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