PAA members upbeat on LBA merger
The merger of New Zealand’s two largest insurance adviser bodies has jumped its first hurdle after passing unscathed through the Professional Advisors’ Association (PAA) annual meeting last month.
Wednesday, April 11th 2007, 6:57AM
by David Chaplin
“We only discussed the LBA merger to the extent that we are still in negotiations. That said there were no issues raised in the AGM so that was positive endorsement,” McMillan said.
“Alex Rodgers [LBA chief] and I are of the view that the merger is positive for both parties. The PAA gains from an increased membership and access to some top class facilities that the LBA has developed such as their Business Development Groups. LBA gets the benefit of belonging to an organisation with a full range of benefits and services backed up by paid employees.”
However, he said the PAA was seeking further feedback from members on the merger issue.
Currently, the PAA has just under 600 members - a figure that would jump to over 700 following any merger with the LBA, which has close to 120 members.
Richard Thomas, PAA chair, told the conference delegates the organisation was “on target to have 1,000 members by 2009”.
Both McMillan and Thomas will attend the LBA conference in May to answer any questions regarding the merger.
If LBA members approve the deal a merger should be completed shortly after.
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