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Financial Advice NZ: What's really new?

The latest update from the Financial Advice NZ working group has prompted some to wonder whether the new organisation will be more of the same.

Tuesday, June 20th 2017, 6:00AM 3 Comments

by Susan Edmunds

The boards of the PAA, IFA and NZFAA have agreed and approved Financial Advice NZ’s constitution.

An appointments committee has been approved, made up of David Yates, of NZFAA, Bruce Cortesi, of PAA, Michael Dowling, of IFA, and independent director Andrew Johnston. Its role will be to confirm the make-up of the establishment board, which will comprise three practitioners representing the three advice disciplines of risk, investment and lending.

Cortesi will take up the risk position and Dowling the investment position, leaving a lending practitioner and two independents to be appointed.

The full Financial Advice New Zealand establishment board will be announced at the SGMs.

Financial adviser Murray Weatherston, a founding member of SiFA, said the association was looking more and more like a merger of IFA and PAA and less like a new body.

He said he had not seen any real effort to engage people who were not members of the existing associations. “If it turns out to be a single organisation made of up of the people who are already on the board or one or other of the two organisations I’m not sure what that means has changed.”

The board will be responsible for the initial delivery of the Financial Advice New Zealand plan, including a number of initiatives that support the primary objectives identified during the consultation process - advocacy, building public awareness and trust in financial advice, and standards.

The establishment board will remain in place during the initial formation stage of Financial Advice New Zealand and will build the operational framework of the association. The establishment phase is expected to be completed within 12 months of formation. Upon the conclusion of the establishment board role, the first full Financial Advice New Zealand board will be elected in accordance with the constitution.

"Thank you once again to all who have participated in the development of Financial Advice New Zealand," the working group said in a statement.

"Re-imagining an association fit for the future of advice, advisers and the New Zealand public absolutely demands collective insight and commitment, which as we have seen many times over the past year, this industry has in abundance."

The next step in the formation of the new association for financial advisers is to hold special general meetings for members of those organisations to ratify it.

Those meetings will be held before the end of July, which the Financial Advice NZ working group said would enable it to announce the establishment of Financial Advice NZ at the joint conference on August 3.

Another adviser, Tim Fairbrother of Rival Wealth, was optimistic. “I am excited about Financial Advice NZ.  Having one voice in going to the legislators and suppliers and pooling together our limited resources to promote the the public, is key to making our industry a more trusted profession.”

Tags: Financial Advice New Zealand

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Comments from our readers

On 20 June 2017 at 7:54 am Mr Slater said:
Murray perhaps instead of being critical every time you're asked for a comment you should put your hand up to help! There are roles available now and down the track.
On 20 June 2017 at 9:13 am Bruce Cortesi said:
I agree with the above comment. Too many in the industry who don't belong to a Professional Body have just said - hurry up and just build it. This is an underlying problem for the whole sector - many just prepared to sit outside the glass house and throw stones rather than get inside and plant new crops as the old ones bear less fruit. And that is the only way to rebuild an industry with segments that are long past their expiry date. Period.
On 20 June 2017 at 10:35 am Murray Weatherston said:
Hi Trevor
I know I really should have just bitten my tongue - but deep personality traits have beaten my own internal counsel.

PR lesson #1 There is a huge vacuum of information about the new body. I've just done a search of the websites to see what is available to people who are not members of PAA or IFA; the new body's website had its last news on May 4 2017; PAA's website under PAA in the news has its last entry on 1 March 2017; and IFA's last news was actually a year ago, 9 June 2016!

The noble aim is to build a wider more diverse group, but frankly the 6000 advisers outside of PAA and IFA have little way of knowing what is going on.

I was asked for a comment by GR yesterday as to what I knew was going on - I answered honestly.

PR lesson # 2 is that you need to control the news - you make the releases and the press responds.

The only way we now know the Appointments process is finally underway is because a journalist asked the new body.

My free consult is that the 100 day team has been too focused internally, and has forgotten its aim was to attract the 4000 advisers not already members.

This mistake is repeated IMO when two of the 5-member Establishment Board will be the current Chairs of 2 of the merging organisations.

Apologies to David Yates for omitting to say earlier that it was a merger of 3 existing organisations.

The strongest reasons I can see for joining the new body are (1) to retain a CFP or (2) to retain access to the constituent's PI group schemes. Neither of these apply to me.

So where is the passionate pitch to the mes of this world of WIIFY that might encourage us to stampede to join.

But please, don't start with one voice will give us more power with the Regulators - IMO it was just as well there have been separate voices otherwise the SEOT advisers would have been steamrollered even worse under FSLAB.

PS I mean no disrespect to the new body by referring to it as new body. I know you can't acronymise the name and "new body" is shorter to type than "Financial Advice New Zealand".

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