Today could be the end of the line for the Association of Investment Advisers and Financial Planners (IAFP).
A special meeting is being held in Wellington to vote on proposals to form a new advisory body with the Insurance and Investment Advisers Association (IIAA). If the proposals are passed the IAFP will, at some stage, be replaced by the new association.
Big decisions for the IAFP have traditionally been decided by the narrowest of margins and the current decision is likely to be reasonably close also.
While there is a body of members who believe the merger is the only way advisers are going to move forward, others are concerned about the protection of the Certified Financial Planner (CFP) designation and the state of the new association's proposed constitution.
The meeting is being held in the Deloitte Building, Molesworth Street, starting at 10am. A representative of the United States-based CFP Board of Standards will be present.
The IIAA has already decided to form a new association. President David Milner says even if the IAFP doesn't decide to be party to the new body, the IIAA will adopt most of the changes proposed. Good Returns plans to provide coverage of the meeting and its outcome as soon as they become available.
Stay tuned.
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