[Weekly wrap] A marriage and a divorce

The merger between the Professional Advisers Association and the New Zealand Mortgage Brokers Association, which had been in the pipeline for a while, was finally announced this week after a number of moves to bring the industry bodies close together, such as creating a joint board.

This move reflects what PAA chief executive Edward Richards told me recently about how, like businesses, industry bodies aren't immune to pressure to change. In a small country like New Zealand there will always be questions about how many industry organisations are needed in each profession.

After the merger was announced, NZMBA chairman Darren Pratley announced he is stepping down from the role.  Here he explains why.

As two industry bodies became one, an organisation that was meant to provide a unified voice for financial advisers lost one of its key members.  The Institute of Financial Advisers has announced it is pulling out of the pan-industry group Financial Advisers Association of New Zealand (FAANZ).