To vote on the merger, Apfa members can go to the EGM on 23 May at 46 Queen Anne’s Gate, London, SW1H 9AP or complete and return a proxy voting form by 21 May to Emma Evans at the same address or by email to emma.evans@apfa.net.
If both sets of members approve the merger, Apfa members who have paid annual subscriptions in advance will continue from 1 June until their next renewal date.
For Apfa members who pay subscriptions by monthly direct debit, the trade body will continue to collect these direct debits and pass the subscription monies to IMFA, who will provide membership services.
New direct debits to IMFA will be put in place on the normal renewal dates.
Under the merged trade association, subscriptions for 2017 to 2018 will remain at the same rate for former Apfa members.
A new subscription structure will combine the existing WMA approach for members, which is based on annual turnover related to UK business only, with the existing Apfa firm fee and per adviser fee approach.
In a letter to members, John Gummer, Lord Deben and chairman of Apfa, said: “I firmly believe that having a strong voice for the advice profession is of the utmost importance.
“Apfa has sought to present the strongest adviser case, the value of which is demonstrated by successes such as persuading the FCA to change its mind on making advice firms record telephone calls.
“But we could always do more. Therefore, we are proposing to join forces with the WMA so we can represent you better. A larger trade body will have more members and resources, so will be able to cover more issues and make a more effective case on your behalf.
“In our past we have adapted and evolved, from IFAA through Aifa to now. The Apfa council and I are unanimous in the view that the merger is the best way to ensure a strong voice for the profession in the future.”
emma.hughes@ft.com
