IFA plans its future

The new chief executive of the Institute of Financial Planners, Peter Lee, outlined goals for the organisation at its annual conference yesterday.

Friday, July 23rd 2010, 5:01AM

Lee told delegates that he wants to see the IFA provide more professional development to its members and create additional Special Interest Groups to help develop specific skills.

A theme from the conference is that the new standards advisers have to meet under regulation are just the minimum required. People who want to be professionals need to strive for excellence and exceed these standards.

Getting authorised to be an adviser "is just a ticket to the game," Code Committee chairman Ross Butler said.

Once advisers have their ticket it is up to them to play their best game.

Commissioner of Financial Advisers David Mayhew told delegates on Wednesday that organisations like the IFA are critical in the newly regulated world.

"We must have professional associations driving standards."

He sees a strong future for the IFA in the new environment.

However one adviser asked what work is being done to create a single organisation to represent financial services.

"There are still a lot of organisations and it's confusing as a practitioner to know which organisation to belong to."

IFA president Nigel Tate says the various industry bodies have their place and strengths, but he thinks that in the future associations will be more closely aligned and he expects to see fewer associations in the next two to three years.

Lee says the reason other organisations exist is because they meet particular needs, such as membership benefits, that the IFA currently does not provide.

"In the future we would need to look at what those needs are and establish whether it is appropriate or not for us to meet those needs."

Lee‘s personal view (not the institute's) is that the IFA should focus on professionalism.

"I don't see the Institute heading down the route of offering holiday homes, discounts and other member benefits. They do have a role, but the Institute's mission is to focus on professionalism of financial advisers, so we will look at things like professional development, business practice, how to help your employees and the like."

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