by Richard Newell
At the FPIA’s annual conference, being held in Christchurch, out-going president Stephen O’Connor said, “It is necessary for us all to raise the bar for the benefit of ourselves and for the benefit of the New Zealand investing and insuring public.”
The FPIA has made significant progress in recent years in establishing itself as the dominant body representing financial advisers in New Zealand. Now, with regulation approaching, the association is keen to ensure that it builds on that progress. A strategic plan was announced at the conference. The FPIA board has identified eight strategic objectives that should be the focus of the Association over the next three to five years.
The plan includes having a complete and comprehensive education programme which is clearly understood and participated in by all practicing advisers.
An internationally accepted code of ethics and practice standards and a respected complaints and disciplinary process are also essential.
Advisers need to establish the trust of the investing public, but O’Connor recognises that “before this will happen we need to achieve a high brand awareness and high value awareness. The FPIA needs to be known for quality advisers providing quality advice.”
Raising the financial literacy of the New Zealand public is also a priority. O’Connor says, “I believe there are significant opportunities for the FPIA to partner the likes of the Retirement Commission and other organisations in financial literacy initiatives.
One of the initiatives which is already underway, is the appointment of Napier firm Odyssey to work with the FPIA in the development of a marketing and promotion strategy, which will be the cornerstone of a number of the strategic objectives.
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