Feifa aims to lobby national and EU regulators on issues affecting advisers and help IFA firms with the challenges of operating in Europe.
Chief executive Paul Stanfield says member firms must meet high standards of business processes and practices and must be appropriately regulated.
Membership fees for firms with between one and five advisers costs €500 (£425) a year and firms with more than six advisers pay €750 (£635).
An application fee of €250 (£210) also applies, although this is being waived for the first 20 members to join.
Feifa has been launched with five European IFA firms, with a total of 50 advisers, as founding members. The firms are advising clients in nine European countries.
Stanfield says the trade body has not been set up to compete with networks and will look to work in conjunction with them.
Membership is not currently open to mortgage brokers, although Stanfield says the body may look to expand and represent brokers in the future.
Stanfield says: “Feifa will benefit its members by lobbying regulators on their behalf, while also assisting new and existing businesses in areas such as the changing regulatory environment, compliance and training. We also aim to improve the bottom line for each of our member firms, with access to exclusive products and improved remuneration terms.
“Membership is only available to individuals and companies that meet certain criteria. All membership applications from IFAs will be subject to a thorough due diligence process.”