A survey of adviser sentiment has revealed that most support a merger between the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA).
The survey, carried out by Adviser Ratings, also revealed that a growing proportion of the shrinking profession now holds just one membership.
“Analysis by Adviser Ratings shows that the share of advisers with one association membership has gone up 3 per cent since 2020, against the backdrop of a contracting workforce. Meanwhile, the proportion of advisers with multiple memberships has dropped slightly,” Adviser Ratings said.
According to the Adviser Ratings, just one-in-five advisers are part of two or more associations, which represents a drop of 2,241 advisers when the overall decrease in the adviser universe is taken into account.
Moreover, 27 per cent of advisers are not part of an association.
FPA and AFA confirmed their intention to merge last month.
“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,” FPA chair David Sharpe said at the time.
Also speaking on the merger last month, FPA CEO Sarah Abood told ifa that the observed reduction in the financial advice workforce was an incentive for the proposed merger.
“It’s made us, on both sides, think really deeply about what is the best way to use members’ funds and how we can ensure that our members are going to continue to be represented effectively,” Ms Abood said.
“We can combine the resources of both the associations and really importantly, create a united voice and stronger advocacy for financial planners and advisers.”
Data from Adviser Ratings suggests that as many as 81 per cent of advisers back the merger, with 19 per cent said not to be in favour.
The staff at the FPA & AFA are driving this merger for their benefits, NOT for the benefit of advisers.
After 20 odd years in the industry, and having never been a member of any association, I am yet to see what benefit there is to them. They did not assist with FASEA, education requirements, FOFA, Royal Commission etc etc etc. What are you paying their fees for? There is genuinely no benefit to them. Of the advisers I know who are in the FPA, not a single one has ever received a lead, and I have never been asked by a client what association or designation I have. I guess my masters degree and decades of experience is enough.