Two UK trade bodies have proposed a merger to bring together representatives of both investment management and financial advice.
The Wealth Management Association (WMA) and the Association of Professional Financial Advisers (APFA) will merge and operate under the leadership of Liz Field, who is currently CEO of the WMA.
The new body will be called the Investment Management & Financial Advice Association (IMFA) and the merger is effective June 1, subject to approval by members.
Through the merger, “both trade associations can unlock further synergies for the benefit of members by championing a wider remit for our growing community”, a statement said.
Both trade associations’ boards have recommended the proposed merger, which will “create a stronger voice for the investment management and financial advice industry” in the UK. IMFA is expected to be financially positive on a standalone basis by the end of the first year.
Chris Hannant, director general of APFA, said that the new trade association will “provide a stronger, united voice that can better lobby on behalf of the combined membership”.
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