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The Wrap: Has FSC launched a pre-emptive strike on the new adviser association?

A question on our minds this week is this: Has the Financial Services Council (FSC) launched a pre-emptive strike on the new Financial Advice New Zealand association?

Friday, November 10th 2017, 11:58AM 3 Comments

It's been mooted in some circles to watch the FSC as it may have bigger plans that include becoming the association of financial advisers.

And what better time to do it?

The new Financial Advice NZ association has been born, but it's still in nappies. Some would suggest it hasn't been discharged from hospital yet. It is an official organisation, it has an establishment board, but it is not going to be up and walking and accepting members until the middle of next year.

When it does, its first target are existing members of the PAA, IFA and NZFAA.

One of the success factors will be getting advisers outside of these three associations to join up.

This week though, FSC, along with FMA and MBIE, announced it was holding a conference, and its target was advisers outside the three associations behind Financial Advice NZ. 

Adding to the interest, MBIE is the rule-setter for the advisers and FMA the regulator. The new association is planning to have its own "mark" and you have to wonder how this will differ from what is going to be prescribed by law and implemented via the Code Committee?

As we report here, they're not saying. The so-called aspirational marks for advisers are the international CFP and CLU designations. 

If they are some way made redundant, there is bound to be an uproar. It's a fact that many advisers stayed as IFA members so they could keep their CFP designation. 

There's a lot of intrigue here, especially as the FSC is starting to make progress after imploding under its previous leadership.

Tags: Financial Advice New Zealand FMA FSC IFA Opinion PAA

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Comments from our readers

On 10 November 2017 at 3:24 pm Graeme Lindsay said:
If the FSC has any idea of becoming"the association of financial advisers", I suggest to them that they are dreaming.

From a strictly life and health insurance viewpoint, I suggest that the notion that the FSC, which is the association of insurers and banks, etc, could represent the non-aligned life and health insurance advisers, is absurd!

For evidence of the absurdity, just cat your eyes across to Australia where the insurers have colluded with others to disenfranchise advisers!

If FSC see the large numbers of advisers who are not members of any of the associations, and consider it a potential revenue stream, they are deluded.

I suggest that the prime reason that advisers do not join an association, is that they do not perceive value in the offerings of the associations. If they did perceive value, they would join.
On 11 November 2017 at 7:25 am Pragmatic said:
The only industry Club to belong to is called the FMA – the rest all need to be very clear about what services & benefits they offer in exchange for discretionary spending. For mine, the NZ industry is small enough to be adequately looked after by a single entity… with the caveat that they provide members with more than an annual conference
On 13 November 2017 at 12:58 pm dcwhyte said:
The answer to the question in the headline is NO - big emphatic round NO!

Graeme is 100% on the money - the suggestion is absurd.

The invite to the Conference did not contain the proviso - "Financial Advice (potential) members not welcome.

Whoever "some circles" may be, they need to keep moving in ever-decreasing circles and disappear up their own 'you-know-what'.

Has there been an online sale of cheap tin-foil hats lately?

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