Canada’s two major financial planning associations moved closer to their proposed merger Thursday.

Members of the Canadian Association of Financial Planners voted overwhelmingly in a straw poll to support a merger with the Canadian Association of Insurance and Financial Advisors.

The vote took place at the CAFP’s annual meeting held in Edmonton. The proposed name for the new association is the Canadian Association of Financial Planners and Advisors.

Members of the CAFP also ratified the creation of the Institute of Advanced Financial Planning, which will administer the registered financial planner designation. That move was made to preserve the RFP because the Financial Planners Standards Council, of which the CAFP is a member would only allow the association to offer one financial planning designation.

The straw poll is a “good indication of where we’ve been heading recently,” says Ryan Beebe, vice chairman of the CAFP. “The whole board is ecstatic to get support. It’s so nice to have things go forward.”

“This is consistent with what we saw yesterday [in the straw vote]” says Brian Davis, who becomes chair of CAFP. “We received all favourable comments on the amendments to the by-laws.”

The official vote will take place on Sept. 28 in Ottawa to coincide with the CAIFA annual general meeting. CAFP members will vote in the morning and CAIFA members will vote in the afternoon. Assuming both CAFP and CAIFA members support the proposal, the merger will be completed Jan. 1, 2003.