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Thoughts on adviser associations getting together

Friday, October 28th 2005, 10:36PM 1 Comment

by Philip Macalister

FPIA interim chief executive Ross Butler must be a tough man.

As reported on Good Returns this week he has opened discussions with other bodies representing advisers about joining together.
While he wouldn't name names, one could hazard a guess that the NZ Mortgage Brokers Association would be somewhere near the top of the list.

It is like-minded in wanting to set standards, ethics etc for its members, it has a ceo, and its membership has grown well in recent years.


Plus Ross has been heavily involved in the home loan industry as a director of broking group Mortgage Link.

But one wonders how welcome his advances will be. Anyone knowing a bit of history about this industry will know that "get togethers" (Ross didn't want to call it a takeover or merger) are fraught with difficulty and politics. Think back to the creation of the FPIA and moves by fund managers and the likes to get together.

The feedback I have had from NZMBA (unofficially) is marriage isn't on the cards. I guess we will see how good Ross's flirting and dating skills are!

Thinking about the whys and wherefores, I'll be interested to learn the logic behind Ross's move.

And I'll happily (if somewhat guardedly) throw in this thought.

Under the model proposed by the Task Force on adviser regulation, proper advisers would have to join an Approved Professional Body. It seems to me that instead of one super-APB, that there are more likely to be a raft of smaller, specialised ones which cater to individual disciplines, eg: mortgage broking, sharebroking, investment advice, financial planning and life insurance.

Yes, I have said separate ones for financial planning and life insurance.

This raises the question is it better to try and join up the various associations into one body, or is it better to put the efforts into keeping the various disciplines already together in one organisation together as one?

Then there is the question of competition. Maybe there are others out there who want to establish alternative APBs to the FPIA?
For my money the sleeper in the crowd is the Professional Advisers Association (PAA).

There you go plenty of thoughts on the matter. To close nothing could be more fitting than "Watch this space".


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Comments from our readers

On 12 November 2005 at 1:26 am Atkins said:

Phil, do you think one super-APB would work if it operated like a Company with various products, and you have 1 CEO, with a separate general managers for each of the product areas ?


Would that not be more sensible rather than having a raft of smaller specialised bodies?


It seems to me that the members need to get a return on their investment, and there are synergies in place if you all have the same administrative systems.


Commenting is closed

 

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

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