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Myles plans new adviser association

Plans are afoot to establish a new adviser association in competition with the IAFP.

Monday, December 21st 1998, 12:00AM

by Philip Macalister

Former Association of Investment Advisers and Financial Planners (IAFP) board member Craig Myles has decided to try and establish a new advisory association representing professional financial planners. In the process he has asked the Denver-based CFP Board of Standards to revoke the IAFP's licence to use the CFP marque.
Myles has sent letters to prospective planners who may wish to join the proposed Institute of Financial Planners (IFP). He says the response has already been positive and reinforces his view that such an association is wanted.

"There appears to be a groundswell of interest in forming something which is going to be a dedicated financial planning organisation."
Myles has vigorously fought against the IAFP's move to form a new association with the Insurance and Investment Advisers Association.
Myles won't, at this stage, disclose who else is behind the association. That, he says, will be revealed early in the New Year along with other details.
Also unknown is whether any discussions have been held with the Financial Planning Association of Australia, or the CFP board.
Earlier this year Myles promoted the idea the IAFP form a strategic alliance with the FPA rather than form a new association with the IIAA.
Also he has written a letter to the CFP asking, "that the CFP license held by the IAFP be revoked and that all licensees be licensed directly from the CFP Board of Standards until such time as an alternative licensee in New Zealand can be appointed".
His letter outlines some allegations against the IAFP board that he claims illustrate "unethical behavior" and he says there has been a lack of promotion of the CFP brand.
Myles concedes establishing an opposing association is not necessarily in the best interests of the public, but "neither is what we have ended up with," he says.
As for numbers, Myles says it's not the size of the organisation that matters, rather it is what it stands for.
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