The Personal Finance Society has launched a new Associate Firm membership following requests from advisers.
Associate firms will enjoy a closer relationship with the Personal Finance Society as part of a renewed ‘united profession' approach to building public trust and to elevate the importance and value of financial wellbeing through financial planning and investment advice, the professional body said announcing the launch.
An Associate logo, including an aluminium plaque to display commitment to a set of core professionalism principles can be promoted at reception and on websites for both clients and staff to clearly see. They will also be listed and linked from the Personal Finance Society's website.
Firms must adopt eight underlying principles of association which includes a commitment to comply with the spirit as well as the rules of regulation and employment law as well and to have a clear diversity and inclusion policy, in addition to a policy for corporate social responsibility.
The new membership is annually renewable, and firms will be required to provide evidence of how they are meeting these commitments if called upon to do so by the Personal Finance Society
Keith Richards, chief executive of the Personal Finance Society, said: "Associate firm status publicly demonstrates a firm's voluntary adoption of the professional standards and principals set independently.
"This alignment allows associates to stand tall behind a strong and proud inclusive united profession, placing clients and staff at the heart of its culture and focus.
"Our strapline, Standards. Professionalism. Trust, embodies our commitment to driving confidence in the power of financial planning through professional standards, competence, integrity and care for the client - firms as well as individuals can play a role in achieve this vision."
Several well-known financial flanning firms have already signed up ahead of launch, including Syndaxi Chartered Financial Planners.
Robert Reid, Managing Director of Syndaxi said: "As an individual I am proud to be associated with the PFS, as both a current member and Past President, and without hesitation wanted to clearly align my business with the eight principles of Association. All firms can now play a role in uniting our profession behind a common code of professional ethics, cultural behaviours and the sharing of good practice and my firm is totally committed to play its part."