ARRIA announces name change

According to a statement, the organisation will now be known as the Association of Goals Based Advice (AGBA).

The change comes as the group celebrates a two-year milestone and grows to represent more than 70 advisers from more than 34 practices across Australia.

“In addition, the association has admitted more than 20 ‘industry associates’ across the gamut of related service providers, including industry-leading investment managers, platforms, insurance and technology players,” the statement said.

AGBA was founded in late 2014 as a non-profit, financial adviser-led association to represent advisers who were focused on delivering goals-based advice, the statement said.

AGBA general manager Rebecca Jacques said the association’s growth can be partly attributed to the rise of managed accounts.

“While not a new phenomenon, the steady growth of managed accounts has encouraged the industry to tackle regulatory and compliance hurdles, and seen advisers increasingly build more bespoke goals-based portfolios for clients that were previously not cost or time effective,” Ms Jacques said.

“We are excited to unveil our new name and website, and look forward to continuing to build our association for the benefit of advisers, industry associates and, ultimately, end investors.”