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.
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