Tuesday, 9 May 2017

WMA and APFA are merging!

Yippee! Great news for boxing fans! The WMA and APFA are unifying their belts or something, so there'll be just one belt to fight for. Which will make it better for boxers and fans. The whole competition will be bigger as IMFA! 'Boss!' What, man? 'What is this nonsense?' It's a PR email, Voice. Boxing, for a change. I don't know why. They just sent it to me. I ain't complaining. I mean, it makes a nice change from finance, don't it? 'Er ... you mean this? -'

The two leading UK trade associations in the investment management and financial advice sector, the WMA and APFA, are announcing their intention to merge, as they look to become a joined-up representative body for organizations that help individuals and families plan and invest for their financial future. The resulting association will be led by Liz Field, currently CEO of WMA.

Er ... yeah. That's strange. 'Ha! Look -'

Together the WMA and APFA will become IMFA (Investment Management & Financial Advice Association) effective 1st June, subject to the merger being approved by the members. The combined IMFA membership would represent UK firms offering a range of financial solutions, including investment advice and portfolio management, as well as investment and execution services, financial planning and advice for private clients. Through the merger, both trade associations can unlock further synergies for the benefit of members by championing a wider remit for our growing community. Both trade associations' Boards have recommended the proposed merger, which will create a stronger voice for the Investment Management and Financial Advice industry in the UK. IMFA is expected to be financially positive on a standalone basis by the end of the first year.

Er ... 'Absolutely nothing to do with boxing, boss.' Yeah. Well, that's damn strange. 'Not really.' No? 'No. It's merely more finance news, that's all.' Maybe Liz can clear things up -

Liz Field, CEO of the WMA, said that "The resulting trade association will continue to lead the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the investment advice and financial management arena."

Shit! Oh, I thought - 'You didn't read the email, did you? Yet again!' Well ... 'You just rushed in, presuming you knew all about it.' Well, I thought they were boxing organizations, Voice. It's an easy mistake to make. I ain't got time to read all these fucking emails. 'Boxing! Ha! The APFA will love this.'

About APFA

The Association of Professional Financial Advisers (APFA) is the representative body for the financial adviser profession. 40% of investment and protection products are sold through financial advisers, with annual revenue estimated at £3.8 billion (£2.2 billion from investment business, £1.2 billion from general insurance and £400 million from mortgages). Over 50% of the population rank financial advisers as one of their top three most trusted sources of advice about money matters. As such, financial advisers represent a leading force in the maintenance of a competitive and dynamic retail financial services market.

APFA was founded in 1999, and was originally called AIFA (Association of Independent Financial Advisers). APFA rebranded in 2012 after the regulator introduced changes to the definition of 'independent' and 'restricted' advice.

Okay, okay. I get the picture. It's finance. 'Look, boss! -'

About WMA

The Wealth Management Association (WMA) represents 180 wealth management firms and associate members that provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies.

WMA members firms look after over £825 billion of wealth for over 2.2 million retail investors - comparable in value to around 40% of GDP.  These firms also run over 5.5 million client portfolios and carry out over 20 million trades a year. The firms operate across more than 580 sites, employing over 27,000 staff.

WMA was set up in 1990 and was initially called Association of Private Client Investment Managers & Stockbrokers (APCIMS). The association rebranded in 2013 as it broadened its member base to better reflect changes in the industry landscape.

Yeah, okay, Voice. You've made your point. / Well, you learn something new every day, reader(s), eh?


Anything else? You want more? Okay. Read last night's conceptual, No. 510. That's more for you!

'Give them more, Mikey!'

There are two trillion galaxies in the universe.

'That's old news, man.'