On Tuesday 28 February 2023, members of both the Association of Financial Advisers (AFA) and Financial Planning Association of Australia (FPA) voted in favour of the proposed merger of the two associations at Extraordinary General Meetings held in Sydney.
The name for the new entity will be the Financial Advice Association of Australia Limited – We will more generally be known as the Financial Advice Association Australia (FAAA- pronounced F triple A).
This is an exciting milestone for the financial advice profession. By combining these two longstanding reputable associations, the new entity will be a powerful force in advocating for advisers with Government and regulators. The combined resources will also unite our Advice community under the one organisation, and provide superior services and support for members.
The association will have a single national (not federated) transitional board of 12 directors, made up of eight directors from the FPA board, and four appointed from the AFA board. For future director election cycles, eligible members of both associations will be entitled to stand for election. After the three-year transition period, the board would reduce to nine.