Members of UK trade bodies Wealth Management Association (WMA) and the Association of Professional Financial Advisers (APFA) have approved their proposed merger.

The merger, which was first announced in May 2017, led to the creation of a new body named the Personal Investment Management and Financial Advice Association (PIMFA).

The new entity will offer services such as investment advice and portfolio management, investment and execution services, financial planning and advice for individuals, families, charities and pension funds.

PIMFA will be led by WMA CEO Liz Field, while APFA chairman will assume the role of chairman.

“Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments. We will expand our value-added advocacy and technical research work, and remain committed to creating an optimal operating environment so firms can focus on delivering the best services for clients,” Field noted.

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