“At a time when everybody is arguing who’s good value and who’s not good value, where is this new body going to sit? Why will the advisers of Britain suddenly leap to attention and have half a voice as part of a bigger body?” he asks.
Merging under the umbrella brand will take effect on 1 June this year subject to approval of all members of both industry bodies and barring any revolt, but this is unlikely as trade boards have already recommended the proposed merger and Imfa is expected to be financially in the black on a standalone basis by the end of the first year.
Ms Field said that once this process is approved the newly formed Imfa will look further to the future in representing adviser and wealth manager interests with a sorely needed youth and diversity recruitment focus and a concentration on introducing or returning mothers to the work place in the intermediary sector, further kickstarting the debate on whether robo-advice is a threat or an opportunity and increased government and FCA lobbying on behalf of advisers through her soon to be combined team.
Apfa’s proposed long-standing “value of advice” report will also be delivered.
And Ms Field said that was what she was concerned with, a focus on the future of this newly merged entity and how it will serve advisers.
“I think there are some real hidden gems within the financial advice space that I want to draw out and working with the sector, actively promote that.”
In conclusion she added: “We need to really big up and promote this sector.”
Mark Banham is a freelance finance journalist
Key points
The WMA and Apfa have announced a merger to create the Investment Management and Financial Advice Association.
Apfa has had mixed financial returns over the past few years.
Some see the merger as inevitable.
