More than 120 businesses have opted to become associate firms of the Personal Finance Society in just one month.

The Society launched associate firm status in August following requests from firms that wanted to show their “united alignment” to the professional standards and the code of ethics set by the society.

Among the first firms to commit were Lowes Financial Management, Susan Hill Financial Planning, Bateman Asset Management, Morgan Williams & Co plus Red Star Wealth Management.

The PFS suggested associate firms will enjoy a closer relationship with the society as part of a renewed “united profession” approach to building public trust as well as to elevate the importance and value of financial wellbeing through financial planning and investment advice.

Firms must adopt eight underlying principles of association which includes a commitment to comply with the “spirit” as well as the rules of regulation and employment law. They must also have a clear diversity and inclusion policy, in addition to a policy for corporate social responsibility. The Society highlighted that its new membership is annually renewable and that firms will be required to provide evidence of how they are meeting the commitments.

PFS chief executive, Keith Richards, commented: “It is great to see so many firms from across the sector recognising the benefit of aligning as a united profession to help elevate the importance and value of financial advice through a commitment to professional standards.”

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