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Financial Advice NZ forums to tackle details

Financial Advice New Zealand’s role in providing consumer education and information will be one of the most important topics to be discussed at an upcoming series of forums, the PAA’s president says.

Monday, January 30th 2017, 6:00AM 8 Comments

PAA president Bruce Cortesi and IFA president Michael Dowling are heading the working group to develop the new adviser association.

A series of forums starts on January 31 in 11 centres around the country, with the aim of gathering more feedback from advisers.

There has also been online consultation conducted.

Cortesi and Dowling said the feedback so far had covered a lot of the broader themes of the development of the association.

The forums would enable the working group to get into some of the details that required more conversation, such as what role Financial Advice NZ could play in consumer education.

“That is one of the most important questions on the agenda,” Cortesi said.

The pair said advisers had shown strong levels of support for the new organisation, and most who had offered feedback so far had had similar views and expectations for it.

Dowling said he had been surprised at how similar a lot of the responses from the adviser community had been. “I was expecting vast variation that we would have to tiptoe through but that has not been the case.”

“There is a general consnsus within the different subjects and issues that have been presented for discussion. We haven’t seen widely differing opinions,” Cortesi said.

“That’s consensus across RFAs, AFAs, QFE advisers, it goes to show the majority are after a better industry and a better way of doing things, with greater transparency, and are interested in placing the consumer at the focus of what the inudsty is doing.”

Five hundred advisers have registered for the forums so far. Dowling and Cortesi urged others who were interested in attending to register ahead of time.



Cortesi courts current members

Tags: Financial Advice New Zealand

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Comments from our readers

On 10 February 2017 at 10:58 am Murray Weatherston said:
Have to confess I am amazed that there has been no news published about what has happened at the 11 meetings held around the country.
I would have thought the IFA/PAA PR machine would have worked overtime over the last two weeks and put out a press release after every meeting.
I am pretty sure if I had been organising the roadshow, I would have been shouting out to the world how well attended the meetings were, how many great proposals like [A] and [B] and [C] had come forward and how excited we were about the future - it wouldn't really matter whether the statements were actually true or whether they were the "alternative truth."
Accuse me of being in a different universe if you will, but I haven't changed my view that all we are seeing is a merger of IFA and PAA slowly unfolding.
Now hopefully this accusation will evoke some response and passion from (in alphabetical order) Bruce and/or David and/or Fred and/or Micheal and/or Rod.
That's my deliberate intention, folks!
On 10 February 2017 at 2:47 pm Dirty Harry said:
Hi Murray,
did you go to one of the 11?
I went to one this week. Was very good. It was explained that the massive quantity of feedback received means the Fred/Rod machine has some processing to do before some sensible and useful results can be published.

In a sense it may well be a merger.
But it's also not.
And either way it doesn't matter and nobody really cares about the point, because they are focused on the end result.
On 10 February 2017 at 2:56 pm Barry Read said:
Maybe they are waiting until they are finished before they publish any outcomes, the Palmerston North meeting was only yesterday. Though I can report the Auckland meeting on Wednesday was well attended and the process for eliciting feedback on the core issues was excellent.
On 10 February 2017 at 4:57 pm gavin austin adviser business compliance said:
Murray - the problem might be that the IFA/PAA don't have an effective PR machine if any. I was at the same meeting as Mr Read and if he feels that it was "well attended" then either he has low expectation of what that means or misguided or both. The combined IFA/PAA for Auckland have about 400 members. I didn't count the numbers there, but it didn't seem to be "well attended". Anybody there could also glean from the meeting that the views of a few were prominent with the majority very silent. Possibly because a few tended to "hogg the limelight" by having a view on everything and getting the opportunity to tell everyone what their views were.
On 10 February 2017 at 6:54 pm Ron Flood said:
Murray. I have attended one of the meetings and you may feel this us just a merger of the two bodies. I don't agree and feel that both Fred and Rod are attempting to get the 3-4,000 Advisers who don't belong to any industry body to engage and consider this new offering.

It is time for the 'dinosaurs' in this industry, with all their baggage, to step aside and make way for a new positive venture.
On 13 February 2017 at 11:16 am Ron Flood said:
Just to clarify that the 'dinosaurs' in my previous post refered to the septuagenarian and octogenarian attending the meeting I was at.
On 13 February 2017 at 1:08 pm Bruce Cortesi said:
To Mr Weatherston - you used one of my favourite words - Passion, and I know you are passionate about this industry such that you manage to stir the Adviser pot up every now and then - which it does need. The comments from everyone are all good points. But the most critical point all of you have missed is that the Financial Advice New Zealand working group have been gathering feedback for the past 40 days, and that the forums were just another platform used to gather that valuable feedback. It was not expected that we would have attendees in numbers that reflected the size of the PAA and IFA membership, as many have provided their feedback using the on line platform. The truth is that it was pleasing to see attendees turn up who did not belong to any current Association, and to those people I congratulate you for taking that important step. Rod and Fred will now face a significant task of reporting back to the working group once they have gone through a very significant amount (four figures) of feedback. I am sure we will all learn something through this process - something positive and something new to drive the value proposition of Advisers into the future for the benefit of us all and every New Zealander.
On 13 February 2017 at 1:23 pm Winka said:
Ron's parting line demands some comment (from what i assume is a 'dinosaur' as he refers to?
Firstly, I did not attend (nor was invited as a 'budding' adviser) any of the meetings.
Secondly, if I read that there are 'up to' 4,000 advisers, yet only a few hundred members (of any worthwhile organisation) I would have to question why, especially when remembering that years ago, most advisers belonged proudly to the organisation of the day?
Thirdly, 'dinosaurs' as you put it, often do need updating with 'younger blood' with the related new ideas.
However, I would not be too hasty in abolishing the knowledge that comes with the experience of our 'elders'.
eg; I have known Murray for around three decades, both professionally & personally, and I would not be rushing to discount any of his ideas and views in any more of a hurry than that of other 'elders' around us.
Otherwise, it appears that this on-going debacle of advisers failing to be offered a suitably acceptable organisation, capable of truly sensible guidance forward will continue, and at the expense of their respective clients?
Maybe it could be useful to have some good 'baggage' to share, instead of the alternative of finding yourselves 'there' without the necessary 'change of undies and a toothbrush.'
Michael (psittacosaur) Donovan

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