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Day of reckoning dawns

The day of reckoning for the two associations that represent the bulk of financial advisers in New Zealand is just over two weeks away.

Tuesday, August 4th 1998, 12:00AM

by Philip Macalister

The day of reckoning for the two associations that represent the bulk of financial advisers in New Zealand is just over two weeks away.
The Association of Investment Advisers and Financial Planners (IAFP) is planning to hold a special general meeting in Wellington on August 20 to vote on the proposed merger with fellow advisory association the Investment and Insurance Advisers Association (IIAA).
The IIAA is expected to make its decision on the planned merger before the New Zealand Financial Advisers Conference kicks off in Christchurch on August 24.

IAFP chairman Denys Wright says a notice of meeting has been sent out to members today seeking to form a new association based on the draft constitution developed by working party made up from members of both associations.
While the resolution is being put to the meeting by the IAFP board, it has not taken a formal position on the proposal.
"The board has not come out as a group and said it recommends or it doesn't recommend this resolution," Wright says.
His position is that he would like to ensure members have as much information as possible so that they can make an informed decision on where they want the association to go.
One of the key bits of information is whether the United States-based Certified Financial Planners (CFP) Board of Standards sanctions transferring the CFP licence to the new association.
CFP board representatives were in New Zealand recently gathering information to help the board make its decision. (see earlier story)
Wright says the IAFP has still not heard back from the CFP.
While the visit was useful, Wright says it was difficult to gauge which way the board would go on the merger.
There is a feeling it will agree to transfer the licence, however it may be for a limited period of time and it may be conditional on the new association meeting performance targets in respect to items such as promotion of the CFP brand.
The CFP board has taken a keen interest in the proposed merger as it is the first of its kind in the world where a financial planning association which holds a CFP licence has merged with an association of advisers who predominantly operate in the risk market.
Wright is urging IAFP members to either attend the meeting or send in a proxy form. He would like to see 90 per cent of members vote as it is a "very important issue".
"I would be disappointed it a decision, one way or another, was carried by a very small majority," he says.
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