Over 80% want a merger of FPA and AFA
Amid increasing concern about the cost of regulation and the continuing exodus of financial advisers, a survey has revealed strong for a united voice for the financial planning industry and a merger of the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA).
A survey conducted by Money Management has revealed over 80% support for a merger of the two organisations and demands to provide a united voice for the financial planning industry.
The survey, conducted in the immediate aftermath of last week’s Financial Services Council (FSC) Financial Advice Summit also revealed, however, that financial advisers want to be represented by organisations which directly reflect their status rather than by the FSC which is perceived as representing the interests of financial product manufacturers.
Asked whether there were too many representative organisations to allow the industry to speak with one voice, 74% of respondents answered “yes”.
Asked whether the FPA and AFA should merge, nearly 82% answered yes.
Importantly, nearly 62% of respondents said they were members of the FPA.
Asked whether the FSC should play a greater role in representing the interests of financial advisers, more than 77% of respondents answered no.
Nearly 88% of all respondents to the survey indicated that they wanted to see the Financial Adviser Standards and Ethics Authority (FASEA) rolled into the new single regulatory body.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
