The trade body said the proposed name change would go to vote among its members at its AGM on 1 October, but having commissioned independent research with its membership has already gone ahead and received certification for a new trademark and rights to the name Wealth Management Association.
Apcims represents 178 firms of which 114 are wealth management and stockbroking firms which deal directly for private investors, primarily in stocks and shares.
The trade association said its membership had for some time extended well beyond investment managers and stockbrokers and includes private banks, discretionary fund managers and wealth management firms.
Tim May, CEO of the organisation, said: “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 then to discretion.
“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 answers general industry developments and the recent change at the FCA with the launch of its wealth management and private banking unit.”
Apcims was established 21 years ago and its members manage over £500bn across the UK, Ireland, Channel Islands and Isle of Man.
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