Financial Advice NZ gets green light

Members of IFA and PAA have voted in favour of forming Financial Advice New Zealand.

Thursday, July 28th 2016, 9:00PM

Bruce Cortesi

The IFA vote was held on Monday, and the PAA members gave the green light to the proposed new professional association after the first day of the combined conference. It is understood the PAA vote passed 88 votes to four.

“We are obviously very pleased, but not at all surprised,” said Bruce Cortesi, chairman of the PAA “The goals of Financial Advice New Zealand are common to all advisers – across all types of advice. Now the big job begins," he said.

"Over the past weeks, members have asked how Financial Advice New Zealand will operate, its role in the industry, and what it will do for consumers and different types of advisers. Now that we have member approval, a working group will be established to consult with all advisers, to define the detail and bring the concept to life. This is going to a very busy but exceptionally exciting phase for advice.”

He said key areas of focus would include how to support advisers to help New Zealanders become better off.

“This is a key opportunity to raise the profile of advice in general, as well as providing support and structures designed for specific types of advice.”

It is expected that the working group development of Financial Advice New Zealand will take six to 12 months.

“This is a huge milestone for advice,” saic Michael Dowling, chairman of the IFA.

“Approval to form Financial Advice New Zealand is like advisers getting out the biggest flag they have and waving it at the public with one clear message – we are consumer-first professionals who want to make a positive difference in the lives of more Kiwis.

“I cannot stress enough how important it is that all advisers – members and non-members - who are interested in the new body – participate in the development phase over the next year. We need to account for many needs and establish a structure that best serves the overarching vision of Financial Advice New Zealand. Advisers will all have views – some similar, some different – on the priorities and requirements of Financial Advice New Zealand. The time to make those views known is now – and all input is greatly appreciated.”

The PAA and IFA will announce further details about the Financial Advice New Zealand working group and development timeline in the coming weeks.

Tags: Financial Advice New Zealand