The Association of Financial Advisers (AFA) and Financial Planning Association (FPA) say their merger proposal is progressing to the next stage of consultation, since the move was first announced in September.

Drafts of key documents including the proposed information memorandum, resolutions, and constitution will be sent to all members in early next month, the two lobby groups say in a joint statement.

An extended consultation period will follow, with members providing feedback on the drafts, according to the statement.

AFA and FPA expect to then issue final versions of the documents to members, with voting to open in early February and close later in the same month at separate extraordinary general meetings.

They need to secure at least 75% of members’ backing for the proposed merger to succeed.

“The AFA and FPA strongly believe there are substantial benefits to members from a merger, providing a united voice for financial planners and advisers,” AFA CEO Phil Anderson said.

FPA CEO Sarah Abood says the merged entity, if it does eventuate, would honour the heritage of both the FPA and AFA.

“This is clearly important to members of both associations, in particular recognising the AFA’s proud 76-year history as well as the FPA’s background of providing the globally recognised Certified Financial Planner,” she said.