FPA EGM RESOLUTIONS AND RESULTS
Members of 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 their Extraordinary General Meetings (EGMs) on Tuesday 28 February 2023.
In total, 96.5 per cent of AFA votes and 96.7 per cent of FPA votes were in favour of the proposal. The merger proposal required 75 per cent of the votes cast by eligible voting members to be in favour of the merger for it to proceed.
“This is a historic day. We are coming together at a critical time, when we have a real opportunity to drive much-needed change to strengthen and grow the profession of financial advice,” says FPA Chair David Sharpe CFP.
“Our members have recognised the importance of having a strong, single voice representing them to government, regulators and other stakeholders,” says AFA President Sam Perera.
A total of 2,876 advisers and planners voted on the resolutions across the AFA (457) and FPA (2,419).
FPA members are encouraged to check their inbox for a letter from the Chair with more information about the proposed merger.
MAKE YOUR VOTE COUNT
We believe that by creating a unified voice we will add more clarity and power to our crucial advocacy positions, giving us a better chance of achieving the changes our profession needs to see.
The merger will take place if 75% of the votes cast by eligible voting members of both associations are in favour of the merger.
Eligible voting members are invited to vote, either by proxy in advance of the meeting, or at the meeting (online or in-person). If you have any questions, please contact the FPA on 1300 337 301, or by email to [email protected].
The documents relating to the EGM include the following:
- The Notice of Meeting
- Merger Agreement
- Constitution of the new association
As part of the consultation process, the FPA and AFA engaged members and key stakeholders, as well as a specialist marketing agency, to help select a new name for the merged association. Over 500 members and stakeholders participated, providing strong feedback that the name needed to be simple and professional, clearly signal what we do, honour the heritage of both associations, and signal unity and the coming together of our profession. We are pleased to announce that in the event of a successful vote, the full legal name of the merged association will be the Financial Advice Association of Australia Limited – We will more generally be known as the Financial Advice Association.
WHAT ARE THE BENEFITS OF A MERGER OF THE AFA AND FPA?
The boards of the AFA and FPA believe a merger would offer many benefits to members, including better:
A stronger unified voice for financial planners and advisers supports our advocacy goals.
Access to a wider range of resources, clarity on designations and more resources for CPD.
More ways for members to engage with each other and with their association to receive the support they need.
More scale, frequency and resourcing.
- Professional standards
Supported through greater resourcing.
- Member support services
More scale and resources to deliver greater services to members.
An open letter to FPA and AFA members
Former CEOs, Chairs and Presidents of the FPA and AFA have come together to share their support and endorsement for the opportunity to create a strong, unified voice for our profession, and positively impact the lives and financial wellbeing of Australians every day.
The Boards of both the AFA and FPA unanimously support the merger and recommend that members vote in favour.
Some current members of the FPA and AFA Boards have shared their thoughts on why the merger is beneficial to members, and to the profession as a whole.
Show your support for the merger on socials
We have created some graphics which can be used across your social media channels, as well as an image you can use in your email signature block. These assets and instructions for use are containing in a zipped file which you can download using the link below.
Don’t forget to use the hashtag #unitedvoice and tag the FPA and AFA in your posts. You can also link to this page in the body of your post using the URL https://faaa.au/afa-fpa-merger/.
We appreciate your support as we head towards the merger vote on Tuesday 28 February.
MEMBER CONSULTATION TIMELINE
We would like to thank all members who contributed to the Member Consultation which closed on Tuesday 31 January. These contributions have been taken into account in finalising the documents that are now put forward for your consideration.