Focus on value for members: New IFA president
New Institute of Financial Advisers president Michael Dowling says he will build on the hard work done by Nigel Tate when he takes over in July.
Tuesday, May 20th 2014, 6:00AM 
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by Susan Edmunds
Dowling, one of three directors of Stratus Financial Services in Wellington, said he had held a similar role with the AMP adviser business association in the past.
He would be using the time between now and July to get up to speed with the work Tate had been doing over his years as president so that it could continue.
“I’ve been on the board now for coming up to two years. I’ve been involved as a board member in what Nigel has been doing and I will continue what he’s been working on.”
Dowling has been chair of the IFA’s professional development committee and said his personal goal for the IFA was to make it easier for members to be compliant, to focus on professional pathways for members and offer something for different skillsets.
He said compliance had been a big focus for all advisers over the past four or five years. "It certainly has been for me."
The IFA wanted to continue to grow its membership base, he said. The organisation’s work was a team effort. “If you do see things changing when I’m president, it doesn’t automatically mean I’ve done them. It’s a group approach.”
Dowling said he had been approached about the role previously. “It was before I was on the board and I said ‘let me get on the board and see if I can add value’. After a couple of years, I was confident doing that and knew I had the skillsets for the issues we’re dealing with.”
It was not a job for the faint-hearted, he said. “Given the workload that Nigel has taken on board in the last four years, I’m looking at it a little nervous. He does some long hours.”
The IFA was looking to the future, he said. “There’s a range of potential new members. They may need to be mentored or coached through the industry in future. All associations need to think whether they engender the right behaviour and foster that professionalism and educational pathways for the future. We’re looking for ways to make the IFA more attractive and guide new members through.”
The new generation of financial advisers had a different motivation from some of those who had been in the business longer, he said.
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In the interests of transparency and all the good things that we are continually being preached to, perhaps the IFA should consider separating out CFP from the IFA. That way those that hold CFP can really ascertain the value proposition that the IFA offers its members.
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Whilst the CFP designation may have once been worth something, today the AFA status is the only brand with any recognition.
That leaves industry advocacy, conferences / training / networking, and information circulation as the remaining value components