The Association of Financial Advisers (AFA) and the Financial Planning Association (FPA) will proceed with a planned merger after their members voted overwhelmingly in favour of the move.

The full legal name of the new peak body will be the Financial Advice Association of Australia Limited.

“A merged association gives us a united voice at a crucial turning point for our profession, including the proposed changes from the Quality of Advice review,” AFA President Sam Perera said.

“Our members have recognised the importance of having a strong, single voice representing them to government, regulators and other stakeholders.”

Across all resolutions, an average of 96.5% of AFA votes and 96.7% FPA votes were secured. The merger proposal needed a minimum of 75% votes cast by eligible voting members in order to proceed.

AFA and FPA announced the merger proposal last September, saying the new body will provide a united voice for advisers and planners.

FPA Chair David Sharpe says the vote outcome from last week’s extraordinary general meetings was a “historic day” for the profession.

“We saw substantial benefits from a merger, and it is clear from the vote that the vast majority of members also recognise these benefits,” he said.

“We are coming together at a critical time, when we have a real opportunity to drive much-needed change to strengthen and grow the profession of financial advice.”

Zurich Financial Services has welcomed the merger.

“Zurich is confident that this merger will create immediate benefits, not just for members, but also for consumers and the broader economy as we seek to enhance access to quality and affordable advice,” Chief Distribution Officer Life & Investments Kieran Forde said.

Legal completion is expected to take place on April 3 and a transition period will run from April to June, including adoption of the new name and constitution, finalising and launching a new brand and logo, new board formation, and membership transition.

The transition is expected to be complete by July 1.