According to a statement, the association will now be known as the Stockbrokers and Financial Advisers Association (SAFA).
The new identity comes after members decided at the annual general meeting last week to amend the constitution so that the association can adopt a “conduct review and disciplinary system” and become a code monitoring body.
“Should we become a code monitoring body, we intend to ensure that every member of the association upholds the highest ethical standards,” said SAFA chief executive Andrew Green.
“Clients who deal with members of the association will be able to do so knowing that this association will be forthright in insisting on ethical behaviour.
“Where an allegation of misconduct is upheld, after providing a member with due process, membership will be cancelled.”
SAFA has also applied to the Tax Practitioners Board to become a code monitoring body for members who provide tax (financial) advice pursuant to the Tax Agent Services Act.
The new name also reflects the changing nature of stockbroking in Australia, Mr Green said.
“The new name recognises that some of our members no longer identify themselves solely as stockbrokers. Instead, they see themselves as providing holistic financial advice that is broader than equities research,” he said.
“Importantly, SAFA will continue to be the home association for those members who identify themselves solely as stockbrokers, but it will also be the home association for members who provide financial advice across a broad spectrum of assets including listed and unlisted securities, leveraged investments, superannuation, alternatives, hedge funds, options strategies and ETFs.”
