Press Release

WMA & APFA members vote to create Personal Investment Management & Financial Advice Association

31st May 2017

The two leading UK trade associations in the personal investment management and financial advice sector have agreed to come together to form a larger representative body for organisations that support individuals and families to plan and invest for their financial life journey.

Together the WMA and APFA will become PIMFA (Personal Investment Management & Financial Advice Association) effective 1st June 2017.

The updated name, which adds the word Personal to the acronym following further thinking and feedback, emphasises the nature of the services offered by the united member base.  PIMFA members will provide a range of financial solutions for individuals and families, charities and pension funds; including investment advice and portfolio management, as well as investment and execution services, financial planning and advice.

Whatever the goals of individuals, whether it be saving for a mortgage deposit and expenses for children, longer-term financial planning for tax-efficient investing, DIY investing, and the preservation and creation of financial security for individuals and their families, PIMFA firms provide the responsible stewardship and personal advice required.

PIMFA: Expanding Scope, Strengthening Advocacy

PIMFA will continue to lead the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena.

“Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.”

“We will expand our value-added advocacy and technical research work, and remain committed to creating an optimal operating environment so firms can focus on delivering the best services for clients,” WMA’s CEO Liz Field said.

“Through PIMFA, the combined experience of the WMA and APFA will create a stronger, united voice that will provide a more effective voice for the membership to deliver change,” added Chris Hannant, APFA’s Director General.

WMA’s Chairman Tim Ingram said: “this is an exciting time for both the WMA and APFA as we face a tremendous opportunity to help champion our industry and all its clients in a fast changing environment."

“The coming together of APFA and the WMA creates a relevant, joined-up trade association which can both support its members across the wider client value proposition and speak with coherence and authority to both government and the regulators for this significant part of the financial services industry, which has both high added value and high social impact,” PIMFA’s incoming Chairman Lord Deben said.

Neil Liversidge, APFA Council member added: “A merger makes obvious sense in terms of bringing more expertise to the table and more effectively using our resources through a uniform approach.  Our members, large and small firms alike, provide a crucial service to families of all levels of means, from the most modest to the wealthiest.  By speaking with one stronger voice we can more effectively bring that fact home to legislators and regulators.”

Liz Field, CEO of the former WMA, will lead an expanded executive team of policy experts, covering all aspects of the sector.

Notes for Editors

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About the Wealth Management Association (WMA)

  • The WMA is the trade association for firms that provide financial advice and investment services to help individuals and families prepare for the future, today. 
  • We represent 180 wealth management firms and associate members that provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies. 
  • WMA members firms look after over £825 billion of wealth for over 2.2 million retail investors - comparable in value to around 40% of GDP.
  • WMA firms operate across more than 580 sites, employing over 27,000 staff.
  • These firms also run over 5.5 million client portfolios and carry out over 20 million trades a year.

WMA was set up in 1990 and was initially called Association of Private Client Investment Managers & Stockbrokers (APCIMS). The association rebranded in 2013 as it broadened its member base to better reflect changes in the industry landscape 

www.thewma.co.uk

 

About the Association of Professional Financial Advisers (APFA)

The Association of Professional Financial Advisers (APFA) is the representative body for the financial adviser profession. 40% of investment and protection products are sold through financial advisers, with annual revenue estimated at £3.8 billion (£2.2 billion from investment business, £1.2 billion from general insurance and £400 million from mortgages). Over 50% of the population rank financial advisers as one of their top three most trusted sources of advice about money matters. As such, financial advisers represent a leading force in the maintenance of a competitive and dynamic retail financial services market.

APFA was founded in 1999, and was originally called AIFA (Association of Independent Financial Advisers). APFA rebranded in 2012 after the regulator introduced changes to the definition of ‘independent’ and ‘restricted’ advice.

www.apfa.net 

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