A strategic alliance between the financial planning associations in Australia and New Zealand would be limited to a number of areas, Financial Planning Association of Australia (FPA) chief executive David Butcher says.
He says the FPA could provide assistance to financial planners in New Zealand "if required", however it would not be able to hold the Certified Financial Planner (CFP) licence for New Zealand.
"The CFP licence is integrated with the regulatory regimes of both countries," he says. "The FPA could not hold the licence to cover CFPs in New Zealand."
Because New Zealand and Australia have quite different regimes the CFPs could not fit into one association.
"It has to be done on a country by country basis," he says.
Butcher's comments, yesterday, were made in response to a proposal floated by Dunedin-based planner Craig Myles for a strategic alliance to be formed between the FPA and the Association of Investment Advisers and Financial Planners in New Zealand (IAFP).
Myles has put this proposal forward as an option to the proposed merger of the IAFP and the Insurance and Investment Advisers Association.
Butcher says no formal approach has been made to the FPA regarding a strategic alliance.
Informal talks with board members and other individuals have been held in the past.
Butcher says because no formal talks have been held it is not an issue that has been discussed at board level.
He says the FPA would be willing to support New Zealand planners on the condition it has no financial impost on the Australian association.
"We could assist in minimising a lot of costs (for the New Zealand association)," he says.
Areas of assistance include; continuing education material, membership database management, magazine and conferences.
The FPA doesn't need more members to make it viable. Its membership stands at more than 8800 and that is growing by 10 per cent a year.
"We have what I would call critical mass," Butcher says.
A strategic alliance between the financial planning associations in Australia and New Zealand would be limited to a number of areas, Financial Planning Association of Australia (FPA) chief executive David Butcher says.