The two trade associations revealed their intention to join forces in recent weeks.

Together the WMA and APFA are set to 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 EGM for APFA members on the proposed merger with the Wealth Management Association was held today at 12pm.

Chris Hannant, director general of APFA, said: “We are pleased to announce that proposed resolution was passed by a unanimous vote.”

The WMA will be holding its own EGM for members on the merger on 31 May.

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 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 is expected to be effective from 1 June.