The Financial Planning Association of Australia (FPA) will hold its first in-person congress with members since 2019 this November, which will come after the results of the vote proposing to merge with Association of Financial Advisers (AFA).
Earlier this month, the associations held a media briefing to announce their intention to merge, where they said they’ll seek feedback from their members first before inviting them to vote on the proposal.
The FPA’s ‘Reunite, Reset’ congress will go ahead in Sydney on the 23rd and 24th of November, which will tackle the many changes in financial advice, including updates on the Quality of Advice Review and a plenary session with FPA CEO Sarah Abood and chair David Sharpe, who will discuss the future of the association.
The news comes after Ms Abood appeared on the latest episode of the ifa Show podcast, where she explained why now was the right time for the FPA and AFA to merge, saying members of both associations asked the question during recent joint events.
“… we’ve been approached on both sides by members at those events to suggest that they love to see us working together, and they would really like to see us pursue a merger,” Ms Abood said.
“So, in large part, members have driven this as well.”
Ms Abood added that pressing industry issues — such as declining financial adviser numbers — inspired the move.
“It has made us on both sides, I think, think really deeply about what is the best way to use members’ funds and how can we ensure that our members are going to continue to be represented effectively,” Ms Abood explained.
“We can combine the resources of both the associations and really importantly, create a united voice and stronger advocacy for financial planners and advisers.”
The industry heads also confirmed that the “clear plan” for the new association will see Ms Abood take on the role of CEO, and Mr Anderson as the general manager.
The new association is expected to officially launch on 1 January 2023.
Listen to the full podcast with Ms Abood and Mr Anderson here.
Perhaps some dissatisfaction with the performance and support of the FPA was behind members wishing to merge. The association seems to have its own agenda of self importance and no longer represents the majority of advisors
A big “NO” from us who are the industry.
Neither organisation is worth a cracker for the independent Adviser.
This is the hypocrisy in this statement. They say they are “creating a strong advocacy for Financial Planners and advisers” yet they don’t represent them, they represent all participants in the industry and the last decade that’s been banks and AwareSuper. A conflict of interest has lead to over-regulation, suicides, and poor outcomes. I suggest the FPA declare their stance on the QAR and if they reject the proposal to allow an untrained used car salesmen to provide advice at UniSuper/ TelstraSuper call centre, then we know who they’re acting for. If they remain silent….same old same old and I’m voting No to the merger.
I’m also thinking vote no – then hopefully they become financially stressed and fold would be great – need to start again with an Association for qualified Financial Planners only.
Spot on. No point the AFA acceding to their wishes.