Financial Advice NZ gets green light

Bruce Cortesi

The IFA vote was held on Monday, and the PAA members gave the green light to the proposed new professional association after the first day of the combined conference. It is understood the PAA vote passed 88 votes to four.

“We are obviously very pleased, but not at all surprised,” said Bruce Cortesi, chairman of the PAA “The goals of Financial Advice New Zealand are common to all advisers – across all types of advice. Now the big job begins," he said.

"Over the past weeks, members have asked how Financial Advice New Zealand will operate, its role in the industry, and what it will do for consumers and different types of advisers. Now that we have member approval, a working group will be established to consult with all advisers, to define the detail and bring the concept to life. This is going to a very busy but exceptionally exciting phase for advice.”

He said key areas of focus would include how to support advisers to help New Zealanders become better off.