Two UK trade associations in the personal investment management and financial advice sector have agreed to come together to form a larger representative body for organisations that support individuals and families to plan and invest for their financial life journey.

Together the WMA and APFA have become PIMFA (Personal Investment Management & Financial Advice Association).

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 says its firms provide the responsible stewardship and personal advice required.

WMA’s CEO Liz Field 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.”

“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,” added Chris Hannant, APFA’s director general.

WMA’s chairman Tim Ingram said: “this is an exciting time for both the WMA and APFA as we face a tremendous opportunity to help champion our industry and all its clients in a fast changing environment.”

“The coming together of APFA and the WMA creates a relevant, joined-up trade association which can both support its members across the wider client value proposition and speak with coherence and authority to both government and the regulators for this significant part of the financial services industry, which has both high added value and high social impact,” PIMFA’s incoming chairman Lord Deben said.