Members of the Wealth Management Association have today voted in favour of a merger with the Association of Professional Financial Advisers.
The vote at today’s (31 May) extraordinary general meeting followed a similar vote by Apfa members last week, where the merger was also approved.
Since the merger was approved by both associations’ memberships, the merger will go ahead as planned and officially take effect tomorrow.
The new association will be known as the Personal Investment Management & Financial Advice Association.
The name of the new body has been changed slightly, adding the word “Personal” because it “emphasises the nature of the services offered by the united member base”.
Liz Field, the chief executive of the WMA and designated chief executive of Pimfa, said: “Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
“We will expand our value-added advocacy and technical research work, and remain committed to creating an optimal operating environment so firms can focus on delivering the best services for clients.”
Chris Hannant, director general of Apfa, will stay on for a transitional period as a “strategic adviser”.
Of the current members of the Apfa council, Tenet chief executive Martin Greenwood will become a director of Imfa while Lord Deben, the current chairman of Apfa, will become chairman of the new trade body.
Gary Bottriell, another member of Apfa’s council and managing partner of Bottriell Adams LLP, will become a chairman of the new trade body’s financial advice sub-committee.
Lord Deben said: “The coming together of Apfa and the WMA creates a relevant, joined-up trade association which can both support its members across the wider client value proposition and speak with coherence and authority to both government and the regulators for this significant part of the financial services industry, which has both high added value and high social impact.”