IFA mum on FANZ vote

The Institute of Financial Advisers has voted on the formation of Financial Advice New Zealand – but will not reveal what it has decided.

Tuesday, July 26th 2016, 6:00AM 1 Comment

by Susan Edmunds

Micheal Dowling

The IFA and Professional Advisers Association (PAA) have floated the idea of the new body, to which it is hoped both groups’ members will belong – as well as other advisers who are not part of a professional association at the moment.

Both associations’ memberships are being asked for their vote to give management the green light to start negotiations to establish Financial Advice New Zealand.

Those talks need to include things such as the structure and mission statement of the new organisation.

IFA president Michael Dowling has said the two are starting with a “blank slate” because it had not been appropriate to have detailed discussions about what the organisation might look like until it was clear that the idea had the support of members.

It has been stated that the new organisation would have a consumer focus and work to change perceptions of advisers in the eyes of the public.

Roadshows have been held with members around the country and the chief executives of both organisations have said they are expecting members to vote in favour of the new body.

The IFA votes on the basis of a council meeting – representatives of each branch of the country polled local members and voted on their behalf on Monday morning.

President Michael Dowling said the organisation had decided to keep the result confidential until the outcome of the PAA’s special general meeting on the same issue, at which all members will have an individual vote. Proxy votes had to be completed by yesterday.

That is being held on Thursday, after the completion of the first day of the two associations’ joint conference.

There are more than 600 conference attendees registered so far. The PAA has about 1200 members and the IFA 700.

Tags: Financial Advice New Zealand IFA Professional Advisers Associations