FPA/AFA merger vote slated for late February
Members of the Financial Planning Association (FPA) and Association of Financial Advisers (AFA) will vote on their proposed merger in late February.
The two organisations have issued a joint update on their merger proposal, confirming the late February voting date and outlining the next stage in the process.
It said that since the proposal was announced in September, consultations have been taking place around Australia, with FPA CEO Sarah Abood and chair David Sharpe, and AFA CEO Phil Anderson and national president Sam Perera, meeting with FPA and AFA members responding to questions and feedback.
“In the next stage of consultation, drafts of key documents including the proposed information memorandum, resolutions, and constitution will be sent to all members in early December. An extended consultation period will follow, with members providing feedback on the drafts.”
It said final versions of the documents will be issued to members and voting will open in early February 2023, closing in late February at separate Extraordinary General Meetings (EGMs) of the AFA and FPA.
Both EGMs will be hybrid events, held at different times, to maximise members’ opportunity to attend. For the proposal to succeed, 75 per cent of members who vote will need to vote in favour.
The update quoted AFA chief executive, Phil Anderson as stating: “The AFA and FPA strongly believe there are substantial benefits to members from a merger, providing a united voice for financial planners and advisers.”
The FPA’s Abood said: “We are determined that a merged association would honour the heritage of both the FPA and AFA. This is clearly important to members of both associations, in particular recognising the AFA’s proud 76-year history as well as the FPA’s background of providing the globally recognised Certified Financial Planner (CFP) designation.”
If AFA can’t manage their own finances maybe they should just disappear. Why burden the FPA with their incompetence?? We see this all the time in government. One incompetent organisation sucking the life from another. AFA should just shut down and get out of the way.
With the FPA also booking an operating shortfall of over $1.1 M for the ’22 financial year and both organisations reporting reductions in member numbers, and a loss of “partner” income, now more than ever a merger of the two makes all types of sense. Add to the financial imperative that of getting a united voice to the regulator and government, I say bring on the vote