Advisers open to ISI super-group idea

Financial adviser groups could be part of the Investment Savings and Insurance Association's proposed new financial industry organisation.

Thursday, October 20th 2011, 7:00AM

by Niko Kloeten

The ISI, which represents fund managers and life insurers, announced after its AGM last week that it was investigating whether to create a new pan-financial industry organisation called the Financial Services Council.

ISI chief executive Peter Neilson said the planned group would include all parts of the financial services chain including advisers, and that he had been in contact with adviser groups.

The Financial Advisers Association of New Zealand (FAANZ) has confirmed the ISI has made contact over the proposal.

However, it hasn't made a commitment one way or the other.

FAANZ represents the Professional Advisers Association (PAA), Institute of Financial Advisers (IFA), New Zealand Mortgage Brokers Association (NZMBA), Life Brokers Association (LBA) and the Society of Independent Financial Advisers (SIFA).

Media spokesman Edward Richards, the PAA's chief executive, said FAANZ wishes the ISI well and would be "happy to contribute" to discussion about a possible industry super-group.

"While Mr Neilson briefly summarised his thoughts on the need for greater industry consensus on key issues with some FAANZ members some months ago, we have had no contact since.

"The FAANZ viewpoint is 'good luck with the strategising'. It is healthy from our point of view. We represent the distributors (advisers). We have our own plans from that perspective.

"The reality is that the ISI is still in that space of working with the institutional providers and financial institutions.

"So in scoping out a pan industry organisation, we wish the ISI well - though we are mindful of the need for some diversity of views. But FAANZ members would be happy to contribute if approached again."

Niko Kloeten can be contacted at niko@goodreturns.co.nz

« SFO launches investigation into advisory firm

KiwiSaver mismatch a 'huge challenge' for advisers »

Special Offers