Cortesi: Many want association merger
It is inevitable that the financial services industry’s professional bodies will have to work more closely together in future, the president of the PAA says.
Tuesday, March 31st 2015, 6:00AM
by Susan Edmunds
President Bruce Cortesi said: “Long-term, I think any organisation representing, or having a large body of advisers they are responsible for, it would be to their detriment to think otherwise.”
The PAA and IFA are holding a joint conference in June and that has prompted speculation of a merger.
Recently-retired adviser Brian Klee, of Special Risk Insurance, said it did not make financial sense to have two organisations serving the number of advisers in New Zealand.
“I strongly believe the IFA and PAA must integrate into one body to reduce the fees advisers are being asked to pay to belong to a professional association. I would like to see the two merge. There would be two disciplines within the one organisation but it is highly achievable. What may stop it is personalities but with the present personalities there is more hope of it happening now than there has been for the last couple of years.”
Cortesi said the organisations had expected the conference to prompt speculation.
He said no formal merger was on the cards yet but advisers could expect to see more collaboration. “You’ve got to be willing to have a closer, more collaborative relationship to achieve a healthy financial services industry.”
Many in the industry would like to see one organisation in 10 years’ time, Cortesi said. “But there’s lots of water that would have to go under the bridge to get there.”
The conference was sending a message that the organisations would put aside any differences to make the opportunity available to their members.
He said it would also benefit sponsors who would only have to sponsor one conference instead of two. “It sends a message that this is the way of the future. We’ve got to work closer together. Everyone has strengths and we can all learn from each other’s.”
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