The Association of Financial Advisers (AFA) and the Financial Planning Association (FPA) are exploring a potential merger with the aim of creating a “unified voice” to represent the profession.

The groups are now seeking feedback from members on the proposed tie-up, with plans for webinars in the coming days as part of the consultation process. Last week they announced they have signed a memorandum of understanding, agreeing in-principle to examine the matter.

AFA and FPA boards say in a joint statement there are “substantial” synergies and other benefits for their respective members from a merger, providing a single voice and stronger advocacy for financial planners and advisers.

FPA Chair David Sharpe says that in recent years the two peak bodies have worked closely together in advocacy, often making joint submissions on policy.

“Effective advocacy is consistently the number one priority for members of both associations and a merger of the FPA and AFA would create a single association which would speak for the profession,” M Sharpe said.

“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. It also increases the likelihood of achieving crucial advocacy positions.”

AFA National President Sam Perera says the AFA has a strong background in representing members from diverse groups and this would continue within any new association.

He says the memorandum of understanding with the FPA aims to safeguard the interests of members and includes the AFA nominating four directors on the transitional 12-person board.

The AFA and FPA expect a vote on the merger proposal by the end of this year after the consultation period is over.