AFA, FPA search ‘unified voice’ in proposed merger – Life Insurance coverage – Insurance coverage Information

AFA, FPA search ‘unified voice’ in proposed merger

5 September 2022

The Affiliation of Monetary Advisers (AFA) and the Monetary Planning Affiliation (FPA) are exploring a possible merger with the goal of making a “unified voice” to characterize the occupation.

The teams are actually searching for suggestions from members on the proposed tie-up, with plans for webinars within the coming days as a part of the session course of. Final week they introduced they’ve signed a memorandum of understanding, agreeing in-principle to look at the matter.

AFA and FPA boards say in a joint assertion there are “substantial” synergies and different advantages for his or her respective members from a merger, offering a single voice and stronger advocacy for monetary planners and advisers.

FPA Chair David Sharpe says that lately the 2 peak our bodies have labored carefully collectively in advocacy, typically making joint submissions on coverage.

“Efficient advocacy is constantly the primary precedence for members of each associations and a merger of the FPA and AFA would create a single affiliation which might communicate for the occupation,” M Sharpe mentioned.

“By making a unified voice, the merged affiliation would add readability and energy to the positions it takes and keep away from duplication of exercise and erosion of its messages. It additionally will increase the chance of attaining essential advocacy positions.”

AFA Nationwide President Sam Perera says the AFA has a powerful background in representing members from numerous teams and this is able to proceed inside any new affiliation.

He says the memorandum of understanding with the FPA goals to safeguard the pursuits of members and consists of the AFA nominating 4 administrators on the transitional 12-person board.

The AFA and FPA count on a vote on the merger proposal by the top of this yr after the session interval is over.

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