The survey, carried out by Adviser Ratings, also revealed that a growing proportion of the shrinking profession now holds just one membership.

“Analysis by Adviser Ratings shows that the share of advisers with one association membership has gone up 3 per cent since 2020, against the backdrop of a contracting workforce. Meanwhile, the proportion of advisers with multiple memberships has dropped slightly,” Adviser Ratings said.

According to the Adviser Ratings, just one-in-five advisers are part of two or more associations, which represents a drop of 2,241 advisers when the overall decrease in the adviser universe is taken into account.

Moreover, 27 per cent of advisers are not part of an association.

FPA and AFA confirmed their intention to merge last month.

“By creating a unified voice, the merged association would add clarity and power to the positions it takes, and avoid duplication of activity and erosion of its messages,” FPA chair David Sharpe said at the time.

Also speaking on the merger last month, FPA CEO Sarah Abood told ifa that the observed reduction in the financial advice workforce was an incentive for the proposed merger.

“It's made us, on both sides, think really deeply about what is the best way to use members' funds and how we can ensure that our members are going to continue to be represented effectively,” Ms Abood said.

“We can combine the resources of both the associations and really importantly, create a united voice and stronger advocacy for financial planners and advisers.”