Members believe the new name will better reflect the work they do. Member firms, which met this week at the Association's annual general meeting, approved the APCIMS Board's unanimous recommendation that the 23-year-old trade association change its name. The move follows independent research conducted earlier this year among members and regular APCIMS contacts which showed a clear desire to change the way in which APCIMS is presented and perceived.

The name change takes place from Tuesday 8 October 2013, at what will now be the first Wealth Management Association Annual Conference, at the Dorchester Hotel in London.

APCIMS/WMA chief executive Dr Tim May said: "This is a big step forward for our association. It means our name now encapsulates the key services our members provide for their customers and clients.

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"Today's investors are seeking out the very best sources of support, whether they are acting for themselves or using professional advice. The need for our members' services has never been greater. As the Wealth Management Association, we will continue working with regulators, legislators and policymakers to ensure we remain the authoritative voice for our members and their clients."

APCIMS/WMA chairman Tim Ingram said: "With all the changes in the financial landscape, the responsible management of people's wealth is more vitally important than ever. Our change of name better reflects our member firms, their clients and what we stand for."

Today's vote is the culmination of a six-month project to consult and consider the Association's future needs. APCIMS membership has for many years extended well beyond investment managers and stockbrokers: it also includes as members private banks, discretionary fund managers and other financial firms who undertake the activity collectively known as wealth management.

The Association of Private Client Investment Managers and Stockbrokers (APCIMS) is a trade association that represents 183 firms. Of this number 114 members are wealth management and stockbroking firms that deal directly for the private investor, primarily in stocks and shares. They also deal in other financial instruments for individuals, trusts and charities and offer a range of services from execution only trading (no advice) through to full portfolio management. The remaining 69 are associate members who do not deal directly for the private investor but provide professional services to our member firms. Member firms manage over £500 billion of wealth in the UK, Ireland, Channel Islands and Isle of Man and operate across more than 580 sites, employing 31,000 staff.