Association deal done
Professional Advisers Association (PAA) members have voted unanimously in favour of measures to fast-track New Zealand Mortgage Brokers Association (NZMBA) members joining it.
Wednesday, March 21st 2012, 6:00AM
by Jenny Ruth
The vote, which included making some necessary constitutional changes, follows last week's overwhelming vote by NZMBA members.
The PAA vote required a simple majority of those voting while the NZMBA had required at least 75% of its 409 members' approval - 85% of all members and 98% of those who voted were in favour.
PAA chairman Peter Leitch wouldn't say how many of PAA's more than 800 members voted.
While NZMBA members don't have to join PAA, a number of the major groups, including Allied Kiwi and Mike Pero Mortgages, require their advisers to belong to a professional association.
"We always acknowledge there's no compulsion about being a member of a professional association," Leitch says.
It's important members feel "they're getting representation and advocacy across all facets of their businesses."
From April 1, NZMBA member who join PAA can still use the NZMBA brand and PAA will also manage NZMBA's other non-financial assets including its training services and awards and will hire NZMBA's two staff.
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