The only way is up for the PAA: Severn
Professional Advisers Association chief executive Rod Severn says the future for the PAA is bright and it is growing.
Friday, May 15th 2015, 6:50AM 
4 Comments
During a panel discussion at the FSCL Conference held in Auckland yesterday Severn said the PAA was in good shape, with assets of around $2.5 million and its membership was growing.
He acknowledged some people were leaving the association and said these tended to be people at the end of the careers, however there are a lot of new members joining the association.
One area of growth is likely to be mortgage brokers as many of the groups are recruiting at the moment, and banks are reporting they can deal with as many as 10 or 12 new accreditions a week.
Severn said that for associations to stay relevant they need to evolve. A key function of the association was to provide professional development, however the PAA offers a professional indemnity scheme and discounts on group insurance. He said that the PAA is also about to roll out a loyalty scheme.
Membership of the PAA is also a "badge of trust" advisers can present to their clients.
He said the evolution of dealer groups had had an impact on the associations, however the groups acknowledge the association offers some things they can't particularly around dealing with regulatory issues.
Severn said the PAA, like other associations, was heavily involved in lobbying for members; it meets regularly with the Financial Markets Authority and Ministry of Business and Innovation and it will play an important role during the review of the Financial Advisers Act.
"We are not going anywhere but up," he said
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Comments from our readers
Given where we are in the regulatory process I think associations are increasingly less relevant.
The IFA knows that it will retain those wanting to hold onto CFP and either organisation has a collective advantage on insurance premiums.
Given that membership is dropping this suggests the price is seen as too high for the value offered; perhaps they need to look at reducing overheads and reducing the cost to something closer to better value.
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