The Wealth Management Association (WMA) and the Association of Professional Financial Advisers (APFA) have agreed to merge to create a new trade association for investment management and financial advice.

The combined entity will be named the Investment Management and Financial Advice Association (IMFA) and is expected to be effective from 1 June 2017, subject to member approval.

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IMFA would represent UK firms offering financial solutions such as investment advice and portfolio management, investment and execution services, financial planning and advice for private clients.

Liz Field, the existing CEO of WMA, will spearhead the merged group.  The new entity is expected to be financially positive on a standalone basis by the end of the first year.

WMA CEO Liz Field said: “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.”

APFA director general Chris Hannant added: “The proposed new trade association will provide a stronger, united voice that can better lobby on behalf of the combined membership.”