The merger will be effective 1 June 2017, subject to member approval.

Two UK trade associations representing the wealth and investment management industry and the financial advice sector are set to merge.

The Wealth Management Association and the Association of Professional Financial Advisers will join forces to become the Investment Management & Financial Advice Association (IMFA), effective 1 June, subject to member approval.

The unified unit will be spearheaded by Liz Field, chief executive of the WMA.

It will represent UK firms offering a range of solutions, including investment advice and portfolio management, as well as investment and execution services, financial planning and advice for private clients. 

Both associations' boards have recommended the proposed merger, which will “create a stronger voice” for the UK's investment management and financial advice industries, the WMA said in a statement.

IMFA is expected to be “financially positive on a stand-alone basis” by the end of its first year, the WMA added. 

“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,” said Field.

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