To some it may have once seem unbelievable, but it's happened. Yes the Association of Investment Advisers and Financial Planners (IAFP) and the Insurance and Investment Advisers Association (IIAA) have consummated their union.
Representatives of both associations have, after 28 months of courtship, formally created the Financial Planners and Investment Advisers Association (FPIAA) at a meeting in Wellington yesterday.
FPIAA co-president David Milner says the association's aim is to raise the standards of investment advice in New Zealand.
He says members will be "required to meet our standards and comply with our code of ethics".
"We will deny membership to those who breach our standards."
Milner says the challenge for the association is to raise public confidence in the professionalism and integrity of its members.
"They (the public) can rely on our members giving quality advice that is in the client's best interests," he says.
Milner says a review of education standards and training is being carried out, and the board intends implementing the review findings following consultation with external education providers.
"The association is determined to become synonymous with professionalism and best practice.
"We have to gain the consumers' respect," he says.
ISI chairman Ross McEwan proposed a toast to the FPIAA. He says the road to union has not been smooth or speedy, and "a few roadblocks and potholes have been put in the way".
Now it's happened the ISI is keen to work more closely with the FPIAA in areas of common interest such as regulation and superannuation policy.
