1 Comment 1 CommentThe fate of the proposed merger will be decided when TNPPA members vote onit at a Special General Meeting to be held on November 9.
In an email to its members, TNPPA said discussions over recent months between the two boards had resulted in a recommendation to merge under a new name: the New Zealand Financial Advisers’ Association (NZFAA).
“Both see the relevance of providing joint services to benefit their memberships under this new entity and will provide a fresh opportunity for the broader adviser community in New Zealand financial services.”
As well as the name change, the LBA also wants an LBA nominated member on the Board andcontinuation of core LBA offerings including its Corporate Club, LBA trophies and LBA membership status.
The LBA has about 150 members while TNPPA, which was launched by dealer group TNP earlier this year, announced in July that it had reached its first-year target of 100 members in only three months.
“This Professional Association is about meeting the requirements of advisers in a regulated environment, including meeting the definition of a Professional Body under The Code of Professional Conduct for Authorised Financial Advisers,” the email said.
“Not all professional associations currently have compulsory professional development as a requirement of membership and may not satisfy the definition of a professional body.”
The LBA’s move to merge with TNPPA comes five years after an attempted merger with the Professional Advisers Association (PAA), which was canned in 2007 after it failed to get the required 75% support from LBA members.
The PAA subsequently merged with the New Zealand Mortgage Brokers Association (NZMBA) earlier this year.
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Is this statement an implied dig at the PAA? If so it’s a bit rich considering some of the founders of TNPPA and their origins i.e. NZMBA.
Again the focus with this planned merger seems squarely on the professional development of AFAs (which aren't the majority of mortgage and insurance advisers). Advisers who specialise only in mortgage and insurance advice are NOT required by law to become authorised and most I would warrant have no intention of doing so.