Former chairs, CEOs and presidents of the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) have issued an open letter voicing their strong support for the unanimous recommendation of both boards that a merger is in the best interests of members, and of the wider profession.
The letter, signed by Dante De Gori and 14 other former senior staff, details three of the “most crucial” benefits of the merger, including the creation of a “stronger, united voice” for policy and advocacy efforts to government.
The senior staff also cite a “more efficient use of resources to support membership services”, and a “greater capacity for campaigns to raise awareness of and promote the importance of financial advice” among both Australian consumers and potential new entrants to the profession.
Referring to it as a “crucial moment in the development of our profession”, the signatories said: “We have the opportunity to create a strong, unified voice that will strengthen and grow our profession, and positively impact the lives and financial wellbeing of Australians every day.”
For the merger to go ahead, 75 per cent of members who vote, need to vote in favour.
Last month, the AFA revealed that the completion date for the proposed merger is scheduled for 3 April.
I’ll be voting NO… we don’t need all of these associations. As a member for over 25 years I’ve witnessed them having a leadership culture that is ingrained in acting for insto’s and now large Super funds. I’ve tried to change that thinking within, but I can’t see it. I’m hoping from the ashes as new organisation will arise that puts the needs of Advisers first. Vote NO and let one just go broke and send a strong message that change is needed. Otherwise, When they merge it’s the same old same old
Not been following this merger distraction at all, but If we don’t vote, will they remain separate?
Hope so and they reduce their bloated overheads (& sense of importance) and let advisers see who really represents us over the coming years. Have been a mbr of the FPA for nearly 30yrs….very disappointed in them, especially the current crop of gutless bureaucrats in charge.
The industry needs one prominent governing body. Other industries would laugh at FP’s for having 3 separate governing bodies for so few licenced practitioners.
I believe Industry Super is a member of many representative bodies – not sure your statement (opinion?) has any evidence at all to back it up?
After all that has happened, he keeps on putting his name up there as though it still has any relevance to anything at all.
Some people just never get it or choose never to see.
What a complete joke both these associations are now, have been and based on the past, will be, we as an industry are doomed because of these groups who did nothing but take fees from product providers and do little to nothing for advisers.
Thanks for the opinion Captain LIF.
I am an FPA member who is extremely dissatisfied with the way it has been run, and would not normally put much stock in what Dante or any of the other failed “leaders” of the FPA say.
But a merger provides the best hope for upheaval and disruption in both organisations, which may well lead to the sort of desperately needed changes they would never otherwise make.
For this reason I’ll be voting for the merger. If it doesn’t lead to improvement I’ll leave. But I would have left the FPA soon anyway, so nothing to lose.
If they don’t merge, money will be short, and they will have to trim their salaries – I believe Ben Marshan is on $460K plus – and I fail to see how this represents value for Financial Planners.
Vote No I say and let them compete.
I’m not sure using Dante’s name to promote the merger is assisting the case.
Are these the same guys that supported LIF and FASEA?
Yawn
Hmmmm……why are all these people coming out of the woodwork in support. Maybe behind the scenes the support for the merger may not be that strong. Not sure how it will create such a dramatic change. I’m a current AFA member & have many concerns with the merger (mainly due to my concerns with the FPA). If they were both the voice of advisers / supporting advisers like they should have been in years gone by it would be a no brainer but unfortunately they haven’t. Actions speak louder than words & I’m sorry but I will not be voting for the merger….
The AFA is broke mate
The merger should clearly go ahead because there are far too many adviser associations (well, groups that purport to represent advisers) , but bringing De Gori out will lose more votes than gain.