Who wants to be the boss?
Monday, September 8th 2003, 6:33AM
Who wants to be the boss?
Monday’s announcement from the Financial Planners and Insurance Advisers Association that it is taking over running training organisation AdviserLink is a clear sign where it wants to be in the industry.
The Government has said some sort of strengthened regulatory regime is coming for financial advisers. It doesn’t want to regulate itself (believe it or not) rather it would see the industry look after itself.
The FPIA, knowing that it won’t be anointed with the same sorts of powers, which have been given to the chartered accountants and lawyers, is strengthening its position as the pre-eminent body in the industry.
What’s also news is that the FPIA has changed its membership rules to be more inclusive.
In the past it has been labelled by some as being zealous in demanding that all its members move down the track towards gaining either a CFP or CLU designation.
Now, in an effort to broaden its appeal and cement itself as the number one body the association has created some new membership categories which aren’t so onerous on members, and mean that experienced advisers can be in the industry and not forced back to school.
As reported last week insurance advisers are pondering whether they should even keep the CLU designation, as there are only about 50 people who have the mark. What’s more there are few who are actually progressing down the CLU education track.
Maybe it’s time to get rid of CLU and get everyone to support the more widely accepted CFP designation? Just a thought?
See stories:
In other news this week we’ve seen the entrepreneurial Doug Somers-Edgar of Money Managers launch a finance company.
One could be excused for thinking that MM is becoming more like a fund manager. After all it seems most of them having been rolling out new funds which would have been sure winners three years ago as we headed into a bear market.
Finance companies have been the magnet for many millions over the past few years – will they continue to be so, especially if the property sector is heading into tough times as Reserve Bank guv Alan Bollard warned yesterday?
But you have to give it to Doug – Orange (with a picture of a nice fresh fruit) is refreshingly different. Let’s hope the orange isn’t really a lemon and it will be a sweet experience!
The worm
Like a good bottle of tequila, there’s a worm in the bottom of this email! And it’s a good one.
As you’ll know the So Big virus has been doing the rounds of the Internet and causing havoc. What you mightn’t know is that a former FPIA member has developed a programme to help people control this bug.
The programme enables all email headings to be downloaded away from your mailbox and then you can choose to blacklist, delete or open the e-mails. You can get a free version of the programme here, and there is a Pro version that retails for US$29.95. If you are an FPIA member you can get a US$10 discount on this price. Just email worm@tarawera.co.nz with your details and we will send you a code number.
This news service is brought you you by online money management magazine Good Returns www.goodreturns.co.nz.
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