Sesame Bankhall Group, Lighthouse Group, Tenet Group and Intrinsic have all announced support for the Association of Independent Financial Advisers' (AIFA) ‘Fair Liability 4 Advice' campaign.
The campaign aims to lobby the new regulator the Prudential Regulation Authority (PRA) for a long-stop in financial services.
AIFA said 500 individual advisers have also signed up personally to the campaign to offer their support.
Ivan Martin, executive chairman at Sesame Bankhall Group, said the open-ended liability in advisory firms "is an unfair and unacceptable burden".
"The introduction of a long-stop liability limit would strike the appropriate balance between safeguarding consumers' interests, while also delivering much needed certainty to the advice sector," he said.
"It would encourage future investment, which includes developing the next generation of financial advisers.
"The carrying of indefinite liabilities undermines the sustainability of predominantly small businesses, which is contrary to the government's wider aims to stimulate growth in the private sector in these difficult times.
"Ultimately we believe it is in everyone's best interest that we have a strong and thriving financial advice profession. The introduction of a long-stop will go some way towards achieving this goal."
>>Read what one judge said to calls for a judicial review into the lack of a long-stop HERE < <
Martin Greenwood, executive chairman of Tenet Group said a long-stop would put the advice business in line with other professions.
"The current imbalance is completely unfair on advisers and absolutely needs correcting," he said.
"We all have a responsibility to consumers who need a strong, vibrant advice profession to help them make the necessary decisions for their long term financial future."
Intrinsic chief executive Richard Freeman said it was "an unjust anomaly" that financial services should be singled out for an open-ended unlimited advice liability.
Advisers can sign up to the campaign at www.aifa.net/fairliability
