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Did the PAA challenge other associations?

Thursday, February 15th 2007, 10:16PM

by Philip Macalister

The question I want to pose today is this: Did the PAA lay down a challenge to other associations this week when it revealed its strategic plan?

If so, what does it mean?

The PAA was quite open and honest this week in laying out its plan for the future. In essence it said that all life advisers in New Zealand should belong to the PAA. While the phrase wasn't used publicly, the perception I get is that the PAA is the natural home of life advisers.

While the PAA made it clear that financial planners and investment adviser aren't its target market, it does think that mortgage brokers are a potential pool of new members.

My take on this is that it is a sensible strategy. Many readers will have heard me espouse my adviser continuum theory.

This simply states that risk advisers and mortgage brokers have more in common with each other than investment advisers/financial planners. It's all based on life cycles and when people need the various financial advice services. (If you haven't heard this theory I will post it later).

Taking on this theory it seems that insurance and investment people have an uneasy relationship under one banner - I have seen this with my own eyes. So I wonder if they can co-habit together? Or should there be separate associations for each discipline?

The latter has merit. It seems that a split back to the old days where there were two associations has merit.

I'm not sure it's necessarily a plus, but it does seem logical.

Adding to these thoughts are changes to the IFA. The grassroots feedback I hear is that this is becoming the home of investment people. Life advisers are second rate citizens. Whether this is true or not isn't for me to say. But if this is what is being said watch out for a migration.

I also think the longer the delays in the introduction of adviser regulation and APBs then the harder it will be to create a pan-industry body. Too long to politic.

There is a heap more to say about associations - and there will be more on this later.

The answer to the question I posed in the intro is yes, it was a challenge. There is the chance of a fight for members. But I reflect on a point PAA general manager Dave McMillian made: that is associations should be fighting to get non-members signed up, therefore growing the pie. Don't fight over what you already have.

« Delays in regulation OKAdviser associations happily co-operating. Yeah right »

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
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Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 6.89 6.55 6.35
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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 7.74 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.89 6.75 6.39
Median 8.64 7.14 6.82 6.65

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