In a statement, Association of Independently Owned Financial Professionals (AIOFP) chair Professor Sarath Delpachitra and Institute of Financial Professionals Australia (IFPA) president Stephen Ware announced the two organisations have entered into a strategic alliance.
“In an evolving financial services landscape, this alliance ensures that the interests of independently owned financial professionals are effectively represented,” the statement said.
The IFPA, which was previously known as Tax & Super Australia, represents about 4,000 financial professionals working across accounting, bookkeeping, financial advice and superannuation.
On the other side of the alliance, the AIOFP comprises around 5,000 financial advisers operating under 120 AFSL practice members.
“While each organisation serves distinct professional needs, their commercial and structural synergies make this partnership highly compelling,” the statement said.
Although the agreement is initially non-binding, the associations said the alliance would be formally governed by a mutually agreed memorandum of understanding.
At the heart of the collaboration, they said, is expanding professional development opportunities for both memberships through access to their respective conferences.
This includes the IFPA Conference & Expo in April, which will have dedicated superannuation and financial services content, and the AIOFP’s National Conference in August, which will expand its program to incorporate more tax-related sessions.
“We think it makes political and commercial sense for members on both sides and for the advice profession in general,” said AIOFP executive director Peter Johnston.
“One less voice in a already grossly overcrowded association market place can only be a good thing and financial advisers working closely with accountants should produce mutually beneficial commercial outcomes for clients and practices.”
The professional bodies also spruiked the benefits of the alliance for IFPA members looking to sell their practice or establish advisory partnerships for their clients, as well as for AIOFP members seeking to strengthen their accounting relationships will gain access to a broad and trusted professional network.
IFPA members looking to explore new revenue streams will also have access to the AIOFP’s Succession Planning program, “ensuring long-term business continuity and client retention”.
IFPA board member Scott Heathwood said: “This alliance represents a significant step forward for independently owned financial professionals, ensuring their voices are amplified in key industry discussions.
“By aligning the collective strengths of our associations, we are fostering greater opportunities for collaboration, professional development and business growth. Importantly, this partnership reinforces our commitment to advocating for sensible regulatory reform.”
The AIOFP and IFPA also said that through greater collaboration between the associations, the alliance creates a “more coordinated and influential voice in key regulatory and legislative discussions”.
“Beyond these practical advantages, this strategic alignment strengthens the profession’s collective capacity to engage with policymakers,” they said.
“The organisations will combine to advocate for commonsense reform of the regulatory environment, including reference to the inclusion of accountants to provide structural superannuation advice and the Compensation Scheme of Last Resort.”
