Connect Financial Service Brokers CEO Paul Tynan has called on the two bodies representing financial advisers to create one voice for lobbying.

He says the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) should merge.

“We now need a voice based purely on advice and separated from product offerings,” he said.

“By having the advice associations merge into a single united body, we will reinforce the emphasis on advice and the outcome will be real leadership and genuine vision.”

Mr Tynan says those claiming to know what is best for the financial advice industry are usually attached to product providers and self-interest groups.

“The current industry business models have been developed on product lines. Even the professional adviser associations are divided on product lines, with life insurance and investment advisers gravitating to the AFA and FPA respectively.”

Mr Tynan concedes many people would question the motive for such a merger.

“The answer is quite simple, and that is because the consumer will be the greatest beneficiary and, in turn, so will the industry.

“In doing so, the advice sector [would be] united and not divided on the current product lines, and this would take the industry to the next level and give it immense credibility with consumers and regulators.”