Financial Planning and Advisory Associations Set Merger Vote Dates

The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) have scheduled Extraordinary General Meetings (EGMs) for February 28, 2023, where members will vote on a proposed merger. The meetings will be held in Sydney, with both in-person and livestream attendance options available.

The merger aims to create a single, stronger voice for financial advice professionals in Australia, enhancing advocacy efforts with the government and communicating the value of financial advice to consumers. The proposed legal name for the combined association is Financial Advice Association of Australia Limited, which will generally be known as the "Financial Advice Association."

David Sharpe, chair of the FPA, described the upcoming EGMs as an "historic opportunity" for the profession. "A merger of the FPA and AFA will provide our profession with a stronger policy and advocacy voice to government as well as a stronger voice on the value of financial advice for consumers," Sharpe stated, encouraging member participation in the vote.

Sam Perera, president of the AFA, reported significant member engagement during the consultation phase for the new name, with over 500 responses received. "The new name represents the coming together of the profession of financial advice in Australia, now and in the future," Perera said. The merger requires approval from 75 percent of the votes cast by eligible members.