Advisers have been told to get behind their new trade body to make it a stronger force to better negotiate for the industry as the UK prepares to leave the European Union.
Lord Deben, the chairman of the Association of Professional Financial Advisers, was speaking to FTAdviser after his trade body announced plans to merge with the Wealth Management Association.
The former Cabinet minister will become chairman of the new trade body, called the Investment Management and Financial Advice Association.
He said: “We want membership from right across the industry. Some people feel they don’t have to play a part but I think everyone has to.
“There will be some really important debates in the Brexit negotiations and it is very important this industry has its voice in that.
“There is really a very great deal of work to do representing this industry so we make the best of leaving the EU.”
Lord Deben, who served as Secretary of State for the Environment in John Major’s cabinet when he was known as John Gummer, said that while Apfa had experienced financial issues in the past, this was no longer the case.
He said: “Neither of us [Apfa or the WMA] has got to do this but both of us want to do it.
“It is particularly good because both organisations could easily go on individually so we are making the decision because it is the right thing to do.”
In 2015 Apfa posted a loss of £30,080 but it has since turned its financial position around and has reported a profit of £126,917 for 2016.
In 2016, the WMA made a lost of £25,000.The year before that it lost £282,000.
While Lord Deben will become chairman of the new trade body Chris Hannant, the director general of Apfa, will stay on in a temporary capacity as a strategic adviser.
The chief executive of Imfa will be Liz Field, the head of the WMA.