FAAA member numbers decreased by 12% in the year ended June 2023, according to the association’s annual report, although these numbers do not include advisers transitioning across from their AFA membership.
The annual report shows total individual members and affiliates sitting at 9,670 as at June 30 2023, compared with 10,954 a year earlier.
FAAA’s General Manager Policy, Advocacy and Standards Phil Anderson told Riskinfo the AFA members did not come across to the FAAA until 1 July 2023 “…so they are not in the membership numbers in the FAAA annual report.”
And the report itself notes “…members joining from 1 July, including as a result of the merger, will be reflected in next year’s annual report.”
Sarah Abood, CEO of the FAAA, adds that the association is pleased with the number of members who have renewed with the newly-merged association, with additional members joining and reinstating on a daily basis.
She says that as at mid October 2023, there were 10,281 individual members (an increase of 6% on the number of 9,670 at 30 June 2023) and representing 66% of advisers in Australia.
Abood says individual membership “…has largely tracked changes in the overall number of advisers on the FAR, although our membership has declined by less than the overall adviser numbers.”
Having been through a period of reform and uncertainty “…the number of advisers has shrunk significantly; however the FAAA continues to represent the vast majority of advisers in Australia. Our ambition is to have as many members as possible.”
She notes that 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.”
