The full legal name of the proposed merged association will be the Financial Advice Association of Australia, but the association will generally be known as the “Financial Advice Association” or “FAA” for short.
This announcement, made in a joint statement on Monday, follows a consultation period where members of the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) provided their feedback on what was important to them in a name.
Sam Perera, president of the AFA, said there was a high level of engagement by members, with over 500 responses received.
“During the member consultation process, we received strong and consistent feedback that the name for the merged association should be simple, reflect professionalism, honour the heritage of both organisations, and promote unity. It should also make clear the role the organisation will play in supporting financial advisers and planners,” Mr Perera said.
“The new name represents the coming together of the profession of financial advice in Australia, now and in the future,” he said.
Members of the FPA and AFA will vote on the proposed merger of the two associations at Extraordinary General Meetings (EGMs) for each association to be held on Tuesday, 28 February, the FPA and AFA confirmed on Monday.
The AFA EGM has been scheduled for 11am AEDT, while the FPA EGM will take place at 2pm, both in Sydney.
The AFA and FPA have confirmed that eligible voting members will be able to vote either in person, during the live stream, or via appointing a proxy at any time until 48 hours before the commencement of their EGM.
Members will also be able to submit questions about the proposed merger either at the EGMs in person or in advance via the portal. These questions will then be addressed during the respective EGMs.
David Sharpe, chair of the FPA, said the EGM offers eligible voting members a historic opportunity to vote for a united voice 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,” Mr Sharpe said.
“We encourage all members to take part in the vote and ensure their voices are heard,” he said.
The proposed merger of the FPA and AFA will take place if 75 per cent of the votes cast by eligible voting members are in favour of the merger.
The legal completion date of the proposed merger is scheduled for 3 April, the AFA’s chief executive Phil Anderson said in a webinar hosted by the group last month.
AFA members have been advised that they will receive an invitation to join the merged entity, most probably in April, and will have the opportunity to confirm this up to 15 June.
Members that do opt-in will be transitioned on 1 July. Post this date, another EGM will be held to wind up the AFA and appoint a liquidator.
How appropriate…..the FA Association, like the FPA/AFA they did FA for Advisers and worked with the Liberal Party and the Banks with the FSC to bring misery to the Advice community. [not to mention the tens of millions they took from the Banks to shaft Advisers – they are a collective disgrace]
They should’ve called it SFA to signify how much they helped advisers during and since the royal commission and FASEA regime.
I can totally understand all the criticisms and negativity towards FPA and AFA.
But I don’t understand why this would lead people to vote against the merger. Surely voting against the merger is voting to keep things as they are? Voting for the merger at least provides some potential for improvement. There will inevitably be staff and programs and policies ditched if the merger is implemented, and with any luck it will be all the bad ones!
I note the letter A in FAA stands for Advice not Advisers…
I would be asking them who exactly can be a member as it looks like this proposed entity will be catering to instos and others groups also…
yeah, it looks like a way to angle back to the big instos and industry funds. FPA will swallow the AFA.
500 people consulted on the name, not one found the irony in them all doing FA and living large on our membership fees. Competition makes each better.
Don’t forget the FAAA – Flight Attendants Association of Australia. Perhaps if compliance gets additionally heavy, we can pivot and become servers in the sky! Looks like the FPA had a big hand in the name “Financial Advice”, not “Financial Advisers”. Once again, for the industry, not the advisers! What a shocker that is. Didn’t trust FPA before, certainly wont trust them when they silence the minority from the AFA.
As I saw it in the forums, seems a lot of FPA members wanted to keep “Planner” as a part of the name and AFA wanted “Advisers”. Seems to have been the compromise.
Financial Advice Association of Australia – proudly sponsored and supported by product manufactures delivering Advice to Australia. Can’t see how that name reflects Professional Planners of Australia – but it’s been that way for so so long it seems.
If Dante is for the merge, I’m a no on principle.
He peaked too early!
The FPA have lots to answer for. But exactly what will the NEW entity bring. I believe that thanks to the manner in which both the FPA and AFA fawned over politicians to their own detriment when they should have been representing us as adviser, they now realise that membership dollars is far less and with NO requirement to be part of their associations, its tough roads ahead. If only they stood up for members, their businesses and employees, what may have happened? Ah well, I for one will not lose sleep over BOTH associations falling by the wayside. I was sick and tired of their nonsense when harm was caused to our own business, our clients, our revenue compromised in every way possible and these 2 associations were out there flogging their courses which meant very little and secretly kicking us in the guts. Like I said. Not losing sleep.
It is almost like they are assuming the merger will go ahead before members have even voted. Glad I am no longer funding sinecures for these guys.
The only reason these bodies have agreed to merge is because over 12,000 advisers have left the industry due to their past actions/inactions and there’s just not enough gravy left to feed both trains. Now that’s karma.
Great….a chance to be known as a Profession now missed. Just a lowly association to appease those that don’t want to do the study and be professional, and keep the lowest common denominator approach in place, as well as a link to the institutions.
Excellent. We can now say our industry body is FAA ………..
Sensible name. Well done.
What’s happening with CFP & FChFP qualifications or are they not worth the paper they are written on as shown with Not being recognized by the regulator during FASEA nightmare
The Family Planning Association can now rest easier now.
A very simple and recognisable name- only problem is the federal aviation association (FAA) has already taken this one
Close, the American FAA is the Federal Aviation Administration, it’s not an association.
We’re not the USA
Phew! Glad we got the name cleared up for the merger. I know I for one will be sleeping a lot easier.