To have your say on the merger go to the editorial page. Editorial
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The board of the Association of Investment Advisers and Financial Planners (IAFP) has come out with all guns blazing in the fight amongst its members over the proposed merger with the Insurance and Investment Advisers Association (IIAA).
The IIAA formally pulled out of the merger talks last week claiming the IAFP had backed down on a previous merger agreement. The IIAA board said it was becoming "impatient" with the IAFP and it was dismayed at the IAFP's tactics.
Its withdrawal came a day after the two associations had agreed to create a federation, rather than merge the two operations.
While this was happening a group of IAFP members were collecting signatures for a request for a special meeting of the association to discuss the matter.
A spokesman for this group, Paul Forder, says a federation was not in keeping with the mandate IAFP members had given its board last year.
Now the IAFP have retaliated. It has acquiesced to a SGM, to be held in Wellington on December 18, and has sent out a large amount of background information to members on the issue.
IAFP chairman and deputy chairman, Rodger Spiller and Mark Hubber, say the work of the board is being undermined by some people who have taken it upon themselves to try and negotiate with the IIAA.
They acknowledge the IAFP is at the crossroads and its future now hangs in the balance. If a resolution is not passed at the SGM empowering Spiller and Hubber to remain the IAFP negotiators they will resign.
The resolution seeks to give them authority to negotiate "on such terms as they and the IAFP board deem appropriate as being in the best interests of members."
Spiller says any agreement would require the ratification of members.
They also question whether the IIAA was ever committed to a merged organisation on anything less than its own terms.
To have your say on the merger go to the editorial page.