Outgoing chairman, Murray Weatherston, said the name-change was made necessary by the Code of Conduct that redefined the use of the word ‘independent' for advisers.

He says by dropping all the individual words "leaves us with a simple word SIFA, which neither means anything in itself nor is an acronym, but retains links with our rich past."

While the advisory industry was under threat from impending regulations that favour institutionally-owned businesses, SIFA would remain "a useful organisation" under the new regime.

Weatherston also warned that the independent advisory industry was in for a rough time as regulations started to bite, pricing most consumers out of the market while imposing onerous compliance costs on single operators.

"I fully expect the market share of advice provided by the manufacturer-owned distribution channels to increase markedly. That is why the institutions are such enthusiastic supporters of the regulations," he said. "... I am pessimistic about the economics of being able to remain in practice as a sole practitioner adviser."

"However, there is absolutely no point in moaning - the train is rapidly approaching."

Weatherston also knocked back suggestions that all existing financial advisory bodies, who co-operate currently under the FAANZ arrangement, would merge.

"The majority of constituents have expressed little appetite for [a merger] for that at this time," he said.