The natural home for life advisers
The Professional Advisers Association (PAA) is setting itself up to the natural home of life insurance advisers in New Zealand.
Thursday, February 15th 2007, 6:54AM
Under this pathway it can now recognise international designations such as the CLU and ALU (Chartered and Associate Life Underwriters respectively).
These changes help position the association to provide the necessary educational pathway which will likely be required when further adviser regulation is introduced by the government.
The move raises the prospect that life insurance members of the Institute of Financial Advisers will move across to the PAA.
PAA general manager Dave McMillian says that these people are welcome to join the association, however he doesn’t think the PAA’s moves are a direct threat to the IFA.
He says there are plenty of advisers in New Zealand which neither belong to the PAA nor the IFA.
While the PAA sees life advisers and those in the savings and investment fields as its core constituency, it is looking at the idea of bringing in mortgage brokers further down the line.
One thing it has done is establish a separate professional indemnity scheme for brokers who join.
McMillian says the PAA is still committed to forming a pan-industry Approved Professional Body (APB) with the IFA, Society of Independent Financial Advisers and Life Brokers Association.
However if that concept falls apart the PAA is likely to form its own APB.
McMillian, says that is its fall-back option. Its preference is still a pan-industry body.
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