definition
strict definition
financial association
An organization to promote common causes among various enrolled financial service providers.
A financial association is a professional association whose members are providers of financial services, such as banks, asset managers or other financial advisors.
The members provide financial services and participate in a common professional organization. Membership is distinct from being a customer buying a bank or advisory service.
An association can promote its members' shared interests without supplying their loans or managing their clients' assets. Those services remain separate roles of the member firms.