Rival trade body criticises APFA/WMA merger

Balance tipped in favour of wealth managers

Hannah Godfrey
clock • 3 min read

The merger of adviser trade body the Association of Professional Financial Advisers (APFA) with the Wealth Management Association (WMA) will see advisers lose out, Libertatem director general Garry Heath has warned.

Heath (pictured) warned the merger would create a confused message for advisers, who risked having their voice overpowered by the wealth manager members. The two organisations announced plans to merge on 8 May, to create the Investment Management and Financial Advice Association (IMFA), with effect from 1 June. The new body will be headed up by current WMA CEO Liz Field, and is still subject to approval by the members of both organisations. APFA and the WMA expect the new body to be financially positive on a standalone basis by the end of the first year. But Heath warned the bal...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FOS pushes ahead with CMCs complaint fee proposals

FOS pushes ahead with CMCs complaint fee proposals

Ombudsman writes to the Financial Conduct Authority

Isabel Baxter
clock 21 November 2024 • 2 min read
More than a third of advisers have not mentioned Consumer Duty to clients

More than a third of advisers have not mentioned Consumer Duty to clients

Only about a quarter of advisers have mentioned the regulation to clients

Sahar Nazir
clock 20 November 2024 • 2 min read
ISA reform 'under review' after absence in Budget and Mansion House

ISA reform 'under review' after absence in Budget and Mansion House

There are five different types of ISAs available on the market

Cristian Angeloni
clock 20 November 2024 • 3 min read