The review will also encapsulate the Association of Finance Brokers.
Stephen Gay, the new director-general of AIFA, AMI and AFB, called for the review just days into his job.
Gay says the review aims to appraise and set objectives for all three organisations, defining their purpose and also their value to members.
The review will look at what the organisations stand for, their fees and proposition.
He says merging all the trade bodies or just two is not something he has specifically considered, but he says it would be strange if feedback from the review did not raise questions about the structure of the organisations.
Gay says: “I don’t think there is anything wrong with the way the trade bodies function at the moment, but I’m not going to assume that and take it for granted.”
The review, which will take around three months, will be led by Gay with support from the executive team.
Gay says: “AIFA has done a great deal under the leadership of Chris Cummings to influence the shape of the future regulatory landscape and to deliver services that assist members in the operation of their businesses.
“This is now an opportune time to review the organization, its vision and direction of travel. We must establish what we do for whom, what it costs, how we add value. and who funds the organisation.”
He says with the changing economic, demographic and regulatory landscape and with the European agenda coming to the fore, it is important he takes some time to appraise the trade bodies roles and what they do for their members.
He adds: “We need to set out a vision for the future.”