SOFA announced the result at its EGM in London this afternoon in a move which seals the creation of the UK’s largest representative body for financial advisers.
The Personal Finance Society had already won the support of LIA members who, it was announced earlier this week, voted overwhelmingly in favour of the merger. The 25,000 existing members of both bodies will be transferred into the Personal Finance Society by January 2005.
SOFA managing director Bob Bullivant said: “We are extremely excited that the Personal Finance Society is going ahead. We are absolutely convinced that it is the best way forward for both of our organisations, in terms of the standards that it will set for our industry and the voice that it will give us to represent advisers.”
The boards of SOFA and the LIA signed a heads of agreement in July to form the PFS. The boards believe a single body will offer simpler, more cohesive and influential representation for financial advisers, bringing together the best of the merging organisations.
