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TNP launches its own professional association

[UPDATED] Broker group TNP is launching its own professional association, just as the NZMBA and PAA merge, to offer services such as continued professional development (CPD) training courses. (With TNP release)

Monday, February 20th 2012, 6:34AM 19 Comments

by Jenny Ruth

TNP director of development Dave McMillan says the decision to launch TNP Professional Association (TNPPA), which will be open to all advisers, not just TNP advisers, was driven by requests from TNP advisers.

"Our primary motivation for introducing TNPPA is as an added service to our existing members," McMillan says.

While a number of professional associations already offer CPD programs, TNP advisers "see a gap between what they're receiving from those organisations and what they want to receive," he says.

TNPPA will charge $50 a month or $550 a year as well as a $250 application fee to non-TNP advisers while TNP advisers will pay no application fee and $30 a month or $300 a year.

The announcement comes just one week after the New Zealand Mortgage Brokers Association (NZMBA) and the Professional Advisers Association announced the NZMBA will be wound up and its existing services and infrastructure, including the NZMBA brand and its CPD services, will be transferred to the PAA from the beginning of April.

PAA, which doesn't currently offer CPD services, charges members $46 per month or $552 a year while NZMBA members were charged $695 a year for the year ending March this year, down from $895 previously.

McMillan says the existence of TNPPA may encourage advisers to join TNP "but that's not the primary motivation."

TNPPA will comply with the Code of Professional Conduct for Financial Advisers and meet the definition of a professional body. As well as CPD programs, it will offer compliance support, including a compliance helpdesk, advice process templates, forms and checklists and updates on regulatory matters as they arise.

It will also provide members with evidence of their education, excellence in business practice and professional tenure, something it says hasn't previously been available to registered financial advisers (RFAs) until now. Most of TNP's advisers are RFAs rather than authorised financial advisers (AFAs).

TNPPA will offer members three designations, TNPPA Certified - a business practice designation which recognises business practice standards, educational standards and professional tenure, Associate Risk Adviser - an education-based designation for RFAs who have completed the Certificate in Financial Services, and Chartered Risk Adviser - which recognises educational achievement at a diploma level.

McMillan was previously the PAA chief executive and the head of TNP's home loans division, Darren Prattley, resigned as NZMBA president and CEO on Friday.

Read the full TNP press release here

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Comments from our readers

On 20 February 2012 at 9:53 am Anon said:
Is TNP short for tinpot?
On 20 February 2012 at 10:14 am Vinny said:
"that's not the primary motivation"... yeah right.
On 20 February 2012 at 11:03 am Forthright said:
TNPPA, PAA, MZMBA, LUA, SIFA, FAANZ, IFA, ETITO, DAO the more acronyms the better for our industry. We must be an industry because we can’t seem to play or work together to present a united professional front for the borrowing, investing and insurable public.

I imagine the borrowing, investing and insurable public would like to see only one professional organisation representing the purveyors of borrowing, investing and insurable advice.

I also suspect the gap TNP advisers see between what they’re receiving and what they want is more about the cost of providing what they want to receive. $50 dollars a month is not going to give you much quality professional development or relevant training.

I also don’t see ETITO being in any sort of hurry to grant TNPPA either professional organisation status or delegated assessment organisation status.
On 20 February 2012 at 11:27 am Amused said:
So McMillan's previous departure from the PAA & Pratley's recent resignation from the NZMBA all becomes clear. Nothing changes in this industry. Well said Vinny.

On 20 February 2012 at 2:41 pm Editor said:
You can read the full TNP press release here http://bit.ly/wf32R2
On 20 February 2012 at 4:06 pm Stephen O'Connor said:
Somebody needs to put a stop to this FARCE before it gets out of control!!

You can't just have every Tom, Dick and Producer Group setting themselves up as a "Professional Association" issuing so called "Professional Designations".

This is contrary to the key principle of the Financial Advisers Act and will only serve to undermine the confidence of the financial services consumer.
On 20 February 2012 at 9:41 pm billy the broker said:
like i said on another post...YAWN!!!
They all think they can offer something...but like the rest its the click on the ticket always!! For what???Some of these holier then thou individuals who thinks they run the show with their self importance!! Well bite me..I run a good show and don't need you to suck my kumara thanks.So you big city guys go and play with yourselves with compliance etc etc..and I look forward with interest when a cockup happens, because inevitably its a big city showboater who mucks it up!!I again have spoken..much love Billy:)
On 21 February 2012 at 7:40 am Independent Observer said:
These recent actions demonstrate that a unified common sense approach has given way to delicate egos.

