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Financial Advice NZ ponders future under new rules

Financial Advice New Zealand is considering what the future will look like for the association under an entity-licensing regime.

Monday, September 30th 2019, 6:00AM

The association, which provides promotion, support and advocacy for its members, was set up in the current system of individual authorisation and registration.

Chief executive Katrina Shanks said change would be needed with the introduction of financial advice providers under the Financial Services Legislation Amendment Act.

A board meeting is planned for early this month to discuss its strategy.

Shanks said a corporate membership model had not yet been discussed but it could be considered.

Industry sources have said it would be a good option to boost the association’s membership numbers quickly.

Shanks said it had not been ruled out.

“It’s a fast-paced, changing environment we’re in currently. We want to make sure we have a vibrant model that’s engaging and works for all stakeholders.”

She said things would “definitely need to change” in the financial advice provider regime.

It would change the dynamics of how Financial Advice NZ operated and the association would need to understand how it should respond to that.

“It may mean individual and entity-based membership as opposed to individual membership."

Financial Advice NZ’s membership numbers have been largely static since its launch.

The three founding organisations had a combined membership of 1800.

At the end of the 2018 financial year, it had 1696 members and has since added 151.

Almost 60% of members were RFAs, 22% AFAs, 15% CFP AFAs and 4% CLU AFAs.

Tags: Financial Advice New Zealand Katrina Shanks

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Last updated: 31 March 2020 8:55am

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