The wealth management trade body is aiming to expand its services to member firms after its rebrand to the Wealth Management Association.
The Association of Private Client Investment Managers and Stockbrokers (Apcims) is set to rename itself as the Wealth Management Association (WMA) on October 8 after the change was approved by members last week.
The trade body said it had decided to rebrand after research among its members found that there was a “clear desire to change the way in which Apcims is presented and perceived”.
WMA chief executive Tim May said the trade body was currently talking to its members about what services they would like it to offer.
He said one change would be an increase in the number of committees within the trade body that focus on particular areas of the industry, be it the execution-only side or the discretionary management side.
Currently, the trade body has eight committees and working groups, but they primarily focus on technical issues, such as regulation and taxation.
The new groups will be available for member firms to approach with issues. Mr May said they would be “forums” for members and that it would also help the WMA act as an “intermediary and a go- between for our members with the regulator”.
Mr May said Apcims had given the FCA the idea to form its new wealth management and private banking division and he said a big part of the new Wealth Management Association’s role would be working with the new division.
He said the WMA could “act as an intermediary and a go between for our members with the FCA” and said the regulator was becoming more open and constructive with the wealth management sector than it had ever before.
One of the major reasons behind the rebrand, though, was to better reflect the industry it represents.
Mr May said: “Wealth Management Association is more acceptable as a name to firms.
“If you were not a private client manager or stockbroker, although you could join and receive all of the benefits, maybe they did not see themselves as truly part of Apcims. It was a disabler rather than an enabler.”
Mr May said he hoped the new name would encourage more firms to sign up, because he thinks the trade body represents the interests of roughly 200 firms but only has 120 firms signed up as members.
He said: “We have got reasonable coverage, but it is fair to say we would like the others to join us so we can talk as the main voice for the industry.
“We are not on a particular drive for new members, but hope it will happen. We have already spoken to people who have expressed an interest.”
The rebrand will come into force at the trade body’s first Wealth Management Association annual conference on October 8, along with a new website and contact details
Discretionaries react to the rebrand
Justin Urquhart-Stewart, co-founder, Seven Investment Management
It’s about time it was re-named. The days of stockbroker influence have totally changed and now it’s about wealth management, which includes a huge array of firms, all of which have very similar issues.
It should now be doing things to try to re-establish the pride and reputation of the industry, with clear standards by which its members should abide and kick out those that do not.
It perfectly reflects the new wealth management division at the FCA, but it needs to be seen as something influential with politicians and regulators.
Matthew Lonsdale, head
of intermediary business development, Thomas Miller Investment
It is a sensible shift. It represents more than just stockbrokers so the Wealth Management Association is a sensible name.
I am surprised it has announced the name change, but not given any indication of its future intent. If it is looking to drive some best practice to the industry that would be positive.
We are not members and the name change is not enough, but if it makes some statement of intent to help the industry improve then it becomes much more interesting for us.
Lee Robertson, chief executive, Investment Quorum
The RDR has already blurred a lot of the lines in the industry and the trade body seems to be heading that way as a natural progression. I believe it has pretty decent connections with policymakers and regulators and that will be important.
A big task will be helping the RDR to bed in and helping firms to bed in with the RDR. It would be good to see more interaction between the trade bodies as well, with the likes of Apfa and Tisa especially on education issues.
Helping to build up consumer trust in the industry would also help.
What does Apcims/WMA do?
Apcims was spun off from the London Stock Exchange in 1990 and initially was a trade association that just represented stockbrokers before it expanded in 1994 to represent investment managers as well, broadening its reach into the wealth management industry as a whole.
As a trade body, a lot of its work goes into understanding and communicating to members the many regulatory changes that are affecting the industry.
It also lobbies on behalf of members against regulations and that will adversely affect them.
Tim May, chief executive at the trade body, says nearly 75 per cent of the body’s time now is spent fighting EU regulation and he warned of the potential impact of the Packaged Retail Investment Products bill that has been proposed in Europe, saying it could “crucify” the UK’s equity and bond markets.
It publishes its responses to consultation papers and has been active during the FSA and then the FCA’s approach to banning rebates from wealth managers to financial advisers.
