SIAA name change to highlight breadth of profession
The name change decision by the Stockbrokers and Financial Advisers Association (SAFAA) was about highlighting the role of investment advisers rather than a decision to distance itself from the advisory community.
Last week, the organisation announced it would rebrand as the Stockbrokers and Investment Advisers Association (SIAA).
This came as the organisation had made numerous comments in the past that it should not be classed in the same category as financial advisers giving personal advice.
In September, it said the Financial Adviser Standards and Ethics Authority (FASEA) regime had led to a one-size-fits-all approach to financial advice which disenfranchised retail investors and was deterring graduates from entering the stockbroking and investment advice profession.
It also felt that Standard 6 of the Code of Ethics was “highly problematic” for its members as it had a financial planning lens on everything and considered the long-term circumstances of the client.
Speaking to Money Management, chief executive, Judith Fox, said the move was not one to “distance” itself from financial adviser but rather a way to highlight the role of investment advisers.
“It’s not so much distance ourselves, we’ve got a role to play in helping educate everyone about the financial advice ecosystem and that there are different professions within that. Stockbroking and investment advice is different to financial planning.
“There are times when obligations are relevant to some and not to others, we’ve seen what happens with the one-size-fits-all approach under FASEA and it just did not work. It’s not just us, there’s risk advisers and accountants who are also providing advice and we all have different roles.”
AUTHOR
Laura Dew
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
