It follows the announcement of a joint conference next year.

In a press release, the associations said: “The profession is well served with CPD opportunities, often giving free CPD days with expert and technical information in a particular field. Increasingly however, there are common business and professional challenges that apply equally across the financial planner, investment, insurance adviser and mortgage adviser worlds.”

It said common issues included how to communicate with clients in a language they understood, how to provide appropriate advice to clients in different asset classes and how to document recommendations.

Andrew Gunn and Angi Mann, the learning and development managers of both organisations, will facilitate the four-hour CPD afternoons with other specialist speakers.

IFA president Michael Dowling said it made sense to pool resources for things such as lobbying on behalf of advisers and professional development. “We’re both working in that space so let’s share what we’re working on so all advisers can benefit.”

He said PAA had a clearer idea of what mortgage advisers wanted and the IFA had more experience with investment advisers. Both organisations deal with risk advisers.

But Dowling said there were no plans yet to merge the organisations although he did not rule out it ever happening. “There’s too much stuff we should be involved in, if we were to wrap up our resources looking at a merger it would mean we weren’t spending time on the things we ned to spend time on, such as the Financial Advisers Act review and professional development opportunities.”

PAA president Bruce Cortesi said it was not something being considered at the moment. All professional bodies meet regularly with the FMA together, he said.

“We value our relationship with other professional bodies and the FMA. There has been a bit of speculation regarding IFA and PAA we feel that given the current climate in the industry it makes sense to work together to deliver service to members. We can work together to save costs. Given that both organisations have the same vision to educate members and help members, why not work together where there is common ground?”