the register but who are still members, for example who have become non-practising or retired members.”
She says the FAAA is appreciative that ASIC “…supported the profession by agreeing to do this bulk update as a one-off, saving licensees many hundreds of thousands of dollars.”
The association’s ambition is to have as many members as possible.
“The FAAA represents a united voice for the financial planning profession, and there is strength in numbers which is a big factor in how effective we can be in Canberra,” she says.
The FAAA statement follows a report from Wealth Data which also analysed the association’s membership numbers on ASIC’s FAR.
