The Financial Planning Association and the Association of Financial Advisers have entered the second round of consultation with members on the proposed merger of the two associations.

The FPA and the AFA agreed in principle in September 2022 to explore a merger between the two associations, with a goal of creating a united voice for the financial advice profession.

In a media release on Wednesday, the associations said this week members have received a merger summary document and a draft constitution for the proposed merged association and are encouraged to provide their feedback.

A branding agency has also been appointed to review responses and develop a proposal for a new brand following a member survey to guide the development of a new name for the association.

The next step will be separate AFA and FPA consultative member webinars, which will be held in late January, where members can provide any final feedback before voting will formally open in early February 2023.

Voting will close at the FPA and AFA extraordinary general meetings on 28 February, and the results will be announced shortly thereafter.

For the proposal to succeed, 75 per cent of members of both associations who vote will need to vote in favour.