The Group of Seven win

Gary Stevens and Phillip Matthews win back their jobs in the IAFP/IIAA merger talks.

Thursday, December 18th 1997, 12:00AM

by Philip Macalister

The Association of Investment Advisers and Financial Planners (IAFP) chairman and deputy chairman Rodger Spiller and Mark Hubber have lost their mandate to negotiate a merger with the Insurance and Investment Advisers Association (IIAA).
A special general meeting in Wellington today voted by a clear margin to dump Spiller and Hubber as its negotiators, however the meeting was less certain about who should replace them.
In the final vote count 323 members voted against Spiller and Hubber continuing on, while 223 voted for them.

A latter motion seeking the reinstatement of Gary Stevens and Phillip Matthews as the IAFP's negotiators was decided by a margin of just 28 votes. After a taking a poll 270 votes were recorded in favour of their reappointment and 242 were against them.
Spiller and Hubber decided to remain in office despite saying before the meeting that they would resign immediately if they lost the vote.
They told the meeting they would now reconsider their position and if they chose to resign they would do so at the next board meeting.
The meeting unanimously passed a resolution saying that the Certified Financial Planner (CFP) mark was non-negotiable in the negotiations.
More than 50 IAFP members attended the meeting. Good Returns understands there was about 90 minutes of discussion before the vote on the first resolution concerning Spiller and Hubber as negotiators. While most of it was amicable, there was much emotion expressed, plus some personal attacks.
Also at the meeting resolutions 2, 4, 5 and six were passed without a poll. These covered instructions to the board about presenting reports to members and arranging meetings to discuss the proposed merger.
While resolution seven relating to the chairman and deputy chairman confirming they would fulfil their obligations as officers was withdrawn.
(A copy of the notice of meeting and the resolutions can be found on the IAFP News page).
Stevens says he is relieved the meeting is over, the merger negotiations can continue and CFP is non-negotiable.
While the lead-up to the meeting has been acrimonious, "the healing process has already started," he says.
Stevens expects the IAFP will contact the IIAA before Christmas to reconvene the negotiating process.
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