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Associations' last days

Two organisations that have been at the forefront of financial advice in New Zealand over recent decades are in their final weeks.

Monday, June 18th 2018, 6:00AM

by Susan Edmunds

Financial Advice NZ, the new association set up to represent financial advisers, officially launches on July 1.

That's meant the end of the PAA, IFA and NZFAA, the associations which have worked to develop it.

The IFA will cease to operate at the end of this month. Chief executive Fred Dodds said members had agreed to disestablish IFA and were going through the process of joining Financial Advice NZ.

The IFA was established in 1999 when the Insurance and Investment Advisers Association (IIAA) and Investment Advisers and Financial Planners (IAFP) were merged to create the Financial Planners and Insurance Advisers Association (FPIA). In 2006, FPIA renamed itself IFA.

Members must opt in to become members of the new association.

The institute is keeping its Wellington premises. Katrina Shanks, new chief executive of Financial Advice NZ, is based in Wellington.

The PAA, which has been around in various guises since 1953, requires another special general meeting to wind up. It must give 28 days notice of that meeting and it is expected that the wind-up will be complete next month.

Dodds said he would focus on work on the National Advisers Conference in Rotorua in September after his role at the IFA came to an end.

PAA chief executive Rod Severn said the PAA would give up its Auckland offices, which it shares with IBANZ.

He said the call would go out shortly for the PAA's last SGM.

It recently resolved the problems around the establishment of its Holiday Home Legacy Trust, which cleared the way.

Tags: Financial Advice New Zealand IFA PAA PAA Holiday Homes

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