Frustration at having their role in the industry explained to FASEA led the Stockbrokers and Financial Advisers Association (SAFAA) to change its name to Stockbrokers and Investment Advisers Association (SIAA).
Announced on Friday morning, the name change is intended to better reflect the new SIAA’s broader purpose and place in the industry, with the old name becoming too misnomer according to the association’s chief executive, Judith Fox.
The CEO says professional planner FASEA applied a “financial planning lens” that was inconsistent with the association’s remit.
“We realized it was difficult for us to make them understand that our members were providing a different service,” Fox says.
The Financial Advisor Standards and Ethics Authority was disbanded in early 2022, with its standard setting functions transferred to the Treasury, review duties transferred to ASIC and responsibility for overseeing the code entrusted to ASIC’s Financial Services and Credit Panel in its new role as the industry’s unique disciplinary. Body.
Despite FASEA’s ultimate demise, Fox believes his unique legacy lives on. With the quality of advice review underway, she says the approach should be reconsidered.
“It is time to look at this unique regulatory framework and ask whether it is still appropriate, and the review is the perfect opportunity to do so.”
The SIAA has already won a victory in the review of the advice because changes to the wholesale definition rules it opposed were excluded from the review’s terms of reference, putting it at odds with ASIC on the question.
SIAA members include full-service and online brokerage, wealth advisory and portfolio management services, and financial advice.
The name change will distinguish SIAA’s cohort of members from other financial advice providers, including holistic financial advice, risk advisors and mortgage brokers.
“With the quality of advice review coming, understanding that there is a large ecosystem of financial advice and what our members do is part of it,” Fox says. “For us, it’s about clarifying what our members are doing, but it’s also about helping people understand the larger ecosystem.”
Fox says the association received unanimous support from members to change the name.
“We loved it. I don’t use that word lightly, but it was a unanimous member vote, which was fantastic. We had to talk to our members for a while to see what they thought of the new name, as it should reflect what they believe.