The Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) are set to merge to create the Investment Management & Financial Advice Association (IMFA), with effect from 1 June.
The merger, which is subject to approval by the members of both organisations, would create a joined-up representative body for advice firms that would be led by current WMA CEO Liz Field (pictured).
The combined IMFA membership would represent UK firms offering a range of financial solutions, including investment advice and portfolio management, as well as investment and execution services, financial planning and advice for private clients.
Both trade associations' boards have recommended the proposed merger to members in the belief it will create a stronger voice for the investment management and financial advice industry in the UK.
The IMFA is expected to be financially positive on a standalone basis by the end of the first year.
Field said: "The resulting trade association will continue to lead the debate on policy and regulatory recommendations to ensure the UK remains a global centre of excellence in the investment advice and financial management arena."
APFA director general Chris Hannant added: "The proposed new trade association will provide a stronger, united voice that can better lobby on behalf of the combined membership."
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