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WMA says Apfa merger is not about the money

WMA deputy head says “staff rationalisation” won’t happen after Apfa merger

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The planned merger between the Wealth Management Association and Apfa is not a cost-cutting exercise for the wealth manager’s trade body, its deputy chief executive has said.

Last week Apfa proposed the mer-ger to its members, saying the adviser trade body would benefit from the increased scale and resources.

Speaking to Money Marketing, WMA’s John Barrass, who will retain the role of deputy head at the merged trade body, says the move is not intended to save some budget for the organisation. He says: “This is not a merger where you are going to see costs or staff rationalisation.

“This is a merger where we have two pieces of the jigsaw that need to be put together. The fit is going to be tight.”

He adds: “In any industry there is a trend to consolidate for efficiency and, in some cases, it is for cost purposes. We already have a respectable position but it is healthy if we go to regulators and say we work for the sector of the finance community that deals with the retail client, rather than say we only do part of that.”

The new body would be known as the Investment Management and Financial Advice Association, to be led by WMA chief executive Liz Field. If members approve the merger, it will take effect on 1 June.

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Comments

  1. Steven Farrall 18th May 2017 at 9:55 am

    Huh. I agree that there is a need for a better trade body, but as APFA’s income has reduced by about 2/3rds over the last ten years clearly something needed to happen.

  2. Julian Stevens 18th May 2017 at 1:38 pm

    Maybe it’s not about money. But there’s a long list of other things about which it might well be, not least the many gaps in APFA’s agenda and its woeful failure to win an inch of ground on the issue of persuading the FCA to restore the longstop.

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