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Regulation a passion killer

Professional Advisers Association chairman Bruce Cortesi says one of the casualties of regulation is that it has taken the passion out of the advice industry.

Friday, February 28th 2014, 7:14AM

He says the passion hasn't been lost and "we can revive it". Cortesi told delegates at the NZFSG conference in Auckland yesterday that the PAA was determined to lift its game and help advisers.

It has appointed a new chief executive who starts on Monday. Rod Severn has a background in marketing and the IT sector and comes to the association "without any industry baggae."

Cortesi says neither the association nor advisers can stay as they are. "The PAA is going to be quite a different beast going forward."

Besides a new CEO, the association has appointed a dedicagted learning and development manager. It is planning to hold its biannual conference as well as conferences in the North and the South Island.

One area the PAA has been very active, Cortesi says, is in working with the regulators. Cortesi says there will be change in regulation and and questioned how long the RFA status would remain. His view is that it won't last "past two or three years."

He admits the assocaition has been not very effective recently, but it has been reorganising and regrouping and preparing for change.

"We can't hold onto the old way of doing things," he said. 

While regulation has taken the passion out of the industry and had also given advisers and the association power, and it is this power he wants to harnass.

 

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