Professional Advisers Association general manager Dave McMillan says that the PAA can now recognise the CLU and ALU designations, and he has indicated that the association is looking at whether it should also be able to recognise the CFP mark.
These are all parts of its plans to prepare for regulation of the adviser space and the creation of an educational pathway for its members.
However Hassan has put out a statement indicating that the IFA will fight the PAA’s plans.
“The Institute of Financial Advisers has absolutely no intention of sharing its professional marks, or of allowing others to coat-tail on its high standards”, Hassan says.
The reason for Hassan’s defence is possibly best summed up in the following comment in his statement.
“In many ways CFP certification is IFA’s most prized possession.”
He says the IFA has exclusive control over the marks in New Zealand, subject to strict rules and regular audit.
However, Good Returns understands it may be possible for another organisation, such as the PAA, to be able to recognise the CFP in New Zealand.
Hassan also takes another swing at the PAA suggesting some IFA members joined the PAA just to get its professional indemnity cover which has been considered better than what the IFA offered its members.
“In the past some of our members have chosen to also belong to PAA seeking benefits like cheaper PI cover. But both bodies now have the same PI cover so there may be less interest in multiple membership going forward.”
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