The Financial Planning Association of Australia (FPA) and the Association of Financial Advisers (AFA) will soon be seeking member feedback on a potential name for their merged entity.
Speaking to ifa, the AFA and FPA confirmed that a new name for the merged entity will be put to members as part of the vote which is due to open in early February 2023.
“Both boards agree that a new name and branding, reflecting the new entity, would be appropriate to honour the heritage of both associations,” the groups said in a joint statement.
“Members will be involved in consultation on the options and a proposed new name for the merged entity will be put to members as part of the vote.
“It is currently anticipated that a survey will be sent to members in the next few weeks seeking their input on a new name and brand”.
Earlier this month, the two groups confirmed that drafts of key documents including the proposed information memorandum, resolutions, and constitution will be sent to all members in early December, which will kick off an extended consultation period with members encouraged to provide their feedback.
At the conclusion of the consultation period, final versions of the documents will be issued to members and voting will open in early February 2023, closing in late February at separate Extraordinary General Meetings (EGMs) of the AFA and FPA.
For the proposal to succeed, 75 per cent of members who vote will need to vote in favour.
Commenting on the next stage of the process at the time, Mr Anderson said: “The AFA and FPA strongly believe there are substantial benefits to members from a merger, providing a united voice for financial planners and advisers.”
Ms Abood said: “We are determined that a merged association would honour the heritage of both the FPA and AFA. This is clearly important to members of both associations, in particular recognising the AFA’s proud 76-year history as well as the FPA’s background of providing the globally recognised Certified Financial Planner (CFP) designation.”
Who is it exactly that this new entity intends to represent? Is it licensed Australian financial advisers only or will it include product manufacturers and licensees also? The new name should reflect all members and not pretend to be something it is not.
I would say members would be more concerned with the actions of this newly formed association as opposed to the name. You can call it what you want provided the members best interests are put first!
How not exciting!!!
How about the industry super fund association?
More importantly are they going to be an advisers association or a consumer one or continue to try to be both in the case of the FPA?
What about OPT OUT.
What about the FFAA. Forever forgetting about advisers.
Until the new entity only represents advisers, the name is irrelevant.