A new financial trade association was born yesterday as the WMA members followed the lead of their APFA counterparts and voted to form the PIMFA (Personal Investment Management & Financial Advice Association).
The new association said in a statement: “The updated name, which adds the word Personal to the acronym following further thinking and feedback, emphasises the nature of the services offered by the united member base. PIMFA members will provide a range of financial solutions for individuals and families, charities and pension funds; including investment advice and portfolio management, as well as investment and execution services, financial planning and advice.
“Whatever the goals of individuals, whether it be saving for a mortgage deposit and expenses for children, longer-term financial planning for tax-efficient investing, DIY investing, and the preservation and creation of financial security for individuals and their families, PIMFA firms provide the responsible stewardship and personal advice required.”
Liz Field, who becomes CEO of PIMFA, said: “Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.”
“We will expand our value-added advocacy and technical research work, and remain committed to creating an optimal operating environment so firms can focus on delivering the best services for clients.
Outgoing APFA’s Director General Chris Hannant added: “Through PIMFA, the combined experience of the WMA and APFA will create a stronger, united voice that will provide a more effective voice for the membership to deliver change.”