The resulting fragmentation of the industry’s voice confirms that we remain a long way off from being dubbed professional
On 21 February 2012 at 10:25 am NZMBA Member said:
From the outside and not having been privy to the round table discussions,it appears that our leaders and representatives, who rightly looked to amalgamate and rationalise, have, instead of working to achieve a new value proposal for the memberships of both NZMBA & NZPAA, have walked out and now seek to enhance their own business
On 21 February 2012 at 11:48 am Amused said:
NZMBA Member - You hit the nail on the head with that comment.
On 21 February 2012 at 12:24 pm Mike said:
Interesting that Mr Pratley now sits in the offices of guess who.. TNP!!! Have to agree with several comments, this is about self serving people more interested in lining their pockets than the needs of the broker and ultimately the client. Stephen hit the nail on the head,there are too many designations as it is, the only true qualification can and must be via professional qualification, ask any lawyer or accountant or teacher. If TNP is bothered about improving the educational value of its members then that is what NCFS Level 5 is for.
On 21 February 2012 at 2:47 pm CP said:
I think TNP will damage their credibility with this move and should have known better. It will be interesting to hear Darren's side of the story however. But for him to advocate to us NZMBA members that we should embrace the working together of the PAA and NZMBA, then be part of an organisation that wants to work in competition with both of them, is inappropriate. It's also interesting to see what name(s) pop up as Directors of FSCL on the Companies office site...
On 21 February 2012 at 3:30 pm Amused said:
http://www.business.govt.nz/companies/app/ui/pages/companies/2303993/directors

Thanks CP. Interesting indeed! Lots of people with self interests in this industry that's for sure...
On 21 February 2012 at 5:35 pm John Mohnacheff said:
Although I hail from Oz, I have a very strong affiliation with NZ, and through Liberty, we've been very loyal supporters of the NZMBA and NZ brokers for many years.
It is extreme disbelief and complete incredulity that I'm witnessing these events, in fact, it's just downright disappointing.
You really were onto something worthwhile, with strong growth potential, only to have it factionalised and fractured.
NZ is not a large enough market to support disparate bodies, and this leaves us in a complete quandary on who to support and why.
Not good folks.
On 21 February 2012 at 8:30 pm NZMBA Member said:
Appreciate your sentiment John but it's not fractured yet. There is still a proposal for the amalgamation and both memberships can vote / use their feet.
The objectives remain the same and we may be better off without those with self-interest at the outset.
The self-interested gained their intellectual property while working for us, the members. It is only valuable to them if we follow / join them.
On 22 February 2012 at 9:51 am Mark Jory said:
I believe that what TNP is trying to do is to give RFAs the opportunity to be part of a professional body which can issue structured CPD credits, and gain a qualification - if they wish.

At present, all RFAs are essentially on an even playing field. Unless they are a member of the IFA and have a CLU qualification, or have completed the Level 5 certificate in Financial Services, then all RFAs have no professional qualifications to differentiate themselves as being any more than an Adviser who filled out an online registration form and paid a nominal fee to become 'registered'.

Of course that is all they need to do to operate in this industry (at present) but some Advisers may wish to say "I'm an RFA, and though I don't have to, I choose to belong to a professional body that requires me to complete 20 hours of CPD/year and comply with a Code of Ethics."

I personally believe this is already available by joining the IFA, and at a higher required level.

The fact no one seems to have mentioned is that the PAA and NZMBA are member bodies, not professional bodies, they have no requirement for their members to complete CPD, and are unable to claim professional body status as per the definition in the Financial Advisers Act.

For many of their members however, that is part of the attraction of being a member of these bodies.

I should add that I am an AFA and a member of the IFA, PAA & TNP. And hold IFA qualifications.

I think the TNPPA is a good option for RFA's who want to represent themselves as having standards above the minimum requirements for an RFA and who want access to structured CPD.

It is probably no benefit to me personally.
On 25 February 2012 at 1:56 pm TNP Member said:
Thank you for being the most objective Mark Jory - As I am an RFA who does want the opportunity to be part of a professional body and gain a qualification for selling Life insurance, TNP so far has been the only one to offer this (albeit as a member). I say "Good on them" for listening to their 95% RFA members! I don't believe they are "self serving" as alot of commentators above have stated, (who obviously don't really know or understand how TNP operate), when I see evidence of TNP offering their members TNPPA where the Insurance part of the Financial Industry is otherwise lacking - unless you're an AFA.
On 27 February 2012 at 10:44 am Ron Flood said:
TNP Member. Sounds like you have been sold the 'party line'. The IFA have offered the Chartered Life Underwriter (CLU) designation for the past 15 years or so. This is available to any member, you do not need to be authorised.
I personally joined the IFA (even though I am an LBA member)to obtain the qualification.

As the CLU is an Internationally recognized designation,I would suggest that any other like named designation will not carry the same weight.
On 28 February 2012 at 2:54 pm Amused said:
TNP member. Your comments illustrate that the phrase "one born every minute" rings as true as ever. As Ron says you appear to have been sold the party line. Hook, line and sinker!
Commenting is closed

 

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