AFA/FPA will become Financial Advice Association
The Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) have confirmed the proposed name of the new merged association – The Financial Advice Association of Australia.
As well, the associations have confirmed the dates of the extraordinary general meetings (EGMs) for their merger votes – Tuesday 28 February.
The AFA EGM will be held at 11am AEDT and the FPA EGM will be held at 2pm, both in Sydney, and will be accessible by live stream for those members unable to attend in person.
Members have received the Notice of Meeting as well as the final copies of documents that have been reviewed by members during the consultation phase – the Merger Summary, and the proposed Constitution of the merged association.
Eligible voting members will be able to vote either in person, during the live stream, or via appointing a proxy at any time until 48 hours before the commencement of their EGM.
Members can submit questions about the proposed merger of the FPA and AFA, which will be addressed during the respective EGMs. These questions can be asked either in person at the EGM, or in advance of the meeting via the portal.
FAA is already a well aviation body worldwide. SFA might have been more appropriate
Nice one centurion!
What will the regional council be called- the FAARC
I hope they don’t continue to do what there done in the past which is sweet FA
Will the next step be lobbying to be the sole body we will be forced to join, paying fees to do additional training courses provided by them and pay another membership fee in addition to ASIC regulatory funding, ASIC Company renewals, licensing fees, AFCA membership, TPB and PI. Did I forget any other fees or memberships? Forgive me the sceptic.
You’ll possibly also need to fund their internal dispute resolution scheme…
Notice they’re the “Financial Advice Association” not the Financial ADVISERS Association…. A body that continues to act on behalf of ALL participants in the industry, including large Industry Super funds and AwareSuper etc etc……. with the needs of actual “Financial Advisers” always being seen as some conflict….. Some people believe AwareSuper are big enough to look after themselves. Sorry I’ll be voting NO and have been a member for 30 years and have seen little change or benefit and so will leave after the bodies merge.
And therein lies the problem. Both FPA and AFA think (but rarely publicly admit) that they are acting for consumers FIRST and their adviser members second. That was the rationale that allowed them to put their hands on the head and waive through LIF and FASEA, to mention a couple disastrous impacts on advisers. They think there is a political kudos in there if they appear consumer friendly first. Deep down I suspect they think they can counteract the left-wing ideologue lawyers that occupy the consumer groups by picking up brownie points when dealing with politicians. That’s a proven failed strategy.
Listen to the AMA in the current debate about funding Medicare. The AMA is the union for medical practitioners and probably 80% of practicing medical practitioners are members of the AMA. The AMA want to fix Medicare and their arguments to increase the medical benefits schedule fees for medical services is all about keeping SMALL medical practices solvent, thus allowing them to provide services to a certain amount of bulk billing patients. In other words it’s cross-subsidization. You don’t hear the AMA say that increases to the benefits schedule will provide more access to bulk billing, because that is a decision for each individual small business i.e. the medical practice.
The AMA plays hardball with politicians and their focus is purely on the benefits to their members.
And I don’t want to be a member of an adviser association that includes “advisers” employed by superfunds or banks
If you believe the existing associations have done a poor job, why would you vote NO? A NO vote is a vote for maintaining the status quo.
Surely if you want things to change, you should vote YES. By all means leave the new association if there is no improvement.
Ah good old AFA losing $22 million was not enough they want to merge so they can lose $44 million round 2 and still stuff up advisers lives!! Any and every adviser cancel your membership effective immediately don’t look back! They don’t have our backs at all !! They won’t in the future!! Vote with your feet p ##s them off
Agree. The raison d’etre of both organisations is to keep the board & executives in a job. That’s what the merger is about. Neither organisation can lay claim to improving the lot of advisers
What a load of non-sensical rubbish. If you bring two organisations together, including two boards, to make one, then obviously there are less board positions and less executive positions. What is your allegiance and your motive in posting this misleading message?
Fairly certain, is fundamentally lacking any basis of fact. No idea seems a better description. Where does your claim of losing $22m come from? This is absolute rubbish. You have used a totally flawed claim to argue against the merger. Who’s back do you you have?
Fact Check !! Part of the organisation of sweet FA are you? It is factual all you have to do is look at the company accounts and notifications.
But then again why would you YOU obviously you dont care about FACTS, at all. Pretty certain your not an adviser or more likely a Bank Adviser lol
I’ll be voting AGAINST the merger because it’s something they want. The FPA voted AGAINST the Experienced Pathway which is something I want.
Why are you still a member then? Let me guess. You are clinging to a grandfathered CFP that FPA gifted you 20 years ago. You know you don’t deserve it, and will disparage it at every opportunity, but you just can’t let it go.