Drafts of key documents including the proposed information memorandum, resolutions, and constitution will be sent to all members in early December, which will kick off an extended consultation period with members encouraged to provide their feedback, the groups confirmed in a statement.

At the conclusion of the consultation period, final versions of the documents will be issued to members and voting will open in early February 2023, closing in late February at separate Extraordinary General Meetings (EGMs) of the AFA and FPA. 

For the proposal to succeed, 75 per cent of members who vote will need to vote in favour. 

The FPA and the AFA confirmed that both EGMs will be hybrid events, held at different times, to maximise members’ opportunity to attend. 

Since the proposal was first announced in September, consultations have been taking place around Australia, with FPA CEO Sarah Abood and chair David Sharpe, and AFA CEO Phil Anderson and national president Sam Perera, meeting with FPA and AFA members responding to questions and feedback.  

Commenting on the next stage of the process, Mr Anderson said: “The AFA and FPA strongly believe there are substantial benefits to members from a merger, providing a united voice for financial planners and advisers.” 

Ms Abood said: “We are determined that a merged association would honour the heritage of both the FPA and AFA. This is clearly important to members of both associations, in particular recognising the AFA’s proud 76-year history as well as the FPA’s background of providing the globally recognised Certified Financial Planner (CFP) designation.”