Back to business for associations
Once regulation is implemented industry associations are looking to get back to their regular business. Jenha White finds out what plans IFA and LBA have for the year.
Thursday, January 13th 2011, 5:00AM
by Jenha White
Institute of Financial Advisers (IFA) chief executive Peter Lee says the institute will be helping members get through compliance and regulation with another of its road shows planned for February and March.
Lee says the road show will look at Standard Set C and the ideal file, it will update advisers on the Securities Commission's position and also discuss how to avoid complaints and how to develop an internal dispute resolution process.
After March 31 when authorised financial adviser (AFA) applications are due in, the institute's focus will turn to getting back to business which is also the theme of its conference this year.
Lee says after the distractions of the global financial crisis and regulation, it's time to knuckle down and look at how business is run.
He says professional development is another focus where the institute will encourage advisers to look beyond competence to excellence.
"Once advisers are authorised, what makes them different to others? It has to be because they are better than the average adviser and working to a higher standard."
He says the IFA will be focusing on specialist interest groups and looking to see what members feel they need and how they can improve as an institute.
Life Brokers Association (LBA) president Ron Flood says initially the LBA will also be focusing on regulation and making sure members have no overlapping areas in where they give advice.
He says the association maintains that it's better to be authorised if possible and registered advisers will be encouraged to also continue training to maintain their standing within the industry.
Flood says a big focus for the LBA this year will to be create strategic alliances offering benefits its members can give to likeminded organisations.
He explains that young people coming into the industry taught academically can sometimes miss one of the most important parts of the business - working with people to form relationships.
"We'd like to have our members mentor or work alongside other industry associations to share their unique skill sets."
The LBA conference will be in May.
Jenha is a TPL staff reporter. jenha@tarawera.co.nz
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