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The only way is up for the PAA: Severn

Professional Advisers Association chief executive Rod Severn says the future for the PAA is bright and it is growing.

Friday, May 15th 2015, 6:50AM 4 Comments

During a panel discussion at the FSCL Conference held in Auckland yesterday Severn said the PAA was in good shape, with assets of around $2.5 million and its membership was growing.

He acknowledged some people were leaving the association and said these tended to be people at the end of the careers, however there are a lot of new members joining the association.

One area of growth is likely to be mortgage brokers as many of the groups are recruiting at the moment, and banks are reporting they can deal with as many as 10 or 12 new accreditions a week.

Severn said that for associations to stay relevant they need to evolve. A key function of the association was to provide professional development, however the PAA offers a professional indemnity scheme and discounts on group insurance. He said that the PAA is also about to roll out a loyalty scheme.

Membership of the PAA is also a "badge of trust" advisers can present to their clients.

He said the evolution of dealer groups had had an impact on the associations, however the groups acknowledge the association offers some things they can't particularly around dealing with regulatory issues.

Severn said the PAA, like other associations, was heavily involved in lobbying for members; it meets regularly with the Financial Markets Authority and Ministry of Business and Innovation and it will play an important role during the review of the Financial Advisers Act.

"We are not going anywhere but up," he said

Tags: PAA Rod Severn

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Comments from our readers

On 15 May 2015 at 8:27 am Pragmatic said:
I suspect if a survey of consumers was ever undertaken, the majority would fail to recognise what an AFA was, let alone any of the other industry acronyms being a “badge of trust”.
On 15 May 2015 at 12:26 pm LPL said:
IFA Members 750, PAA members about 1200. So total 1950. The biggest obvious barrier to a merger of the PAA and IFA is the duplication of overheads (bums on seats who don't want to loose their jobs). If you could save $200k in salaries you could shave off $100 on the cost of membership.
Given where we are in the regulatory process I think associations are increasingly less relevant.
The IFA knows that it will retain those wanting to hold onto CFP and either organisation has a collective advantage on insurance premiums.
Given that membership is dropping this suggests the price is seen as too high for the value offered; perhaps they need to look at reducing overheads and reducing the cost to something closer to better value.
On 15 May 2015 at 7:59 pm John Milner said:
Pragmatic, you might be surprised how many people at least recognise AFA, if not understand what it is. Much to the frustration of us CFP's.
On 16 May 2015 at 10:32 am billy the broker said:
Sorry what does the PAA do for its members again?? Bar a discounted Indem insurance and a bit of in house life cover!! I'll give it a miss thanks!!

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Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 ▼3.29 ▼3.45 ▼3.85
ANZ Special - ▼2.79 ▼2.95 ▼3.35
ASB Bank 4.45 ▼3.35 ▼3.19 ▼3.85
ASB Bank Special - ▼2.85 ▼2.69 ▼3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 ▼2.69 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.39 ▼3.29 ▼3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 ▼2.80 ▼2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 3.55 3.85 4.14
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - ▼2.65 ▼2.79 ▼3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 ▼2.79 ▼2.95 ▼3.39
The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 ▼3.59 ▼3.79 ▼4.19
TSB Special 4.54 ▼2.79 ▼2.99 ▼3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.79 ▼2.79 3.39
Median 4.55 3.37 3.45 3.69

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