The merger echoes consolidation among the businesses the IMFA will represent with Lee Robertson, chief executive at Investment Quorum placing it as part of a wider theme of “scale and voice” across the industry.
“This is part of a whole trend of consolidation, having already seen professional bodies the IFP and CISI merge,” he said.
“There is a source of oversupply of these bodies, which has led to a fragmented response to actions by the regulator and the government, so this consolidation is a good thing.
“In my view, APFA has in many ways struggled to maintain and attract members, whereas the WMA is appealing to newer boutique wealth managers that perhaps previously worked in the IFA space.”
