The Institute of Financial Planning board has voted ‘yes’ to a proposal to merge with the Chartered Institute for Securities and Investment.
It says discussions on the merger will now proceed to the next stage.
The IFP has been consulting with members since it announced plans to merge with the CISI last month.
It says 70 per cent of members who engaged in the consultation were in favour of the move. Of its 2,173 members, 218 engaged with the consultation.
The professional body argues the merger will allow it to expand the reach of financial planning and improve services for members.
It aims to complete the merger by the end of the year.
IFP president Rebecca Taylor says: “The board has greatly appreciated the honest discourse we have received from members. Whilst positive overall, important concerns have been raised, to which we will give full and detailed attention.
“Over the next few weeks we will be working closely with CISI to work through those issues and ensure that processes are in place for a smooth and effective transition.
“On behalf of the whole IFP board, I wish to express our thanks to all those members who took the time to engage with us during the consultation process.
“We understand that this merger would represent a significant change for the IFP and our profession but we believe that it represents the best way of ensuring the strongest future for financial planning that we all care so passionately about.”
CISI chief executive Simon Culhane adds: “We are very pleased that the IFP board has decided to proceed with this merger which would benefit the financial planning industry, paraplanners and wealth managers.
“The CISI is committed to widening the choice of qualifications and pathways available within the financial planning and wealth management markets to allow both CISI and IFP members to develop their careers further in this important area.”