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...
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