The Association of Independent Financial Advisers (AIFA) is to change its name to the Association of Professional Financial Advisers (APFA).
It follows the decision to permit both restricted and independent advisers as members to reflect changes brought about by the Retail Distribution Review.
Members are being informed of the proposed change and it will be put to a vote at the organisation's Annual General Meeting on 13 November.
Lord Deben, chairman of AIFA, said: "It's critical that we respond to the changing advice and regulatory landscape, and also to the needs and priorities of our members.
"The new structure will enable firms to continue to be eligible as members, despite the rule changes placed upon their businesses by the regulator."
In February, the Association of Mortgage Intermediaries (AMI) split off from AIFA to establish itself as an independent organisation after nine years.
At the time, Lord Deben said the changes would allow AIFA to focus solely on the interests of investment intermediaries.
