Bringing Associations Together To Boost Performance


FPA and AFA are exploring a merger of the two financial associations

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 to create 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.

David Sharpe, chair of the FPA, says that in recent years, the AFA and FPA have worked closely together in advocacy, often making joint submissions on policy.

“Effective advocacy is consistently the number one priority for members of both associations and a merger of the FPA and AFA would create a single association which would speak for the profession.

“By creating a unified voice, the merged association would add clarity and power to the positions it takes and avoid duplication of activity and erosion of its messages. It also increases the likelihood of achieving crucial advocacy positions,” he said.

Sam Perera, National President of the AFA, says any merged association would honour the heritage of both the FPA and AFA, in particular recognising the AFA’s 76-year history.

“The AFA has a strong background in representing members from diverse groups and this would continue within any new association. The Memorandum of Understanding aims to safeguard the interests of members and includes the AFA nominating four directors on the transitional 12 person board.”

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).

Members of each association will be invited to webinars in the coming days to hear more about the proposal, ask questions and provide feedback on the proposal. In addition, FPA members will be able to attend the AFA Conference on 21-23 September at member rates, and AFA members can attend the November FPA Congress at member rates. A joint session of the AFA and FPA will be held at the AFA Conference.

Taken from FPA Media Release, 1 September 2022

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