Members vote to confirm FPA/AFA merger
A majority of members of the Association of Financial Advisers (AFA) and the Financial Planning Association (FPA) have voted for the two organisations to merge.
The affirmative vote was confirmed by the chair of the FPA, David Sharpe and the AFA national president, Sam Perera.
The combined organisations will now become the Financial Advisers Association.
Legal completion is expected to take place on 3 April 2023 and a transition period will run from April to June, including adoption of the new name and constitution, finalising and launching a new brand and logo, new board formation, and membership transition. The transition is expected to be complete by 1 July 2023.
According to the two organisations, around 2900 members of both organisations voted on the issue.
Sarah Abood will become chief executive of the new combined organisation, while AFA chief executive, Phil Anderson will become General Manager, Transition.
The board of the new organisation will be made up of four AFA representatives and eight FPA representatives.
Great one less organistion supporting 1st) Financial Product Providers, then 2nd) Consumers, that added to confusion for the Product Flogging and consumer centric votes in Canberra.
Advisers, why do you support an organisation that sold you down the river with:
Now the Banks & Life Co’s once vertically owned Advisers aren’t forced to pay for this membership, why support Product Flogging Associations that don’t support Real Advisers?
Good to see these Industry Super Funds, there compliance people, call centre, marketing reps, and groups like AMP will be represented going forward still. Just remember it was once the Association of Financial Advisers now it’s the “Financial Advice” Association. Always representing “the Industry.”
Yay – 2 impotent organizations merge!
Decided on 2900 hundred votes? Less than 20% of remaining advisors at best. Pretty clear representation of how irrelevant both organisations have become. I think subscription revenues from advisor memberships will be thin.
My thought exactly – and I have previously been a long term member of both, although left for the multitude of reasons often raised.
Approximately 20% of all Members voting for a proposal which has been repeatedly raised for the last 25-30 years. Obviously, great concern and spirited participation!
I wonder what the new organisation’s motto will be? “Here, boy! Sit! Roll over! Play dead! Fetch! Lick ASIC & Government boots!”
Perhaps, “When I snap my fingers, you will forget what you exist for…”.
Saddening to watch a once great industry collapse, led by its “Elite” practitioners “Going along to get along”.