The Association of Private Client Investment Managers and Stockbrokers (APCIMS) is planning to rebrand to better reflect the services its members offer.
APCIMS is proposing to change its name to the Wealth Management Association (WMA), pending approval from its members at its Annual General Meeting on Tuesday 1 October.
Having commissioned independent research with its membership, APCIMS has received certification for a new trademark and the rights to the name 'Wealth Management Association'.
A recent report from the Centre for the Study of Financial Innovation noted that trade associations are now more likely to be defined by the services their members provide, rather than the kinds of institutions they represent.
APCIMS membership has for some time extended well beyond investment managers and stockbrokers; it also includes as members the private banks, discretionary fund managers and other financial firms who undertake the activity collectively known as wealth management.
APCIMS chief executive Dr Tim May said: "I am delighted to announce our intention to rebrand as the Wealth Management Association. We are changing our name, but not what we do. We will continue to represent the investment community across the spectrum from Execution Only service through to Advice and Discretion.
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"The member research undertaken for us earlier this year showed a clear desire to change the way in which APCIMS is presented and perceived. This proposed move reflects general industry developments and the recent changes at the Financial Conduct Authority with the launch of its Wealth Management and Private Banking Unit.
"APCIMS has delivered significant value for our members over the last 21 years and the Wealth Management Association will continue to deliver that value, as we maintain and develop our role as the leading trade organisation for the wealth management sector."
Charlotte Black, head of corporate affairs at APCIMS member Brewin Dolphin, said: "This is a great move that better reflects what APCIMS and their membership represent. The new name - Wealth Management Association - will now be perceived by the public and policy makers for what it really is: the body that represents the interests of all investors across the UK's wealth management landscape."
The Association of Private Client Investment Managers and Stockbrokers (APCIMS) is a trade association that represents 182 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 68 are associate members who do not deal directly for the private investor but provide professional services to our member firms.
Its member firms act for over 4 million private investors and carry out around 20 million transactions a year in the marketplace. They manage over £510 billion of wealth in the UK, Ireland, Channel Islands and Isle of Man, operate across more than 580 sites and employ around 31,000 staff.