No IOUs thanks to IFA fund

The Institute of Financial Advisers (IFA) has launched a fund that will enable Christchurch advisers to provide free financial advice to earthquake affected residents which has already attracted $30,000.

Thursday, March 10th 2011, 8:00AM

IFA chief executive Peter Lee said significant corporate contributions to the fund will allow Christchurch advisers - many of whom have been affected by the earthquake themselves - to be remunerated for their services via the fund, ensuring Christchurch residents and businesses benefit.

"There will be many Christchurch residents badly affected by the earthquake who will need immediate assistance in getting their lives sorted following the devastating earthquake," Lee said.

"Many will need help with their insurance claims, accessing savings and insurance policies for emergency funds as well as receiving advice on how to come to terms with the change the earthquake has brought about in their lives including to their income, savings and current spending capacity. We hope that the already significant contributions made to this fund can make a difference to some of these individuals."

Fidelity Life and OnePath have each donated more than $15,000 to the fund so far, and Lee said that at $50 an hour enough funds have already been raised to provide 2000 hours of professional help to Christchurch residents.

Fidelity Life CEO Milton Jennings visited Christchurch this week and said he was surprised by the extent of the devastation.

"We went to see our office, but couldn't get closer than 100 metres away," he said.

Commenting on the IFA fund, Jennings said, "Fidelity Life sees this innovative assistance package as a way of helping the wider adviser community stay in business, and provide employment for themselves and their staff, which is essential to the rebuilding of Christchurch."

"In helping the advisers and their staff stay in business, this package offers the opportunity for them to help their customers get back on their feet too."

Lee has called on other financial services providers to follow Fidelity Life and OnePath's example and donate to the fund, which the institute hopes will raise $100,000 in the coming weeks.

Christchurch residents who need financial advice following the earthquake can contact their IFA adviser or the IFA head office to apply for eligibility. The criteria for eligibility is in the initial stages of being developed.

What other advisers are doing

http://www.goodreturns.co.nz/blog/another-good-deed-for-chch-from-an-adviser

http://www.goodreturns.co.nz/blog/support-the-relief-army-in-christchurch

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