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'Disappointed' PAA boss says advisers support missive

PAA boss Rod Severn says he received an outpouring of response to his email telling members he was disappointed in their lack of attendance at the recent adviser roadshows.

Tuesday, March 29th 2016, 6:00AM

by Susan Edmunds

Rod Severn

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.

Severn said he had “heaps” of response to the message.

“I spent the entire day wading through emails and responses. More than 90% were supportive and encouraging. From where I sit. I think it was the right thing to do.”

He said most replies were from people who had gone and were disappointed not to have seen more advisers there.

“People need to go to events so they maintain their relevancy and professionalism.”

Some members told him the PAA should charge those who registered but did not turn up. Severn said he did not want to do that. “But if it continues that might change.”

Other commentators said the problem could be that advisers did not see as much value in free sessions. Severn said members paid indirectly for the roadshows through their subscriptions. “Most organisations don’t charge for their training. We’re trying to remove barriers to training, not increase them. I would be reluctant to start charging for people to come along to training. It’s put on as part of our service to them.”

Severn said the PAA had worked to improve the calibre of the presenters at the roadshows. “We’re trying to give advisers a real reason to take time out of their practice to come along. This round all the speakers were very good.”

He said the sessions were structured so that advisers could just attend the relevant portions. Severn said one email had suggested separate roadshows for risk, investment and mortgage advisers.

But he said that was too much to expect from the presenters. “I understand what they’re saying but it won’t happen."

He said advisers needed to support things such as the roadshows.

"The advisers are requested daily to turn up to things, product providers, groups, associations, there is a real contention for their availability. I understand that. If they want to remain relevant and be seen to do the right thing by clients and industry they need to support it.”

IFA boss Fred Dodds said he was not concerned with the IFA turnout.

Tags: PAA

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 ▼3.85 ▼3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 ▼2.93 ▼3.07 ▼3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac ▼3.39 3.45 ▼2.99 ▼3.35
SBS Bank 4.54 ▼3.05 3.19 ▼3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼2.55 2.69 ▼2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 ▼2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 ▼3.29
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.05 3.13 3.12

Last updated: 11 August 2020 8:24am

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