Australia: Two financial advice organisations agree to explore merger
Source: Asia Insurance Review | Oct 2022
The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have agreed in principle to explore a merger between the two associations, with a goal of creating a united voice for the financial advice profession.
The boards of the two associations have signed a Memorandum of Understanding and will seek feedback from their members before inviting them to vote on the proposal.
After the period of consultation, it is expected that members of both associations will vote on the proposal by the end of this calendar year.
The FPA and AFA boards believe there are substantial synergies and other benefits for their respective members from a merger, providing a united voice and stronger advocacy for financial planners and advisers.
Mr David Sharpe, chair of the FPA, said that in recent years, the AFA and FPA have worked closely together in advocacy, often making joint submissions on policy.
The FPA and AFA boards have proposed that the CFP designation be the primary designation of the merged association. The Fellow Chartered Financial Practitioner (FChFP) and the Chartered Life Practitioner (ChLP) designations previously offered by the AFA would continue to be recognised and supported (although not available to new applicants). A