She said: “We are growing slowly but this (merger) will accelerate our growth in the marketplace.”

Mr Dick said that the IFP had improved its cash resources to one of its strongest positions in recent years but these were still very limited and not enough to allow for substantial marketing and membership campaigns.

Ms Taylor said that there had been “nothing half-hearted” about the IFP’s efforts to grow the profession but CFP Certification growth had been slow with many people having to take the qualification several times and some people “giving up” due to the challenges involved.

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She said the CISI merger would help to encourage more people to take CFP Certification, a Level 6 qualification, allowing new investment in qualifications, services and promotion.

She and other panellists, including CISI executives, said it was impossible to predict how many more people might take CFP Certifiction but they expected significant interest from CISI members, particularly those with the Chartered Wealth Manager qualification.

Lydia Romero, CISI’s global director of learning, said it was too early to talk of numbers but she hoped the new Level 4 Financial Planning qualification coming from the merged body next year would at least attract hundreds and this could be a bridge to CFP Certification and other qualifications.

She said the CISI had been looking at Financial Planning qualifications for the past 12-18 months and was keen to expand its presence role in the Financial Planning sector, one it saw as having major growth opportunities.

Ms Taylor said that the aim of the merger was long term growth in Financial Planning in the UK, not a quick jump in numbers. The aim was to bring Financial Planning to a wider audience and encourage more advisers to follow Financial Planning principles.