The Wealth Management Association and The Association of Professional Financial Advisers have struck a deal to merge.

The two trade associations revealed their intention to combine this afternoon. Together the WMA and APFA will become Investment Management & Financial Advice Association or IMFA from 1 June.

The resulting association will be led by Liz Field, currently CEO of the WMA.

The organisations said they were looking to become a “joined-up representative body for organisations that help individuals and families plan and invest for their financial future”.

Liz Field, CEO of the WMA, 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”.

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”.

Both trade associations’ boards have recommended the proposed merger, which the bodies said would create a “stronger voice for the Investment Management and Financial Advice industry” in the UK. IMFA is expected to be financially positive on a standalone basis by the end of the first year.

The combined IMFA membership would represent UK firms offering a range of financial solutions, including investment advice and portfolio management, as well as investment and execution services, Financial Planning and advice for private clients.

The merger will be effective from 1 June, subject to the merger being approved by the members of both trade associations.