The IFA Association and the Institute for Financial Planning are forming an alliance to create a professional body solely for IFAs.
The two trade bodies want to make the Certified Financial Planner qualification a 'hallmark of quality' for IFAs.
The IFAA believes that the initiative can improve standards and help IFAs combat the poor publicity they have faced over the past three years.
IFAA chairman Bernard Jones says: "The CFP is a symbol of excellence and quality recognised by the public. It will increase confidence in and the reputation of IFAs."