"The proposed new trade association will provide a stronger, united voice that can better lobby on behalf of the combined membership."
The merger is expected to be effective from 1st June and will be led by Liz Field, currently CEO of WMA.
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.
Liz Field, CEO of the WMA, said: "The resulting trade association will continue to lead the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the investment advice and financial management arena.”
Chris Hannant, Director General of APFA, added: "The proposed new trade association will provide a stronger, united voice that can better lobby on behalf of the combined membership.
"The proposed merger reflects the current changing landscape, and comes at the same time as other trade association merger activity in the country’s financial services industry.
“The announcement of the intended merger between the Wealth Management Association and the Association of Professional Financial Advisers is a positive step for the investment management and financial advice professions.
“We look forward to working with this new trade organisation. It will provide a united force to help shape the policy and regulatory platform for these important areas of financial services and to ultimately benefit consumers throughout the UK.”
