Proposed merger of WMA and APFA
Written on 10/08/2018

Plan to create new Investment Management & Financial Advice Association

On 8 May 2017, the Wealth Management Association (WMA) published a press release announcing plans to merge with the Association of Professional Financial Advisers (APFA) to create a new trade association for investment management and financial advice.

Together, the WMA and APFA will become the Investment Management & Financial Advice Association (IMFA). They consider that, through the merger, they can unlock "further synergies" for the benefit of members, by providing a stronger, united voice that can better lobby on behalf of the combined membership.

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. The IMFA will become effective on 1 June 2017, subject to the merger being approved by the members. The IMFA will be led by Liz Field, who is currently CEO of WMA, and it is expected to be financially positive on a standalone basis by the end of the first year.

The press release explains that the proposed merger reflects the current changing landscape, and comes at the same time as other trade association merger activity in the UK financial services sector.

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