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Advisers criticised for no-show

A low level of adviser turnout at recent roadshows has exasperated the Professional Advisers Association (PAA) chief executive.

Thursday, March 24th 2016, 2:39PM 9 Comments

Rod Severn wrote to members telling them that PAA had been hit financially because a number of advisers had registered for the events but had not turned up.

The roadshows, run in conjunction with the IFA, were held in 11 centres over three weeks.

Across the country, just 191 of the 265 people who had registered with the PAA to attend the events turned up.

“I am very aware of the constraints constantly placed upon your availability by product providers, group and aggregators and other organisations all wanting a piece of your time. However, when you register to attend an event, we take it that you will attend.  We book rooms and make catering arrangements accordingly. Everyone who does not turn up costs the Association approximately $80 each. See below where nearly $6,000 was wasted with no-shows,” Rod Severn said.

“I understand things happen at the last minute and we did have a couple of apologies, and thank you to those that made the effort to attend, but some of you need to lift your game here. You wouldn't put up with a potential client standing you up.”

He said it did not reflect well on the industry and the level of commitment many members had to professional development when only 22.3% of members registered to attend and only 16% turned up.

But IFA chief executive Fred Dodds said he was not unhappy with IFA members’ attendance. He said the IFA had 500 members across the events.

Tags: Fred Dodds IFA PAA

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Comments from our readers

On 25 March 2016 at 7:27 pm The Oracle said:
Interesting, I wonder how relevant the PAA really is in this market were over 2000 IFA advisers belong to dealer groups who charge no membership fee and offer a massive range of services. I attended Newpark's Auckland development meeting and there were over 220 in attendance, at just the one meeting.
Might be time the PAA and dealer groups worked closer together rather than doing their own separate thing?
On 29 March 2016 at 10:22 am Shomar said:
The main reason that Adviser are not turning out is they are tired of the fear campaigns that Association cast on their members. The same happened to the IFA, it happens again with PAA. Associations that motivate and encourage and work with members will always get a great attendance. Wish history will teach associations, it never does.
On 29 March 2016 at 11:55 am Majella said:
This road show incorporated the IFA and so half the content was aimed at AFA-CPD credits. Being an RFA and a member of the PAA, there was very little to attract my interest.

The PAA did make a big play for the RFA market when it transmogrified into the de facto leader in the mortgage broker market! As with me, I suspect few were attracted to a spiel that incorporated AML-CFT information, along with mind-numbingly dry investment portfolio theory...

I didn't register but have to agree with Rod - if you register, then you should show, or at least proffer an apology, or be charged for the event regardless.
On 31 March 2016 at 2:49 pm Tash said:
Hitching their wagon to the IFA is a big mistake for the PAA in my view. The IFA will infect the PAA with their absolute inability to be of service or use to mortgage and insurance brokers. I don't condone no shows but for me the training needs more relevance to allow me as an insurance adviser to do my job better (product, legal, technical, risk stuff). Everyone shy's away from these details but that is precisely what distinguishes advisers from product pushers (pure sales).
On 1 April 2016 at 7:25 am Pragmatic said:
"Hitching their wagon..." - are you serious about that statement? The NZ advice dispensing industry currently has an AFA population of circa 1,850, and an RFA population of circa 5,000. There are over 6 'professional bodies" servicing the total advice popluation of 6,500+... clearly too many squeaks.

Rather than taking a shot at individual associations attempting to collaborate, it would make much more sense if members attempted to work towards a single entity & industry voice.
On 1 April 2016 at 9:59 am Dirty Harry said:
I am an RFA, insurance adviser, IFA member. All the PAA guys I spoke to at the roadshow enjoyed it, and left before "all that investment stuff". They found it interesting, and useful. And enjoyed meeting us IFA people.

Mind you, these are the folks who actually turned up.
On 1 April 2016 at 11:16 am Tash said:
Isn't it time we recognised that Investment advice, Life Insurance advice, F&G advice and Mortgage Broking are so vastly different that one organisation cannot look after all the, sometimes competing, interests?
I resigned my membership of the IFA precisely because, despite good intentions from some, as an insurance adviser I did not find value in belonging. The PAA was much more focussed on insurance and mortgage brokers and I'd hate to see the same happen by the PAA joining the IFA.

I think we need strong organisations for each major discipline, run by members of that discipline, who properly understand it and who can lobby that discipline's members best interests.
On 1 April 2016 at 2:59 pm Graeme Lindsay said:
Well said Tash!

No matter how well-intentioned the people, investment/savings advisers are different from life and health insurance brokers/advisers, fire and general brokers/advisers and mortgage brokers/advisers. The notion that one association could represent all of these diverse groups was flawed when proposed and implemented back in the nineties and is still flawed. Members of each discipline would be far better served today with their own dedicated association that was not being sidetracked trying to cater to the interests of the others. The associations could certainly collaborate when the interests of their respective members coincided and maintain their own positions when the interests of their members were at odds!
On 6 April 2016 at 4:25 pm Bruce Cortesi said:
I am highly amused that Advisers have responded to an out of date 'sensationalised' piece of journalism. But then many, including this publication still live in the past to the detriment of the present that evoke such fantasised dreams about the reality of the future. Neither will I hide behind some fictitious name. Case closed.

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