The Association of Financial Advisers (AFA) said it has welcomed four IOOF Holdings dealer groups as members, taking the total number of licensees to have joined the industry body to a record 35 so far this year.
“Our membership growth is tracking at about 32 per cent in the 12 months to November 2010 and the AFA now represents about 7000 advisers through its relationships with licensees across Australia and individual members,” AFA chief executive Richard Klipin told InvestorDaily.
“The message in the market is that advisers want to have a representative voice that reflects their needs and concerns and stands clearly for the value of what advice brings to the Australian community.”
Klipin said IOOF’s Bridges Financial Services, Wealth Managers, Executive Wealth Management Financial Services and SMF Wealth Management were the latest to join.
The four dealer groups are home to over 314 authorised representatives operating across Australia.
“All of our authorised representatives must be members of a professional industry association,” IOOF’s head of wealth management Michael Carter said.
“Over the past two years we’ve watched the rebirth of the AFA as an association that truly understands and cares about advisers and one that is delivering a host of beneficial programs to its members.
“The decision to join the AFA will give individual advisers within these licensees greater choice as to individual membership with the industry body that they feel can best support them.”
An IOOF spokesperson confirmed that the four dealer groups retained their membership with rival association FPA.
Klipin said the licensees would complement the growing number of quality advisers and planning groups the AFA engages with.
“It is part of our ongoing strategy to welcome more licensees to the AFA so that the voice of advisers is heard more distinctly and more strongly in our communities and in Canberra,” he said.
