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Financial Advice NZ's next challenge: Everyone else

Financial Advice NZ is readying to promote itself to advisers who have until now not been a member of a professional association.

Monday, July 9th 2018, 6:00AM 8 Comments

by Susan Edmunds

The association launched last week and has amassed 1570 members – about 200 shy of the previous combined total of the IFA, PAA and NZFAA, the association’s founding bodies.

Chief executive Katrina Shanks said the association’s focus over the next couple of weeks wold be on signing up those remaining members.

Then it will broaden its reach to the advisers who were not a member.  There are believed to be more than 20,000 people in NZ operating as advisers, including those within QFEs

Shanks said it would be important to make clear to them what the value proposition of the association was, and how having a united voice would help to influence the framework advisers existed in as well as promote the value and accessibility of advice to New Zealanders.

She said the public promotion of advice and advocacy pillars of Financial Advice NZ’s strategy were new and were not key parts of the PAA and IFA approach.

But building a strong association voice in those areas would be good for consumers and advisers, she said.

The association was also pondering new issues such as how to encourage young graduates into the adviser workforce, she said.

The industry had had a focus on compliance, she said, and while that was part of the picture for those giving financial advice, there were other important issues to help New Zealanders improve their financial health and wealth, she said.

People should know that they could access financial advice at the key points in their lives when they needed it, and should know where to do so.

Tags: Financial Advice New Zealand financial advisers

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Comments from our readers

On 9 July 2018 at 1:11 pm John Milner said:
I have met Katrina on several occasions now and have been impressed with what she has had to say. Not too sure where funding may come from regarding promotion of benefits working with an adviser to the public but very valid. As is bringing new people to the industry with what was an average age of 57 years. So good so far Katrina. Keep it going.
On 9 July 2018 at 7:01 pm Murray Weatherston said:
I am sure Fred and Rod groaned when they read "She said ...advocacy pillar of Financial Advice NZ’s strategy [was]new and [was] not [a] key part of the PAA and IFA approach."

I am now wondering what they were really doing at all the industry meetings and meetings with officials that I sat alongside them at.
On 9 July 2018 at 9:20 pm mike6156@gmail.com said:
Please, what is the value proposition of FANZ for the approximately 18,430 non-FANZ Members?

I am also wondering why I bothered to be a member for 20 odd years of the IFA who apparently did not publicly promote advice and advocacy for it’s Members.
On 10 July 2018 at 9:19 am Barry Read said:
Mike as you have not been advising for four years maybe you missed the updates on the advocacy work the IFA have been doing with the Government, MBIE, FMA and the Code Committee on behalf of members along side the other associations.

Or are you just upset they didn't include real estate agents or those who promote wealth strategies through property?

There is also the opportunity for members to get involved and promote advice themselves. Don't ask what the association can do for you... Have a great day.
On 10 July 2018 at 10:29 am TripleA said:
While its great to see FANZ get off the ground Murray makes a valid point. There are a number of other boutique industry associations, such as SIFA, IBANZ & the TripleA, who have invested a large amount of time and money advocating for the interests of all financial advisers alongside IFA (Fred) and PAA (Rod). Those combined efforts should be acknowledged and hopefully the "united" approach to advocacy will continue with Katrina and FANZ.
On 10 July 2018 at 9:14 pm mike6156@gmail.com said:
Barry Read my question was rhetorical. However I haven’t lost interest with keeping up with developments. I’m well aware of the work put in by the IFA and many IFA members and those who belong to other industry bodies and societies both in the past and present.

If FANZ fails to further the advice profession and the interests of the Members then it will and should fail to get support from the 18,430 non-FANZ Members.
On 12 July 2018 at 9:27 am Barry Read said:
You stated they didn't provide advocacy which was why I was confused. The 18,000 non-members are mainly employed by banks and product providers who choose not to engage with the association as it may require higher than current standards for their QFE members. That is the real issue.
On 12 July 2018 at 10:50 am mike6156@gmail.com said:
Barry Read I did't say IFA et al didn't provide advocacy, the article reported Shanks stated so. Furthermore if your assertion is non-FANZ Members operate to a lower standard than FANZ Members, therefore will not consider FANZ Membership is nonsense.

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