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5-4-3-2-1 blast-off

Faxes and letters are flying in the final countdown to the Association of Investment Advisers and Financial Planners' crucial meeting relating to forming a new association with the IIAA.

Friday, October 16th 1998, 12:00AM

by Philip Macalister

Faxes and letters are flying in the final countdown to the Association of Investment Advisers and Financial Planners (IAFP) crucial meeting relating to forming a new association with the Insurance and Investment Advisers Association (IIAA).
The trigger for much of the latest correspondence is a letter from the IAFP's Northern Region Management committee suggesting there are too many holes in the proposal for it to float.
In the letter chairman Karl Schweder says there are some major deficiencies in the merger documentation, especially the draft constitution, that need to be addressed.

"Because of the importance of these matters any resolution passed regarding the merger should be subject to these issues being resolved before the new organisation is being formed and the board therefore should provide members with information on these issues allowing them to vote accordingly." (The full text of the letter can be viewed on the IAFP News page).
Auckland-based planner Alan Milton says, in a subsequent letter, that the Northern Region's letter "highlights some alarming deficiences".
He says the board hasn't handled the merger proposal well.
"Our board may complain that there is a group of people out there trying to frustrate a merger. Whether or not that is so, the fact is that the board have made such a pig's ear of putting this merger proposal together that many members who are not, in principle, opposed to a merger have started to become more and more concerned about (the) lack of attention to important detail."
Board spokesperson Christine Winter says the board has made its position clear on the merger, and it is not going to enter further debate at this late stage.
The proposal is on the table and it is up to members to make their decisions and vote accordingly at the special meeting next Wednesday.
While there is opposition to the proposal, there is also support. For instance New Plymouth-based planner Peter Hensley says, "for the good of the industry this merger must proceed. It is time for positive action."
Life member Roger Moses is also highly supportive of the merger. While he acknowledges there are some deficiencies in the proposed constitution, they are not insurmountable problems. (A full interview with Moses is on the IAFP News page).
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