SAFAA drops ‘financial adviser’ name

The Stockbrokers and Financial Advisers Association has rebranded as the Stockbrokers and Investment Advisers Association (SIAA).

The organisation said this reflected the breadth of its membership’s roles and responsibility given not all members provided financial advice.

It also distinguished members from other types of financial advice providers and focused on the interest of investors.

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Brian Sheahan, chairman of SIAA, said: “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.

“The tagline accompanying our new name — ‘Serving the interests of investors’ — captures the fiduciary relationship our members have with investors,” he noted.

SIAA chief executive, Judith Fox, added: “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.”

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Good, I’d rather not be lumped in with stockbrokers

So true.

Any preferred "lump" buddies?

Any lump that doesn’t include stock brokers

A dying term. I started my business with the aim of providing Advice only but it's not profitable, too much regulatory red tape. People can't afford genuine Financial Advice any longer and legislation is not designed to give financial advice. Most "advisers" are actually Investment Advisers and base there fees on the amount of funds placed and provide financial advice on the side.

We need to move away from FUM-based fees, but there has to be some sort of risk loading. If a mistake is made with a client w $200,000 FUA there is far less liability than the same mistake made with a $10m FUA client. That premium should be charged accordingly

Stock brokers are okay, if you want to buy from a salesperson paid by commission.

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