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Its decision means mortgage advisers will have a choice of associations to belong too, FBAA or Financial Advice NZ.
The Finance Brokers Association of Australia (FBAA) describes itself as "Australia's leading national association for finance and mortgage brokers, representing more than 11,000 members."
FBAA managing director Peter White told members at its annual meeting last week it will be “going across the ditch to New Zealand”.
It plans to open a local branch but the name of the New Zealand brand has not yet been finalised.
The Adviser reports that the move has been in the works for the past eight months after the association saw the “opportunities for brokers” in New Zealand and for those in Australia who want to expand into other markets.
White said: “It’s very exciting times and we’re very much looking forward to that and supporting you further, supporting those our neighbours [in NZ] who are not that far away from us … we’ve always got to look to what is next and I’m always looking forward to what is next.”
“There are Australian brokers already who have a footprint over there, and we’re here to support you and your businesses in those kinds of initiatives. So if this is on your radar, then we’re going to be there with you,” he said.
Source: The Adviser
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The fact is ladies and gentlemen associations have not been in our corner when we needed them the most. They have demonstrated that they have no teeth. This is probably why then none of the advisers I know are members anymore. The associations have next to “zero” presence with the NZ consumer who don’t see any advantage in dealing with a mortgage adviser who is a member. When did you last have a client approach you just because you belonged to an association? With licensing’s arrival it’s telling that the FMA haven't made membership of an association compulsory and none of the lenders require an adviser to be an association member to hold accreditation with them.
Given all the above what is the value then in a mortgage adviser now belonging to an association? Between annual licensing costs, dispute resolution scheme levies and professional indemnity insurance premiums mortgage advisers have enough to fund annually without also having to pay to belong to a voluntary association who frankly won’t be doing anything for our industry based on their track record to date. As far as our industry goes associations are now struggling to remain relevant.