ARISA and IFSA merger approved
The proposed merger between the Australian Retirement Incomes Streams Association (ARISA) and theInvestment and Financial Services Association (IFSA)will go ahead after members of ARISA yesterday approved the merger at a special general meeting.
In a joint statement released by ARISA chair andING Funds Managementgeneral manager Ross Bowden and IFSA chair andAMP Financial Servicesmanaging director Andrew Mohl, the newly combined group said the merger had received overwhelming endorsement from members.
“The overwhelming support for the merger at [yesterday’s] meeting, signifies the members’ endorsement of the formation of a single voice to promote retirement incomes streams,” the statement says.
The statement also claims the merged group’s first objective will be to work alongside the Australian government as it fulfils its election promise to examine proposals to expand the range of income stream options available to retirees.
Now that the merger has been approved, a number of ARISA members have been invited to join the existing IFSA committees and working groups and two ARISA Board members will join the board of IFSA.
ARISA’s technical committee will also become the new IFSA retirement incomes technical forum.
IFSA chief executive Lynn Ralph will remain in this position with the new body.
The IFSA board, including any newly appointed members from ARISA, will meet within the next few weeks to discuss a new name for the association, and to ensure appropriate branding and positioning of the merged association with key stakeholders. In the meantime, the association will be named the Investment and Financial Services Association.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
