The Institute of Certified Financial Planners (ICFP) of Denver and the International Association for Financial Planning (IAFP) of Atlanta have agreed to merge. They have tentatively decided to call the new entity the Financial Planning Association. Combined, the new association could have a very large membership ICFP currently has 14,500 members and IAFP has 17,000.
The two groups have long talked about merging. In November, 1997 when IAFP leaders said that all financial planners should be accredited with a CFP, the idea took on more urgency, said a spokesperson from the Institute. Until this time, IAFP has served a wide variety of financial advisors, while ICFP has exclusively served CFP's, the spokesperson said.
The Financial Planning Association will require all of its members to hold a CFP or to be working towards one. Final approval of the new group is subject to votes by the ICFP and the IAFP membership. The votes are expected to be held in late spring.