July 27, 2022
Contact:
IAA VP of Communications & Marketing Janay Rickwalder.
Washington, DC (July 27, 2022) – Today marks the 85th anniversary of the Investment Adviser Association (IAA), a non-profit organization that is exclusively dedicated to advancing the interests of fiduciary investment adviser firms.
The IAA was founded July 27, 1937 as the Investment Counsel Association of America (ICAA) by leaders of eight investment counsel firms and renamed the IAA in 2005 to better reflect our mission of serving the business and policy needs of investment adviser firms.
“Investment counsel firms founded the IAA to educate the public as to their critical function, promote the interests of this fledgling but rapidly growing profession, and establish high ethical standards in serving their clients,” said IAA President and CEO Karen Barr. “Eighty-five years later, we are still laser focused on ensuring that, as fiduciaries, advisers always put their clients’ interests first.”
At its inception in 1937, the ICAA pioneered ethical standards for the investment adviser profession. Over the years, these standards have been studied by Congress and the SEC and have served as the basis for laws and regulations governing the conduct of investment advisers, including being cited by the Supreme Court in defining the standards of fiduciary conduct required of investment advisers.
At the time of the ICAA’s founding, there were no federal or state regulations governing the relatively new investment adviser industry, which managed around $3 billion in assets. Today, there are close to 15,000 SEC-registered investment advisers – many of which are small businesses – managing $128.4 trillion in assets for 64.7 million clients.
The founders of what was then the ICAA played a major role in the enactment of the Investment Advisers Act of 1940, the federal law regulating our industry.
The IAA continues to engage in powerful advocacy and provide crucial connections and essential expertise for advisers – to help them effectively and efficiently advance their business.
“For 85 years, the IAA has preserved and promoted the high standards of our fiduciary duty to our clients,” said Barr. “We will continue to do so by advocating before Congress and regulators; providing quality education and programs; and offering resources to help our firms to serve their clients more effectively in an ever-changing business environment.”
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About the Investment Adviser Association
The Investment Adviser Association (IAA) is the leading trade association representing the interests of fiduciary investment adviser firms. The IAA’s member firms collectively manage more than $35 trillion in assets for a wide variety of institutional and individual investors. In addition to serving as the voice of the advisory profession on Capitol Hill and before the SEC, DOL, CFTC and other U.S. and international regulators, the IAA provides extensive practical and educational services to its membership. For more information, visit investmentadviser.org or follow us on LinkedIn, Twitter and YouTube.
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