The Stockbrokers and Financial Advisers Association has announced a change in name to more accurately reflect the duties of its members and distinguish it from practitioners in the financial advice sector.
A statement revealing the new name – the Stockbrokers and Investment Advisers Association (SIAA) – said the change “reflects accurately the breadth of our membership’s roles and responsibilities, given that not all of our members provide financial advice — our members are full-service and online brokers, execution-only participants and providers of wealth advice and portfolio management services”.
Additionally, it said the SIAA name “distinguishes our members from other types of financial advice providers such as financial planners, risk advisers and mortgage brokers”.
SIAA chief executive Judith Fox said: “The name change allows for recognition that different forms of financial advice provide different services to clients, according to their needs.
“This clarification is helpful to the community when thinking about how to generate wealth over the long term by investing in equity and debt markets.”
SIAA chairman Brian Sheahan noted the association’s new name and tagline had been designed to more appropriately reflect its relationship with members, including their roles and responsibilities in the industry.
“Our name change clarifies who our members are and proudly encapsulates the value our members add to the community of investors, businesses seeking capital and, ultimately, the economy,” Sheahan said.
“The tagline accompanying our new name – ‘Serving the interests of investors’ – captures the fiduciary relationship our members have with investors.”
