TNP launches its own professional association
[UPDATED] Broker group TNP is launching its own professional association, just as the NZMBA and PAA merge, to offer services such as continued professional development (CPD) training courses. (With TNP release)
Monday, February 20th 2012, 6:34AM 
19 Comments
by Jenny Ruth
TNP director of development Dave McMillan says the decision to launch TNP Professional Association (TNPPA), which will be open to all advisers, not just TNP advisers, was driven by requests from TNP advisers.
"Our primary motivation for introducing TNPPA is as an added service to our existing members," McMillan says.
While a number of professional associations already offer CPD programs, TNP advisers "see a gap between what they're receiving from those organisations and what they want to receive," he says.
TNPPA will charge $50 a month or $550 a year as well as a $250 application fee to non-TNP advisers while TNP advisers will pay no application fee and $30 a month or $300 a year.
The announcement comes just one week after the New Zealand Mortgage Brokers Association (NZMBA) and the Professional Advisers Association announced the NZMBA will be wound up and its existing services and infrastructure, including the NZMBA brand and its CPD services, will be transferred to the PAA from the beginning of April.
PAA, which doesn't currently offer CPD services, charges members $46 per month or $552 a year while NZMBA members were charged $695 a year for the year ending March this year, down from $895 previously.
McMillan says the existence of TNPPA may encourage advisers to join TNP "but that's not the primary motivation."
TNPPA will comply with the Code of Professional Conduct for Financial Advisers and meet the definition of a professional body. As well as CPD programs, it will offer compliance support, including a compliance helpdesk, advice process templates, forms and checklists and updates on regulatory matters as they arise.
It will also provide members with evidence of their education, excellence in business practice and professional tenure, something it says hasn't previously been available to registered financial advisers (RFAs) until now. Most of TNP's advisers are RFAs rather than authorised financial advisers (AFAs).
TNPPA will offer members three designations, TNPPA Certified - a business practice designation which recognises business practice standards, educational standards and professional tenure, Associate Risk Adviser - an education-based designation for RFAs who have completed the Certificate in Financial Services, and Chartered Risk Adviser - which recognises educational achievement at a diploma level.
McMillan was previously the PAA chief executive and the head of TNP's home loans division, Darren Prattley, resigned as NZMBA president and CEO on Friday.
Read the full TNP press release here
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Comments from our readers
I imagine the borrowing, investing and insurable public would like to see only one professional organisation representing the purveyors of borrowing, investing and insurable advice.
I also suspect the gap TNP advisers see between what they’re receiving and what they want is more about the cost of providing what they want to receive. $50 dollars a month is not going to give you much quality professional development or relevant training.
I also don’t see ETITO being in any sort of hurry to grant TNPPA either professional organisation status or delegated assessment organisation status.
You can't just have every Tom, Dick and Producer Group setting themselves up as a "Professional Association" issuing so called "Professional Designations".
This is contrary to the key principle of the Financial Advisers Act and will only serve to undermine the confidence of the financial services consumer.
They all think they can offer something...but like the rest its the click on the ticket always!! For what???Some of these holier then thou individuals who thinks they run the show with their self importance!! Well bite me..I run a good show and don't need you to suck my kumara thanks.So you big city guys go and play with yourselves with compliance etc etc..and I look forward with interest when a cockup happens, because inevitably its a big city showboater who mucks it up!!I again have spoken..much love Billy:)
The resulting fragmentation of the industry’s voice confirms that we remain a long way off from being dubbed professional
Thanks CP. Interesting indeed! Lots of people with self interests in this industry that's for sure...
It is extreme disbelief and complete incredulity that I'm witnessing these events, in fact, it's just downright disappointing.
You really were onto something worthwhile, with strong growth potential, only to have it factionalised and fractured.
NZ is not a large enough market to support disparate bodies, and this leaves us in a complete quandary on who to support and why.
Not good folks.
The objectives remain the same and we may be better off without those with self-interest at the outset.
The self-interested gained their intellectual property while working for us, the members. It is only valuable to them if we follow / join them.
At present, all RFAs are essentially on an even playing field. Unless they are a member of the IFA and have a CLU qualification, or have completed the Level 5 certificate in Financial Services, then all RFAs have no professional qualifications to differentiate themselves as being any more than an Adviser who filled out an online registration form and paid a nominal fee to become 'registered'.
Of course that is all they need to do to operate in this industry (at present) but some Advisers may wish to say "I'm an RFA, and though I don't have to, I choose to belong to a professional body that requires me to complete 20 hours of CPD/year and comply with a Code of Ethics."
I personally believe this is already available by joining the IFA, and at a higher required level.
The fact no one seems to have mentioned is that the PAA and NZMBA are member bodies, not professional bodies, they have no requirement for their members to complete CPD, and are unable to claim professional body status as per the definition in the Financial Advisers Act.
For many of their members however, that is part of the attraction of being a member of these bodies.
I should add that I am an AFA and a member of the IFA, PAA & TNP. And hold IFA qualifications.
I think the TNPPA is a good option for RFA's who want to represent themselves as having standards above the minimum requirements for an RFA and who want access to structured CPD.
It is probably no benefit to me personally.
I personally joined the IFA (even though I am an LBA member)to obtain the qualification.
As the CLU is an Internationally recognized designation,I would suggest that any other like named designation will not carry the same weight.
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